The Global Video Telematics Market is expected to register a CAGR of 18.5% over the forecast period from 2022 to 2027. The global automotive industry is disrupted by rapid demand for autonomous, connected, electric, and shared driving in the current market, causing unprecedented technology and business transformation. Moreover, amid the COVID crisis, it is causing additional stress on the industry due to disruptions in supply and manufacturing, followed by a demand surge with uncertainty concerning the recovery timeline.
- AI dash cameras with cloud connectivity are becoming more prominent, integrating the benefits of traditional dash cams with real-time monitoring and input to fleet management via 4G internet and GPS data. More advanced technologies are opening up new possibilities for increasing operational efficiency. For instance, CAN Bus data provides useful information to help improve routing and efficiency, lowering fuel costs while improving service.
- The video telematics solutions provide drivers with a sense of responsibility. The performance is regularly examined and monitored with these solutions. In addition, video telematics systems include detecting sensors. Several safety features are alerted to the car owner by these sensors. Vehicle owners can become aware of various safety hazards, including exceeding speed limits, detecting stop sign breaches, having lane-drifting warnings, warnings on forwarding collisions, and more, which is driving the market growth.
- Furthermore, organizations will be able to use video telematics to create a platform that can make decisions based on data, give predictive analytics, and help enterprises solve large-scale challenges. Furthermore, with telematics, businesses will have the widespread capability in fleet vehicles, which will help fleets eliminate logistical hassles. As a result of the use of fleet telematics, video telematics opportunities are projected to grow.
- The high installation cost is a significant obstacle for the video telematics sector. Because the initial configuration of video telematics, as well as its ongoing maintenance, can be costly. Furthermore, the cost of fuel may further strain the organization. As a result, the high cost of video telematics may limit the market's growth.
Key Market Trends
AI, IoT and Cloud Video Telematics Solutions Expected to Drive the Market Share
- To keep drivers safe, video telematics solutions in the market are combining machine vision and artificial intelligence. Unlike traditional telematics solutions, which only capture the time and location of an incident and possibly some of the mechanical reasons for the incident, such as hard braking or swerving, video telematics solutions capture the entire picture inside and outside the truck cab to truly demonstrate why an incident occurred.
- Further, the market is driven by AI dashboard cameras growth. The AI Dual Dashboard Camera integrates artificial intelligence (AI), edge computing, and forward- and driver-facing cameras to record and analyze data in real-time, provide alerts to help drivers avoid risky situations, and offer event causation. Drivers receive positive driving notifications and performance coaching to encourage individuals to drive safely.
- For instance, in January 2022, At CES 2022, Nextbase announced the next-generation iQ range of smart dash cams. With the inclusion of 4G LTE connectivity, the new iQ models improve safety and security and help prevent accidents from occurring due to an increasing suite of AI-powered, advanced driver-assistance technology.
- The market is focusing on AI enabled video telematics solutions and further aiming on launching cost effective solutions. For instance, in September 2021, LocoNav, a full-stack fleet-technology startup, launched a DashCam and AI-enabled Advanced Video Telematics combination. The combination is accessible for over 250 million commercial cars at affordable pricing, up to 30-40% less than market prices. LocoNav aims to make a significant difference in emerging markets, where only approximately 30% of the 250 million commercial vehicles use fleet management technology.
- The IoT, specifically video telematics, enables risk assessment based on real-world driving behaviors. Insurers can use telematics data to give more customized services.
North America Expected to Witness Significant Market Share
- The automotive industry is undergoing a significant transformation as a result of the development of new areas such as Advanced Driver Assistance Systems (ADAS), Mobility-as-a-Service providers (MaaS), Connectivity, Autonomous, Sharing/Subscription, and Electrification (CASE), and the entry of new industries utilizing IoT technology and the emergence of new services like ride-sharing and car-sharing. All of these applications necessitate speedy data transfer, analysis, and deployment. All of these factors are propelling the North American video telematics industry forward.
- Vendors in the region are focusing on fleet and driver safety solutions that assist fleets in avoiding fraudulent claims, reducing collisions, and insurance costs. For instance, in March 2022, Rand McNally, a pioneer in commercial transportation technology, introduced an enhanced 2-way dash camera with Machine Vision and Artificial Intelligence telematics. The new camera, which is part of the Rand Video Telematics solution, is available for subscription.
- Further, various partnerships are witnessed in the region catering to the trucks safety and fleet management needs. For instance, in August 2020, Nationwide, an insurance and financial services company, announced a partnership with Samsara, an IoT company, to provide a video telematics product to excess and surplus customers with 11 or more commercial trucks. Customers in the commercial trucking industry will benefit from the agreement by being able to protect themselves from external threats and use simple fleet management tools.
- Moreover, in Canada, at city level, various vendors are aiming to offering real time vehicle monitoring solutions to bring advanced safety across roads. For instance, in April 2022, Raven Connected, an Ottawa-based technology firm, collaborated with Telus, a telecommunications company, to provide next-generation safety to Canadian roads. The collaboration focuses on video telematics for car connectivity. For fleet tracking, the approach integrates cameras and analytics. Businesses use this for various purposes, including safety and the collection of evidence in the event of a collision.
- Hence, various video telematics providers in the region view innovation and investments through new product launches, partnerships, funding, and product improvisation as a lucrative path toward gaining agility, enhanced security, improved performance, increased efficiency, and maximizing market share.
The Global Video Telelmatics Market is highly competitive, with a considerable number of regional and global players. The innovation drives the market in the product offerings, and each vendor is investing in innovation. Key players include Geotab Inc., MiX Telematics, VisionTrack, Lytx, Inc. and AT&T Inc.
- March 2022 - Geotab and Surecam partnered to offer fleet operators new video and telematics options. The current version of the SureCam solution includes a new technique for acquiring video footage from SureCam cameras utilizing Geotab's telematics device and rule-based system, which results in video being shown on the MyGeotab platform.
- May 2021 - MiX Telematics, a global SaaS provider of connected fleet management solutions, announced MiX Vision AI's, a significant improvement to its video telematics product. MiX Telematics expands its capabilities to assist customers worldwide in improving driver safety and lowering operating costs with this new offering.
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