With the increasing urban population, the market for insurance telematics is gaining significant impetus across the world. As insurance telematics is considered as one of the very few modes of ensuring future security of a majority of businesses, its demand is anticipated to rise significantly in the years to come.
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The global market for insurance telematics is witnessing a substantial rise at present. The growing interest of customers to have connectivity within the car regardless of where their traveling location, rapid ubiquity of smartphones, enabling information at the finger tips, and the government rules and regulations to offer support to consumers, especially when it is related to safety and security regarding the vehicles. In addition to this, the emergence of the Internet of Things (IoT) and the cloud computing are also being highly lucrative for the global insurance telematics market.
The global market for insurance telematics is highly competitive. At the forefront of this market are TomTom Telematics, Octo Telematics, Verizon Enterprise Solutions, Agero Inc., Telogis, Sierra Wireless Inc., Trimble Navigation, Aplicom, MiX Telematics, and Masternaut Ltd. These companies are focusing on inculcating innovative technologies and mergers and acquisitions in order to expand their regional reach.