Telematics-based Auto Insurance Market: Key Players, Applications, Outlook, SWOT Analysis And Forecasts 2022 to 2032

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The global telematics-based auto insurance market is expected to produce approximately US$ 2,513.9 million in revenue in the year 2023. This market is projected to experience substantial growth, with an anticipated annual increase of 18.7%, ultimately reaching US$ 13,998.3 million by the year 2033.

Governments want to develop the automotive industry by implementing cutting-edge telematics in cars. This is one of the key drivers of global market expansion. However, on-board Diagnosis (OBD)-ll dongles offer possible entry points that hackers use to steal information, cars, and remotely operate vehicles.

The use of various systems in the insurance telematics industry increases the risk of malware and virus assaults. This may hurt the market internationally.

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Potential Market Opportunity

AI, IoT, and 5G technologies are speeding innovation in the automotive sector and opening up new possibilities for enhanced user experiences and data monetization. Additionally, businesses have tremendous opportunities to exchange data from telematics devices with numerous parties. Moreover, gain insightful data on a large scale by implementing telematics devices.

Recent Developments

  1. Snapshot ProView, a voluntary UBI and fleet management program for small business owners, was introduced by Progressive Corporation. Based on the type of vehicle and the nature of business use, many clients save 8%. Whereas, others can even save up to 18%, for their initial term.
  2. Driven Telematics teamed up with Cambridge Mobile Telematics (CMT) in October 2022. To assist teen drivers in increasing driving safety and lowering their auto insurance costs. The brand-new Driven app, which is available for free, offers families insights into their driving habits and a driving score. So they can compare insurance and keep premiums affordable.

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