Commercial Telematics Market Size, Share, Growth, Trends, and Global Industry Analysis: By Solution Type (Automotive OEM Services, Aftermarket Telematics), By Application (Solution, Services), By End-user (Transportation and Logistics, Healthcare, Media & Entertainment, Vehicle Manufactures/ Dealers, Government Agencies, Others) and Region

Commercial Telematics Market was valued at US$ 58.2 billion in 2023 and is poised to grow at 13.1% CAGR over the forecast period 2024-2030. Telematics is a technology for tracking the location and movement of vehicles using a combination of Global Positioning System (GPS) allowing for the recording of vehicle speed and internal behaviour. Automobile insurance companies, fleet management organizations, and other entities frequently use telematics devices to track vehicle location and behaviour.

The global business telematics market includes services and solutions for monitoring and controlling commercial vehicles via telecommunication equipment. Fleet Telematics Systems (FTS) enable the interchange of data between a commercial vehicle fleet and a central authority, allowing for real-time tracking of vehicle diagnostics and location. The commercial telematics market is transforming the businesses by manage their fleets, with new technology in linked vehicles playing a critical role. These vehicles, outfitted with a variety of technology and sensors, link to the internet, cloud services, and their surroundings, making them more important in the transportation and fleet industries. Their capacity to provide real-time data makes them perfect for telematics applications, hence driving market expansion.

The market's expansion is further aided by the growing use of Next-Generation Telematics Protocol (NGTP), which provides a flexible infrastructure, a single interface between the Telematics Service Provider (TSP) and the Telematics Unit (TU) in vehicles, and the use of open interfaces. Additional driving reasons include lower sensor costs, increased smartphone use, and rising regulatory mandates for telematics adoption in commercial vehicles. As a result, global demand for commercial telematics is increasing, driving market expansion.

Market Key Developments:

• In December 8, 2023, Abax has announced the acquisition of Movolytics, a Cambridge-based fleet management and tracking company, for an undisclosed sum. It is the company's first acquisition in three years, and it expects to increase revenue by 50%
• In August 2022, AirIQ Inc., and Assured Techmatics announced a cooperation for the Apollo Electronic Logging Device (ELD) solution, a significant advancement in the telematics and fleet management market. This relationship indicates a commitment to compliance and safety in the commercial transportation sector, as evidenced by Transport Canada accreditation and US FMCSA registration. The Apollo ELD solution is expected to provide advanced capabilities to fleet operators, such as accurate tracking, real-time data collecting, and increased driver safety, in accordance with regulatory standards.