Video Telematics Market by Component (Hardware, Software, Services), by Solution (Smartphone, Portable, Embedded), by Application (Passenger Cars, Commercial Vehicle, Others), and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) and forecast to 2029.

Video Telematics Market was valued at USD 937.2 million in 2022 and is expected to grow at an 18.8% CAGR from 2023 to 2029. The term telematics combines two different sectors telecommunication and informatics. It is computerized information transmitted from a long distance. Video telematics usually collect data from the vehicles using the device installed inside the vehicle and provide information. Telematics has evolved from simple information about vehicle to a pipeline of data that provides a wealth of information about the operator and vehicles such as vehicle location, fuel efficiency, information related to areas of improvement, and reduces collision thus saving lives. The increasing adoption of technologies and wide application of artificial intelligence is expected to drive the growth of video telematics market over the forecast period.

In addition, the implementation of video telematics, are expected to save cost significantly by savings in case of accidents where drivers are exonerated and by reducing traffic violations are expected to increase the demand for video telematic over the forecast period. Furthermore, the increasing sales of commercial and passenger vehicles along with the increasing concern of passenger safety are expected to boost the growth of video telematics market over the forecast period. however, the factors such as high cost of installation, lack of skilled knowledge in operating the informatic systems are expected to hinder the growth of video telematics market in the forecast years. Moreover, the increasing investments in the research and development by the market players and the advancement of technologies making the systems user friendly are expected to provide opportunities in the growth of video telematics market over the forecast years. Geographically, Asia Pacific region held the major market share in 2022 and is expected to dominate the global video telematics market in the forecasted years.

Video Telematics Key Developments:

• In August 2022, Link AT & T Inc launched the next generation suite for fleet management tools built to empower commercial fleet operations.
• In October 2021, Sensata Technologies acquired SmartWitness Holdings, Inc., a privately-held innovator of video telematics technology for commercial fleets.