According to a new International Data Corporation (IDC ) Spending Guide, worldwide spending on the Internet of Things (IoT) will grow at a 17.0% compound annual growth rate (CAGR) from $698.6 billion in 2015 to nearly $1.3 trillion in 2019.
On a geographic basis, Asia/Pacific is the clear leader when it comes to IoT spending with more than 40% of the worldwide total coming from this region in 2015. North America and Western Europe are the second and third largest regions with combined spending of more than $250 billion in 2015. The regions that will experience the fastest growth in IoT spending over the five-year forecast period are Latin America (26.5% CAGR), followed by Western Europe, and Central and Eastern Europe.
Commercial Telematics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
According to the findings of the report, the global commercial telematics market for , which was worth US$14.67 billion in 2013, is expected to reach US$46.18 billion by the end of 2020, growing at a healthy 18.0% CAGR between 2014 and 2020. The report presents a comprehensive overview of the market, discussing in detail factors such as growth drivers and restraints impacting the global market dynamics of commercial telematics. Commercial telematics is increasingly adopted by the insurance, logistics, and transportation industries, which has significantly propelled its demand in the global market. In 2013, North America was the largest market for commercial telematics, accounting for 31.9% of the overall market.
Презентация Исполнительного директора Ассоциации Британских Страховых Брокеров (British Insurance Brokers’ Association, BIBA) об использовании страховой телематики для формирования страховых программ для молодых водителей в Великобритании.
This article describes how a partnership between one of Italy’s largest auto insurers (Unipol) and a systems integrator (Octo Telematics) yielded a new and profitable customer value proposition for the insurer based on a customer’s driving and risk profiles. The heart of the system is a small telematics device installed in a vehicle that captures and transmits data about where, when and how the vehicle is being driven. The emergence of the new ecosystem of stakeholders to support telematics-based auto insurance provides lessons for leaders in other industries as they explore the
transformative potential of emerging technologies.
In 2003, Unipol approached Octo Telematics(see box), an Italian telematics provider, to set up a pilot program to install telematics devices incustomer vehicles. Ten thousand Unipol clientswere invited to participate in this experiment,and 2,500 customers agreed to have telematicsdevices installed in their vehicles. Unipol’stotal cost of the pilot was a modest €1.2 million($ 1.5 million). Much of the cost—the installationof the telematics units—was incurred byOcto Telematics. See Figure 1 for Octo’s valueproposition.The pilot was concluded after two years andwas deemed a success. Compared with Unipol’sother customers, automobile crashes for driversparticipating in the pilot were reduced bybetween 20% and 30%, and auto thefts were reduced by between 30% and 50%. Customersperceived the benefits of telematics as increasedpersonal safety and increased personal asset protection. Moreover, they did not expressconcerns about personal privacy.
Following the successful pilot, in 2005, Unipol decided to design a specific insurance policy for telematics users (approved and registered byISVAP). The new insurance policy was named Unibox. Unipol offered Unibox customers a 10% discount on premiums covering accident damageand 50% on premiums covering thefts. This was the first telematics-based insurance policy in Europe.
Since 2005, Unibox, and its insurance policysuccessors, have helped Unipol to remain successful and profitable, by attracting new and better customers, as well as opening up new customer segments. Drivers who purchasetelematics-based insurance pay lower premiums;good drivers are seeing savings from 5% to30% on their premium payments. Drivers alsohave other benefits: after an accident, medicalassistance arrives more quickly, reducing the risk of severe injury or death.
The uptake of behaviour based motor insurance telematics boxes and smart phone apps continues to rise. Following BIBA’s research 18 months ago, in July 2012, 18 months on from BIBA’s research, the number of live policies has increased by 116,000 from 180,000 to 296,000. Telematics technology, is a black box fitted into a vehicle to record a driver’s performance. The theory is: the better you drive, with one of the boxes fitted in the vehicle to record your journeys, the cheaper your car insurance will be. The comparison of how telematics has developed is set out below: 2009 – 12,000 (main provider Coverbox, ikube) 2010 – 35,000 live policies (main providers Coverbox, Insure the Box, ikube 2011 – 100,000 live policies (main providers, Coverbox, Insure the Box, ikube, Co-op, Autosaint, Ingenie, Marmalade). 2012 – 180,000 live policies (main providers Coverbox, Insure the Box, ikube, Co-op, Autosaint, Ingenie, Fair Pay, Marmalade, AA, Swinton 2013 – 296,000 live policies (main providers Coverbox/Drivestar, Insure the Box, ikube/Fair Pay, Co-op, Autosaint, Ingenie, Marmalade, AA, Carrot, Hastings Direct, iGo4, Aviva, E-sure/Sheilas Wheels, Co-operative, Direct Line). Telematic products can offer savings on motor insurance of around 25% and some young drivers can save up to £1,000. BIBA believes that more firms will introduce telematics products and that the market for telematics and so called ‘driver behaviour rating’ will continue to rise.