Market Size of Video Telematics Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 8.26 Million units |
| Market Volume (2029) | 18.79 Million units |
| CAGR (2024 - 2029) | 17.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Video Telematics Market Analysis
The Video Telematics Market size in terms of installed base is expected to grow from 8.26 Million units in 2024 to 18.79 Million units by 2029, at a CAGR of 17.90% during the forecast period (2024-2029).
Video telematics is a video camera system that combines video surveillance and vehicle analytics. It consists of several high-resolution linked cameras with specialized sensors. Video telematics refers to a technology that combines cameras and analytics with fleet tracking. Further, companies can use video telematics to record collision evidence, manage driver risk, and provide security.
- Video telematics solutions instill a sense of responsibility in drivers. These solutions are used to examine and monitor performance regularly. Video telematics systems also include detection sensors. These sensors notify the driver of several safety features. Vehicle owners can become aware of various safety hazards, such as exceeding speed limits, detecting stop sign violations, having lane-drifting warnings, forwarding collision warnings, and more, driving the market growth.
- One of the most visible trends in the fleet telematics sector is the integration of cameras to enable various video-based solutions in commercial vehicle environments. Video telematics refers to a wide range of camera-based solutions used in commercial vehicle fleets as standalone applications or as an addition to the feature set of traditional fleet telematics.
- Organizations can use video telematics to build a platform to make data-driven decisions, provide predictive analytics, and assist enterprises in solving large-scale challenges. elematics will give businesses widespread capability in fleet vehicles, allowing fleets to eliminate logistical hassles. Video telematics opportunities are expected to expand due to the use of fleet telematics.
- Video surveillance systems have been viewed as a violation of privacy and are opposed by various civil liberties groups and activists. There have been increasing concerns about who watches the video and how it might be misused because people expect their personal information to be used only for legitimate and specific purposes. This is expected to challenge the market's growth.
- The outbreak of COVID-19 has significantly impacted the growth of the automotive industry in general, as the widespread lockdown and travel restrictions significantly impacted sales and demand in general. Several restrictions imposed regarding the use of a manual workforce also impacted the production capability of automotive manufacturers, who were forced to either shut down their operations or continue with limited production capabilities, bringing a slowdown in the automotive industry.
