Albany, NY -- (SBWIRE) -- 10/23/2017 -- Telematics is the branch of science that deals with the long distance communication of computerized information. It is the blending of telecommunication and informatics for achieving effective and secured communication. This tremendous growth in telematics services is expected to be the outcome of growing demand for electric vehicles. Telematics market is also witnessing increasing demand due to introduction of cloud based offerings in vehicle telematics. However, decrease in the cost of telematics equipments is the major challenge currently faced by this industry.

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Increasing collaboration between vehicle manufacturing companies and telematics vendors is one of the major reasons contributing to the growth of telematics services industry. Next generation vehicle telematics application such as automatic vehicle identifier systems, fleet operation management systems, remote vehicle diagnostics, incident detection systems, and in-vehicle terminal assistance are expected to increase the demand of telematics services in vehicle manufacturing industry. Rising awareness amongst consumers over the need and importance of telematics services will drive the market demand in upcoming years. Need of effective vehicle tracking systems is further expected to drive the demand of telematics services in diverse application areas such as emergency service vehicles, public transport (taxis), cargo delivery, and others.

Growing popularity of GPS enabled smart phones can pose a challenge to the growth of this industry. Smart phones are consuming an important share in world telematics market and these phones provide multiple functionalities of telematics systems. Currently, the U.S. and Europe accounts for the majority of global telematics services market due to stringent regulations from government to have vehicles equipped with emergency services. Further growth of this industry is expected to be driven by widespread use of this technology in emerging economies and extended support from governments to promote vehicular telematics.

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Some of the key players of this market include AirIQ, ETAS Group, OnStar Corporation, QUALCOMM, ATX Group, WebTech Wireless, and Wireless Matrix Corporation, Punch Telematix, MinorPlanet Systems, among others.