All about Consumer Vehicle Telematics
Consumer vehicle telematics is the technology and services meant for easy transmission of communication within passenger cars in real time. These services include in-car consumer services, GPS navigation, traffic, local search (e.g. gas stations, restaurants) and concierge services. The growth in the telematics marketplace is driven by the growing number of vehicle safety and security regulatory requirements. Telematics is a new automobile communication technology industry that combines wireless audio and visual data that offer safety, information, productivity, and entertainment services to drivers and passengers in a specific location.
Why deploy Consumer Vehicle Telematics?
Increased use of mobile communications has provided insurers with the means to build a mutually beneficial relationship with policyholders. This has been more evident in the automotive insurance sector, which has witnessed advances in the communication or telematics segment of machine-to-machine (M2 M), generating data that helps to assess risks and rewards for policyholders living up to safe driving practices. Telematics and associated analysis tools are expected to contribute to streamlining and automating claim processes by triggering and alerting real-time. This would help greatly in reducing expenses for the insurers and is capable of driving the consumer telematics demand significantly. Automobile manufacturers provide connected vehicle services to consumers, which mainly include GPS, emergency notifications, roadside assistance, etc.
What is the Original Equipment Manufacturers (OEM) Deployment Mode?
An OEM is a manufacturer that produces products sold under its own name by other companies. It is not surprising that telematics solutions are becoming popular between the ability to track overall equipment usage and to monitor engine data for more proactive maintenance. Telematics solutions arm contractors and OEMs with strong insights to improve daily operations and manage fleets more efficiently. To augment user adoption and satisfaction rates, even more, OEM can influence new third-party solutions that wholly comprehend user data – catapulting the years of development that takes OEM to set-up an in-house telematics solution performing the same function.
Consumer Vehicle Telematics and Infotainment
Telematics and infotainment seem to be in an automobile collision path. The terms themselves are confusing. The combination of telecommunications and IT, mainly wireless communication, refers to telematics. The information and entertainment combination is understood as infotainment. Vehicle infotainment systems are a combination of software and hardware to provide information and entertainment features, such as GPS navigation, video player, streaming music, SMS, hands-free, USB and Bluetooth connectivity, internet in cars and Wi-Fi.
Industries and Consumer Vehicle Telematics
- Cars (Personal & Rental)
Car rental companies and cab service providers use telematics software and devices as this help them collect all the data streaming via the asset from the distance, such as, for fuel consumption, machine health, diagnostic information, fault codes, idle time, etc. Telematics provided unprecedented volumes of driver performance data to fleet managers, allowing for detection and handling of unwanted behaviors–including heavy braking, hard cornering, and aggressive accelerations. All of these factors are monitored by in-cab telematics systems, which directly send data to fleet managers for evaluation.
- Government Agencies
Telematics provides the automotive sector with functionality and risk assessment data that enables driving to be safe. Governments have an important role to play in making telematics a mandatory requirement for car industries, because they can avoid the number of road accidents, road jams, over-velocities, etc. by means of telecommunications.
Government organizations may use telematics data for a variety of applications such as accident statistical collection, regulatory information, retrieval of safety data and improved road construction. Mandates from the government and similar measures already provide the needs for telematics systems. Hand-free mobile telephone mandates are rapidly increasing due to driver difficulties. Low-end telematics with a voice user interface and radio system integration will probably be the preferable solution. The government also supplies the collection of electronic tolls, road, and active safety information.
Consumer Vehicle Telematics - In a Nutshell
The captured data can prevent engine failures and take preventive maintenance. For the planning of future maintenance the collected data is used. The technology of self-driving will change the transportation system. Most people have been driving or relying on third-party services to move around and ship their purchases. In the next five years, a company that must remain competitive needs to upgrade to major telematics innovations. The development of driverless vehicles for the transit of purchased products is one of the innovations. The Consumer Vehicle Telematics Market is projected to grow at a CAGR of 30.4% during the prediction period.
As proof of trade transactions, companies use the photo reporting tool. Manual stamping of the location data is no longer necessary to demonstrate the completion of the transaction. Advanced technology tools take photos that they subsequently send to the reporting system in order to prove a job completion. Telematics devices are equipped with a predictive servicing feature that can diagnose any vehicle malfunction and warn drivers to take immediate measures. For a certain period, diagnostic tools can monitor the engine of the vehicle and its state.
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