THREE INDUSTRIES WITNESSING THE HIGHEST ADOPTION OF TELEMATICS TECHNOLOGY
Telematics technology is on an upward trajectory and causing a paradigm shift across various sectors. Driven by machine learning and IoT devices, telematics has been adopted by the automotive segment for vehicle-tracking and monitoring, infotainment, and Usage-based Insurance (UBI). In the healthcare sector too, telematics technology is being used increasingly to expedite diagnosis and improve treatment.
Let’s take a look at how telematics is being adopted across industries.
Automotive – Be it driverless cars, real-time traffic updates, or on-demand infotainment, telematics is the go-to technology to facilitate all of these. Improved efficiency and safety, and entertainment for drivers who are on the move, are among the other benefits. Drivers are not the only ones reaping the benefits of telematics. Car manufacturers are able to create what they call the ‘brand experience’ and can understand customers better. Auto insurance providers and fleet service managers too, utilize telematics to make intelligent business decisions to ultimately improve products and services, such as lowering insurance premiums and faster delivery of goods.
Healthcare – Telematics has already been put to good use in the healthcare sector to track the recovery of patients, as well as the conditions of life-sustaining medical devices. Thanks to telematics, the concept of ‘Connected Hospitals’, which offers better coordination between patients and healthcare providers, is gaining popularity. Healthcare professionals collect data from IoT devices and track the rehabilitation processes of patients remotely, thereby eliminating the need to stay at a facility. That apart, telematics has disrupted the personal health segment too by introducing the masses to wearables like Fitbit and Jawbone, which monitor daily activity levels, and iThelete and Garmin to monitor heart rate and help improve cardiac conditioning.
Insurance – The most significant benefit derived from telematics is the ability to convert data into insights and actions. The insurance sector has benefited from this opportunity like no other. The behavioral, traffic, and locational data that telematics provides, ensures intelligent risk forecasting and premium calculations. Telematics also comes to the aid of insurers for accident alerts in real time, thus capturing a higher percentage of repair businesses. Home insurers rely on IoT devices to avert mishaps within houses and residential spaces. Telematics-driven monitoring systems can be useful since they can shut down machines if they are dangerously malfunctioning, thereby lowering the risk of electrocution or fire, among other hazards.
Among the three, the automotive industry is ramping up the adoption of telematics technology the most. With performance and safety emerging as the key focus of automotive companies, telematics solutions catering to performance and safety of vehicles is expected to witness considerable traction in the foreseeable future. Research firm Netscribes expects the global automotive telematics market to expand considerably till 2022, since the need to track vehicles on a real-time basis and observe drivers’ behavior will increase.