April 24, 2024
Europe Telematics Software And Service Market
Ict

Europe Telematics Software and Service Market is poised to thrive on adoption of advanced telematics solutions by 2030

The Europe telematics software and service market comprises software components and services that collect real-time data from vehicles and transport assets. Telematics software enables fleet managers to track vehicle location, monitor driver behavior, optimize fuel efficiency, enhance safety, and reduce operating costs. The rising digitization and availability of affordable hardware devices are catalyzing the adoption of advanced telematics solutions across industries.

The Europe telematics software and service market is estimated to be valued at US$ 11533.71 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the Europe telematics software and service market are Gilead Sciences, Inc., Merck & Co., Inc., Bristol-Myers Squibb, Johnson and Johnson, Novartis AG, Vertex Pharmaceuticals Incorporated, Pfizer Inc., FibroGen, Inc., and Pharmaxis Limited. The growing demand for fleet and asset management across industries is a major growth driver for the European market. With the increasing penetration of internet and availability of affordable hardware, more fleet operators are adopting telematics solutions. The rapid digitization and development of 5G technology is also fueling the growth of telematics software and service providers in Europe.

Market key trends

The emergence of cloud computing is one of the key trends witnessed in the Europe Telematics Software And Service Market Demand . Cloud-based fleet management software as a service (SaaS) offers advantages such as low upfront investment, scalability, easy updates, and remote access. This has increased the adoption of cloud-based telematics solutions, especially among small fleet operators. According to estimates, the cloud-based models will account for over 35% of total telematics software deployments in Europe by 2030.

Porter’s Analysis

Threat of new entrants: Low as it requires high initial investments, research and development capabilities.

Bargaining power of buyers: Moderate as buyers have several vendors to choose from.

Bargaining power of suppliers: Low as there are many component suppliers and the industry does not rely on few suppliers.

Threat of new substitutes: Low as telematics solutions provide unique value to customers.

Competitive rivalry: High as the market is dominated by few international players and regional players compete on product quality and pricing.

Geographical Regions

The Europe region accounted for the largest share of the telematics software and service market in 2024. Countries such as Germany, UK and France are major revenue contributors to the European market. Presence of major telematics solution providers and high vehicle penetration rates drive the market growth in the region.

The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. Increasing demand for fleet management solutions from logistics companies and rising adoption of connected vehicles offer lucrative opportunities for market players. Countries like China and Japan are emerging as manufacturing and export hubs which will further augment the demand for telematics software and services.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it