According to the latest market survey done by independent agencies, Telematics’ market size is supposed to reach US$ 48.10 billion in 2024. Also, it is touted to expand at a CAGR of supposedly 10.05% with its estimated rise pegged at US$ 77.64 billion by 2029.
The above-mentioned data clearly shows how telematics is influencing the automobile industry. Especially fleet managers, who have a host of arenas to monitor, are relying more on this technology. If you have yet to discover the ease that telematics provides and its range of benefits and future trends, this post is for you!
What is telematics?
For the unversed, telematics is a mode of monitoring vehicles (cars, heavy-duty vehicles like trucks) by utilizing onboard diagnostics and GPS technology on a computer-operated map. In simple words, telematics provides updates like – fuel usage, low tire pressure, or any other detail, thereby helping manage vehicle circulation and fuel costs efficiently. Alternatively referred to as GPS fleet tracking, this is primarily done through companies like Radius – which have the required workforce and technical support to carry out this consistent monitoring process.
Now let us try to understand – in what way this technology can enhance fleet management, and what are its proposed future trends.
How does this fleet telematics technology enhance your fleet?
This technology is categorically used for improving fleet tracking by –
- Provides improved route planning with enhanced behavior monitoring
The first area where this telematics fleet management provider, wins big is that – they provide enhanced route planning and improved behavior monitoring. This data assists in ensuring that drivers choose a congestion-free road, and also tests driver behavior, boosting their performance standards.
2. Helps you save fuel money
With the route charted out well, and drivers at their best performance – fuel costs will naturally reduce. That’s not all! Fleet telematics are developed in a way to crack down on fuel fraudulence, saving your hard-earned bucks!
3. Gives you real-time updates
Real-time updates like alerts are the need of the day! They help you keep updated on where the designated vehicle is, and provide you with their minute-by-minute movement details.
4. Reduced paperwork and liability
With a host of tracking and analytical tools at your behest, the paperwork and manual accounting are reduced to a minimum, if not nil. Rather than hunting down files, they must concentrate on solving the issues. Also, with the camera usage strong at every step, the liability falls on the actual entity – making things streamlined and reducing unnecessary escalations.
5. Enhanced security
Lastly, with software tracking your fleet at every step, the chances of any theft, or other untoward scenarios are negated. In fact, the systems are made tamper-proof with battery backup tools for improved security.
Ultimately, when you are seeking the services of a telematics fleet management professional, what matters above everything is – customer satisfaction. With professionals in tow, rest assured, you need not be worried about it.
What are the future trends of fleet telematics?
As you must have seen in the initial context, how this telematics technology is pegged to increase in upcoming times. Keeping that into account, let us quickly convey to you the expected trends in this domain.
- Integration of AI more prominently
Given that the AI boom is here to stay, without a doubt, in the future telematics will see its integration robustly. After all, using predictive analytics to enhance performance levels is nothing new. With multiple experiments being carried out, rest assured, that the integration is expected to be full-fledged.
- Choosing open platforms with the latest technologies
Another trend that is making the rounds is – choosing open platforms adhering to the latest technologies. From the consumer’s viewpoint, this allows the customers to have unfiltered access to the data which is generated by their vehicles. Therefore, they too can scale the operations or customize their choices for efficient usage at the ground level.
- Emerging as a sustainable option
Environmental concerns, choosing sustainable options, and safety are some of the key concerns of most fleet management setups. Keeping that in mind, this monitoring format is becoming more inclusive with reductions in CO2 emissions, vehicle maintenance, and correct fuel management, making it a go-to option!
When you move ahead to select the telematics service operator, these are some of the key conditions that you must keep in mind.
What to check before hiring a telematics service provider?
Assuming you have seen the range of benefits that this format of fleet management brings, it is natural as a fleet owner that you would like to seek their services. However, here are a couple of determining factors that you must take into account before seeking the services –
- The longevity of the concerned provider in this market
As you have seen for yourself – how competitive and on the edge is this field, if a specific service provider is there in this domain for a long period, know for a fact that they are good! With the demands changing every other day, keeping up with the pace can get tough. Hence, a provider’s longevity in the market is a benchmark of quality.
Whether their customer solutions align with your demands
This is another of the notifying factors that you must check before choosing a service provider. Always see if their customer solutions or choices adhere to your demands. In this way, you will also get to check if the customer service categorically concentrates on your demands, and issues and rectifies them accordingly. Noting the customer service’s response time is also an important factor.
- Chances of solution enhancement after implementation
The last and the keynote that you must consider is – the chances of a solution enhancement once it is implemented. Most service providers are good with one-time solutions, wherein the service is provided (following a set of rules) and follows the standard process. However, what happens if – there is an upgrade required? Or some new installation is needed? In such cases, you need to see if the telematics service provider assists in this, and to what extent.
Parting thoughts
The telematics software, since its inception a couple of years ago, has risen exponentially – all thanks to its range of benefits and efficiency. Standing today, one can only state that its usage will rise in the coming challenging times. Therefore, if you are in this fleet business, this is a system you cannot miss out on! However, as an aware individual, you must look into the credentials of the concerned company and only then make a choice.
