Data produced by vehicle monitoring systems is big business, with the global vehicle telematics market expected to reach almost $100 billion by 2026, driven largely by consumer concerns for safety and security. From motorists to automotive companies to insurers, anyone can gain an advantage from telematic insight.
Drivers want safety and security
When it is integrated with a mobile app, telematics allows the driver to see real-time performance data and safety of their vehicle. It automatically monitors fuel consumption, tyre pressure, oil and water levels, and notifies them if the vehicle develops a fault or needs servicing.
Safety features enabled by telematics include theft alert assistance and automatic crash notification, where the vehicle communicates instantly with emergency services to let them know there has been an accident. On a day-to-day basis, telematics allows the driver to remotely lock or unlock the car using their smartphone, or to sound the horn and flash the lights if they can’t remember where they have parked.
Automotive companies offer increased value
Automotive companies, including manufacturers, lease companies, and fleet management companies can all benefit from telematic insight. Because they have a real-time view on vehicle diagnostics, including diagnostic trouble codes, they can offer relevant location-based services even before customers are aware they need them.
For instance, when a fault is detected, the necessary parts can be instantly ordered, and the vehicle automatically booked into the nearest approved garage for repair or maintenance. Manufacturers can also use insight gained from telematic data to inform future product development – a major advantage in a turbulent industry.
Automotive companies can also use telematics to gain valuable data on driver behaviour. Arriva is currently installing telematics systems on 15,000 UK buses to monitor driver performance, including braking, idling, and accelerating. The intention is to improve fuel consumption and cut 72,000 tonnes of carbon emissions.
Insurance companies enhance understanding
Bus companies aren’t the only ones benefiting from driver performance data – insurance companies are also using telematics for the same purpose. Telematic insurance policies – also known as black-box insurance policies – monitor driving style and behaviour, ultimately influencing premiums. While high risk driving can increase premiums, safe driving can lower them in the same way visiting the gym wearing a fitness tracker can decrease health insurance premiums.
Insurance companies can also use telematics for claim management, with accident reconstruction helping them understand how a crash happened and who is at fault. One insurer recently avoided paying out a £55,000 claim when telematics data revealed no crash had taken place.
While the automotive industry, and those linked to it, are currently making use of telematics, there are many other ways it can be of help. Using GeoSpock’s state-of-the-art spatial big data platform, telematics can be combined with numerous data sets – such as road network information – and used to identify significant patterns or trends. As an example, telematic data that shows whether a car’s lights and windscreen wipers are on, as well as the speed it is travelling, so can be used as one input into a micro weather forecasting platform.
To learn more about how the GeoSpock spatial big data platform can unlock insights in your data or to see a product demo, get in touch and a member of our team will contact you.