Frost Radar™: Innovative Cloud-based SaaS Business Models are Driving GCC Connected Truck Telematics Market Growth
The connected truck telematics market in the Gulf Cooperation Council (GCC) region is poised for slow growth due to the current perilous economic conditions. As awareness of telematics increases among the user community, especially for vehicle tracking and the monitoring of various user-based parameters, the technology will witness gradual acceptance in the region. The market is dominated by local aftermarket participants, and OEM suppliers are trying to catch up amidst the ongoing COVID-19 healthcare crisis and the poor economic climate.
Technological advancements, including real-time tracking, video safety systems, and advanced driver-assistance systems (ADAS), are changing the current driving experience, and the penetration of such features in mid- and high-range vehicles is expected to drive market growth. In addition, oil price fluctuations are a concern for stakeholders, especially with the growing number of vehicles on the road; as a result, the use of telematics is becoming a necessity for the adoption of fleet management solutions.
This Frost Radar™ focuses on the top 10 telematics service providers (TSPs) in the GCC region – these are leaders on the Growth and the Innovation axes and are striving to better themselves. Many global companies are looking to enter the market as it holds good growth potential; however, the barriers to entry are high. To succeed, TSPs need to develop good customer relationships, and they can do this by establishing a local presence or by mergers/acquisitions, partnerships, or joint ventures with local companies. The GCC connected truck telematics market is price-sensitive, and companies looking at a long-term stint in this space should build efficient and cost-effective solutions to address customer concerns and challenges.
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