Keep tabs on vehicles anywhere in the world. Being part of the industries that produce these systems is big money at the moment, as the global value of the entire global industry is over $72 billion! The industry is also set to increase in value faster than the average rate of inflation in many countries.
It may be a good idea to break into the telematics industry statistics in some way, either as an investor or as part of your career. To learn more about the telematics industry, here are the statistics you need to know about the industry in 2023.
98% of New Cars Will Have Trackers
The most common use of vehicle telematics is in vehicle tracking systems. The Global Positioning System (GPS) started as US military tech used to locate and monitor vehicles on missions and is now used (amongst other things) to keep cars safe from hijackings and theft. When this private industry started, people would have to opt-in for a tracking device, but now almost all new cars will come with built-in trackers.
Earn Six Figures in the Telematics Industry
Because the telematics industry is growing, there are plenty of jobs available for skilled workers. As an engineer or technician working at a telematics company, it’s possible to make well over $100,000 per year.
All a person needs to do is earn a degree in computer engineering, information technology, or information systems and then they can look for a job at one of these companies. You could even earn as much as $158,300 if you work your way to a managerial position in one of these jobs.
The Military’s Second GPS
In the last two decades, the US military has been working on setting up its own private GPS constellation. This is in response to a similar network set up by the Chinese government called BeiDou.
Most devices in the world use the US’s current GPS constellation (which was also set up by the military in the beginning). The new GPS satellites, however, will use MCode encryption and won’t be available for use by normal people. Learn more about the MCode meaning for GPS simulation here.
The Future of Vehicle Telematics
Companies are also making alternatives to the old set of GPS satellites. One such system is GeoTab, a device that uses cellular networks to triangulate a vehicle’s position.
GeoTab can also send engine data and other information through the network. Users can then track their cars in real time on their phones or tablet. This is considered the best GPS alternative, as many governments are outfitting their fleets of civil vehicles with this system.
Learn About the Telematics Industry and More
Vehicle telematics is a useful tool that helps many people around the world. Businesses and governments use telematics systems to track the movements and statuses of their vehicles. This can help keep costs down through fuel and maintenance savings and can also save lives and livelihoods when used to track stolen vehicles.
The telematics industry provides interesting and lucrative work. If you’re a problem solver, a money maker, or both, then it would be a great place to find a footing. Check out our how-to blog page to learn about new technologies like this one.