POWER OF DATA BLOG

Frost & Sullivan: 1 million vehicles with video by 2020

Driving in the 21st Century
Feb 28/2018 Published by: Lytx Lytx Telematics

If you haven’t yet deployed a video-based safety solution for your fleet, market intelligence analyst firm Frost & Sullivan says you should probably think about doing it sooner rather than later, because they’re soon to become the norm. Frost & Sullivan made this assertion in its first-ever report on the global video-based safety solution market released in June.

Frost & Sullivan says it expects annual compound growth of more than 22 percent, bringing the total number of vehicles to employ video-based safety solutions to over 1 million by 2020.

An interesting observation of the report is just how the use of cameras parallels the evolution how we use other devices in our world. When we invented the category back in 1998, it was all about the hardware – the camera – but in the 17 years since, the camera itself is not the sexiest part of the equation. Instead, it’s only when data collected from the video and other sensors are combined with insights services that the greatest positive influence on safety and costs can be realized.

Frost & Sullivan expects the rise of breakthrough new services to drive significant growth, and without giving too much away, we have to say we’re in agreement. We’ve taken the industry a long way in 17 years, but with new technology, new analytics methodologies and even new advancements in understanding human behavior, the overall efficiency and effectiveness of the video-based safety solutions will continue to increase. In short, we’re about to embark upon a new evolutionary stage of safety that will yield greater rewards in terms of costs savings – and more importantly – in terms of lives saved.

To learn more about Frost & Sullivan’s report Global Overview of Truck Video Safety Solutions Market by visiting their website.

 

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