LightMetrics - Experts & Thought Leaders

Berg Insight, the pioneering IoT market research provider, released a new market study covering the video telematics market. The integration of cameras to enable various video-based solutions in commercial vehicle environments is a massive trend in the fleet telematics sector.  Berg Insight’s definition of video telematics includes a broad range of camera-based solutions deployed in commercial vehicle fleets either as standalone applications or as an added feature set to conventional fleet telematics. Active video telematics systems The frontrunning North American video telematics market is more than three times the size of the European, which is so far largely dominated by activities in the UK. Berg Insight estimates that the installed base of active video telematics systems in North America reached almost 4.9 million units in 2023. Growing at a compound annual growth rate (CAGR) of 19.0 percent, the active installed base is forecasted to reach 11.7 million units in North America by 2028.  Berg Insight counts that the installed base of active video telematics plans in America In Europe, the installed base of active video telematics systems is estimated to be almost 1.4 million units in 2023. The active installed base in the region is forecasted to grow at a CAGR of 18.0 percent to reach 3.1 million video telematics systems in Europe by 2028. Different types of players  The video telematics market is served by a number of different types of players, ranging from specialists focused specifically on video telematics solutions, to general fleet telematics players that have introduced video offerings, and hardware-focused suppliers offering mobile digital video recorders (DVRs) and vehicle cameras used for video telematics. Berg Insight ranks Streamax, Lytx and Samsara as the pioneering video telematics players in their respective categories. “Streamax is the pioneering hardware provider, having over 2.9 million mobile DVRs installed in vehicles globally to date, and the company also offers software dashboards which are widely used together with its devices,” said Rickard Andersson, Principal Analyst, Berg Insight. Video telematics subscribers Lytx has the largest number of video telematics subscribers, having reached one million autos Lytx has the largest number of video telematics subscribers, having surpassed one million vehicles under subscription. “Samsara stands out among the general fleet telematics players with a significant number of camera units deployed across its subscriber base”, continued Mr. Andersson.  Additional sizeable players include the fleet management player Motive, the channel-focused brand Sensata INSIGHTS (including the acquired video telematics company SmartWitness) and the hardware-focused video telematics company Howen, all having estimated installed bases of several hundred thousand units. Video-focused solution providers “The remaining top-10 players are Netradyne, Nauto and VisionTrack, which all have a primary focus on camera-based solutions specifically, as well as the fleet management provider Solera Fleet Solutions”, said Mr. Andersson. Solera acquired the commercial vehicle telematics pioneer Omnitracs including the video safety specialist SmartDrive. Other noteworthy players competing in the video telematics space include video-focused solution providers such as LightMetrics, SafetyDirect (Rand McNally), Idrive, SureCam, Waylens, Seeing Machines and CameraMatics; fleet telematics players including Trimble, Radius Telematics, MiX by Powerfleet, Matrix iQ, Forward Thinking Systems, Azuga, ISAAC Instruments, Microlise, Trakm8, AddSecure Smart Transport and EROAD; as well as the hardware-focused supplier Pittasoft (BlackVue). “These players have all reached estimated installed bases in the tens of thousands”, concluded Mr. Andersson.

Commercial fleet owners are investing heavily in telematics data to improve road safety concerns, driver well-being, and operational efficiencies. It's a marketplace worth $76 billion and set to grow to $214 billion in the next six years. However, their insurance claims have been steadily increasing over the past five years. Aiming to rebalance this equation, video telematics business - LightMetrics is announcing a $8.5 million funding round from Sequoia Capital India, to help telematics service providers adopt video telematics and help fleets become safer. Telematics service providers LightMetrics helps telematics service providers (TSPs) by launching their own branded edge AI-powered video telematics solution. Its flagship no-code video telematics platform - RideView is widely considered the most impactful in the industry. It allows fleets to gain visibility into risky behaviors like distracted driving, tailgating, cell phone usage, overspeeding, stop sign violation, poor lane keeping, and fatigue among several others. Intuitive workflows to retrieve videos, recognize good drivers and coach drivers helps fleet managers protect the fleet, improve driver engagement and reduce accidents. Dash camera hardware RideView offers a choice of dash cameras across price points and capabilities With fleets in different verticals and geographies having different needs, RideView offers a choice of dash cameras across price points and capabilities, all supported by the same backend thus creating a uniform user experience no matter the dash camera hardware used. Founded in 2015 by Nokia alumni Soumik Ukil, Ravi Shenoy, Mithun Uliyar, Gururaj Putraya, Pushkar Patwardhan, and Krishna A.G., they came together to help make roads safer for everyone. They put their expertise to work in building efficient algorithms for computer vision technology, machine learning, and AI by helping people 'see how they drive' and coaching drivers to become safer. LightMetrics into new geographies In 2022, LightMetrics expanded into new geographies and grew revenues 3×. Their technology is now deployed in over 2500 fleets across US, Canada, Mexico, Brazil, Australia, South Africa, the Middle East, and India. LightMetrics’ video telematics platform RideView’s success and popularity with telematics service providers can be attributed to the significant outcomes they have achieved for customers, including a drop in risky driving behaviors such as speeding and distracted driving by up to 80% and 70%, respectively, within just a few months of installation. Soumik Ukil, Co-Founder and CEO of LightMetrics commented: “Our growth and success comes down to the product - having built the preeminent video-based fleet safety platform globally. We will continue to invest deeply in building the most advanced and efficient edge AI, empowering our customer base to deliver this critical technology across the entire fleet ecosystem, and expanding our international footprint.” Author's quote The video telematics market is forecast to grow from 10% in 2021 to 20% by 2026 The video telematics market is forecast to grow from 10% in 2021 to 20% by 2026, at an impressive growth rate of 16.5% CAGR. “Two key factors are driving the growth of this market; a combination of market need and the technology trends coming together. Fleet owners are seeking a single integrated view of all their data to improve safety and operations." "Conventionally, while telematics has focused on location tracking, routing, optimal utilization of assets, vehicle maintenance, remote diagnostics, etc., it is clear that the performance of the human driver is critical to running a profitable fleet. Advanced video telematics, enabled by the advances in connectivity, chipsets (computing on the edge) and AI, is the comprehensive solution.” said Soumik Ukil. “Our approach, and the adoption of RideView, has created a win-win situation for everyone concerned. Fleets, the end user, benefit from improved safety, better driver engagement and lower insurance premiums. Our customers, the telematics service providers, are able to offer a holistic service to fleet owners with more comprehensive data and analytics around safety.” Fastest growth of video telematics Ashish Agrawal, MD, Sequoia India commented: “Video telematics is the fastest growing segment of the telematics industry. LightMetrics’ ability to deploy advanced computer vision models on the edge, across a range of dash cameras, enables it to serve all vehicle types in this large market. At Sequoia Capital India, we expect advancements in AI to transform several industries and are excited to partner with LightMetrics on their quest to improve road safety.”  “Investing in technology can also drive down insurance premiums for fleet owners. A granular understanding of driver behavior can help underwriting with better risk modeling, and ongoing driver coaching helps insurance carriers reduce loss over time. I am confident that video telematics can help insurance carriers significantly on claims, underwriting, and loss control,” said Soumik Ukil.