The global market growth of 10.7% CAGR expected by 2028 for IoT based Asset Tracking and Monitoring Market
Every telematics provider and its solution is different. There are multiple factors that play their part when it comes to the cost of telematics. Before explaining those factors, we need to remind ourselves the famous English saying: “you get what you pay for”.
The three variables that impact the telematics pricing more than the rest are:
The cost of a telematics solution is trivial as compared to the business challenges you need to solve. The cost of a telematics solution depends on the features one requires which is directly impacted by his business challenges. For instance, if your business requires visibility into your fleet operations, simple dots on the map will not solve your challenge. Similarly, if your drivers are receiving violations, only monitoring the speed will not be sufficient. While approaching the telematics provider, prioritize your goals. Research the costs associated with telematics, whether it is worthwhile with your business model and how the favorable return on investment (ROI) can be gained with the technology.
Purchasing vs. renting hardware.
Another factor that can play its part in fluctuating the cost is telematics whether you decide to purchase or rent the devices. Purchasing the device will cost you a one-time fee while renting the hardware has a much lower upfront cost than the purchase cost, but will add a small fee to the overall monthly cost.
Professional vs. self-installation (of devices).
When it comes to the installation of telematics hardware, there are two options: either the hardware can be self-installed or professionally installed. Some telematics service providers charge for professional installation while others include it as a part of their offer.
The cost of professionally installed hardware may also vary depending on the number variables including:
- Location (and if there are multiple locations).
- The number of vehicles.
- Type of equipment – GPS tracking device, load sensors, temperature sensors etc.
No matter what mode of installation you choose, the important thing is to make sure that installation is done correctly so there are no reporting issues with the device and no chance of driver tampering.
Eagle-I does not have the lowest cost of telematics on the market. As we do not offer a one-size-fits-all solution. Eagle-I offers the tailored solution based on your business challenges to be solved, types and number of your assets and many more factors. Customers come to us for the level of support they receive from a technical and training perspective.
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