That’s the verdict of a new research report from the analyst firm Berg Insight, which is predicting a compound annual growth rate (CAGR) of 15.7% for the industry.

The firm says that the top 10 providers of fleet telematics solutions for commercial vehicles across Russia, the CIS and Eastern Europe together have an installed base of well over 1 million active units today, with the Russian market accounting for a significant share of the region’s total installed base.

The leading fleet telematics providers in terms of installed base in the CIS and Eastern Europe include diverse players from a number of countries. Belarus-based Gurtam is the leading FM software provider active across most countries in the region with over 300,000 commercial vehicles under management.

Other top providers with more than 100,000 active FM units for commercial vehicles in the region include ENDS, NIS group, Arvento Mobile Systems and TechnoKom which are all top-ranking telematics players on their respective domestic markets. Additional key vendors include SCOUT, Mobiliz, Omnicomm and Fort-Telecom.

Berg Insight also says the Russian fleet telematics vendor landscape has seen some significant shifts in recent time. Both M2M Telematics and Russian Navigation Technologies have lost many employees and the latter even filed for bankruptcy in 2014.

‘There has been an inflow of new start-ups gaining market shares at the expense of struggling Russian top telematics players,’ said Rickard Andersson, senior analyst, Berg Insight. A key example is the Russian newcomer SpaceTeam, which was founded one year ago and now already holds a significant market share on the domestic market.

‘None of the major international solution providers based in Western Europe, the US or South Africa have however so far managed to capture any leading positions in this region,’ said Mr Andersson.

He adds that Berg Insight anticipates increased M&A activities in the region in the upcoming years as the ongoing consolidation wave in Europe and North America reaches the Russian telematics market.