The Internet of Things (IoT) is swiftly gaining acceptance in the insurance business as a technology that will revolutionize how we design, evaluate, and provide insurance products and services. Networked devices allow insurers to provide their customers with additional services based on the data they collect using IoT technologies. They also enable greater interaction with their customers through frequent customer interactions and by offering new insurance products based on collected data. According to Emergen Research, the global Internet of Things (IoT) Insurance market size is expected to reach USD 775.65 Billion in 2028 and register a robust revenue CAGR of 62.2% during the forecast period.
Increasing demand for IoT devices in the insurance industry to enhance customer experience is the key factor driving the global Internet of Things (IoT) insurance market growth during the forecast period. Besides, growing demand for value-added services is expected to propel global Internet of Things (IoT) insurance market growth during the forecast period. Furthermore, increasing adoption of Internet of Things (IoT) devices in developing and developed countries is expected to augment global Internet of Things (IoT) insurance market growth going ahead.
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Key Highlights in Report
Increasing usage of IoT-driven devices in property & casualty insurance to mitigate insurance costs and enhance risk management are some key factors driving revenue growth of the property & casualty insurance segment, which is expected to register a significantly high CAGR of 62.7% over the forecast period.
In terms of revenue share, connected car segment is expected to lead during the forecast period due to increasing application of telematics and IoT-driven sensors in cars.
In terms of market share, the automotive segment is expected to account for the largest market share during the forecast period due to increasing adoption of IoT driven V2X-connected vehicles, which generate IoT data flow and evaluate premium costs.
Due to robust presence of international market players, including Microsoft Corporation, Google LLC, Oracle Corporation, and Cisco Systems, Inc., among others in countries in North America, the market in the region is expected to lead in terms of revenue share among other regional markets during the forecast period.
Key market participants include Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Cisco Systems, Inc., SAP SE, Accenture PLC, Concirrus Ltd., Wipro Ltd., and Capgemini SE.
In January 2021, Concirrus declared an offering of marine insurance for Asia Pacific. The introduction of marine insurance offerings in Asia Pacific will augment Concirrus’ market position in countries in the region.
Detailed Regional Analysis covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Emergen Research has segmented the global Internet of Things (IoT) insurance market on the basis of insurance type, application, end-use, and region.
- Insurance Type Outlook (Revenue, USD Billion; 2021–2028)
- Pension Insurance
- Warranty Insurance
- Cyber Insurance
- Life Insurance
- Property & Casualty Insurance
- Health Insurance
- Others
- Application Outlook (Revenue, USD Billion; 2021–2028)
- Connected Home
- Connected Car
- Connected Health
- Commercial Lines
- Others
- End-use Outlook (Revenue, USD Billion; 2021–2028)
- Automotive
- Retail
- Industrial
- Residential
- Healthcare
- Logistics
- Others
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/internet-of-things-insurance-market
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