IoT Insurance Market Size is Projected to Reach US$ 168.5 Billion by 2028, Industry CAGR 34.8% | IMARC Group

According to IMARC Group’s latest report, titled “IoT Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.’ the global IoT insurance market size reached US$ 27.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 168.5 Billion by 2028, exhibiting a growth rate (CAGR) of 34.8% during 2023-2028.

IoT insurance enables insurance companies across the globe to transmit, collect, and share critical data of clients. It aids brokers in partnering with policyholders to minimize the claims payouts for the insurers. IoT insurance relies on artificial intelligence (AI), machine learning, robotic process automation, augmented reality (AR), telematics, and drones to improve service quality. Some of the widely offered services by IoT insurance are claim management, immediate risk management, and reducing the operating costs of organizations during claim settlement management. Consequently, it is extensively gaining traction across numerous sectors, including healthcare, retail, residential, commercial, etc.

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IoT Insurance Market Trends: 

The rising usage of telematics devices in the automotive and transportation sectors, as they assist in collecting data from vehicles and processing insurance claims faster in case of accidents or other mishappenings is primarily augmenting the IoT insurance market. Furthermore, the inflating investments in IoT technologies by insurance companies across the globe to improve their operational efficiency are positively influencing the market growth. Apart from this, the widespread adoption of IoT devices in the healthcare sector to track heart rate, step count, and blood pressure of patients, allowing health insurers to provide customized discounts and better offers to customers is acting as another significant growth-inducing factor. Moreover, the increasing technological advancements in insurance model development are also bolstering the global market. Additionally, the escalating demand for cloud and value-added technologies, the growing requirement for internet-connected devices, and the rising commercialization of the 5G network for collecting more granular data are expected to drive the IoT insurance market in the coming years.

IoT Insurance Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global IoT insurance market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Accenture plc
• Allerin
• Capgemini SE
• Cognizant
• Concirrus
• Intel Corporation
• International Business Machines Corporation
• Microsoft Corporation
• Sas Institute Inc.
• Telit
• Verisk Analytics Inc
• Wipro Limited.

Key Market Segmentation:

Breakup by Insurance Type:

• Life and Health Insurance
• Property and Casualty Insurance
• Others

Breakup by Component:

• Solution
• Service

Breakup by Application:

• Automotive, Transportation and Logistics
• Life and Health
• Commercial and Residential Buildings
• Business and Enterprise
• Agriculture
• Others

Breakup by  Region:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

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