IoT Insurance Market is segmented By Product Type (Health Insurance, Life Insurance, Property and Casualty (P&C) Insurance, and Others), By Application (Agriculture, Automotive and Transportation, Business and Enterprise, Consumer Electronics and Industrial Machines, Home and Commercial Buildings, Life and Health, Travel, and Others) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
IoT Insurance Market size was estimated at $33.23 billion in 2020 and is expected to reach $195.20 billion by 2028, growing at a CAGR of 65.89% during the forecast period of 2021 to 2028.
IoT in insurance refers to insurance businesses using IoT devices to gather, transmit, and share crucial data. Besides that, IoT devices assist insurance service providers in increasing their awareness of risk management and the efficiency of their workers and companies. It delivers various benefits to end-users, including enhanced claim management solutions, instantaneous risk management services, and a reduction in the organizations operational costs associated with claim settlement management. Previously, insurers have employed IoT technologies primarily to enhance client interactions and to faster and ease underwriting and claims operations. However, insurers are increasingly interested in novel IoT-based strategies and sales models.
Telematics expanding market and innovations like ADAS and driverless cars are primarily promoting IoT insurance adoption in the automotive and transportation industries. With the increased use of linked cars connected via V2X (vehicle to external IoT device), there is an efficient and coordinated interchange of IoT data between them. Further, this data is used to calculate premiums. Automotive manufacturers with an eye on linked automobiles are also extending their focus in the region on insurance telematics. Governments and insurance firms are also promoting IoT-enabled automobiles for their safety benefits.
IoT Insurance Market Growth and Trend
The Internet of Things in the insurance business is being driven by the insurance industrys improved performance. In insurance, the Internet of Things enables more precise risk assessment and loss control. Additionally, it streamlines the contracting process by providing easy access to and administration of the process. Moreover, it gives free fitness trackers to healthcare end-users to help them manage their activity. However, insurance generates a large amount of data through the Internet of Things, which is extremely difficult to store and manage. The worldwide Internet of Things in insurance has the potential to significantly improve and increase consumer contacts, such as through wearable devices.
The IoT has the potential to revolutionize not only the insurers top line but also its bottom line. Once authorized by the policyholder, insurers may use the data and warnings generated by IoT devices to offer services with the fewest possible touchpoints. The increased use of linked devices across several sectors enables insurance firms to have better control over data, hence reducing fraud. The IoT deployment will aid in increasing system efficiency, enhancing protection measures, and reducing claims, all of which will result in cost savings. The average number of devices utilized by each client climbed dramatically, indicating a greater rating of acceptance within the ecosystem.
Moreover, with smart grids predicted to eventually supplant the entire energy business globally, IoT utilities are likely to gain traction throughout the projection period. 5G is expected to accelerate innovation and broaden the breadth of IoT-enabled products in the sector. Numerous industry analysts also assert that car telematics is outpacing 5G in IoT insurance applications. The increasing commercialization of 5G will enable the collection of more detailed real-time data on the performance and health of the car, as well as the drivers behavior, and will enable insurance firms to provide more complex pricing options.
IoT Insurance Market Segmentation
The IoT insurance market is segmented by product type and application. Based on product type, the market consists of health insurance, life insurance, Property and Casualty (P&C) insurance, and others. Based on industry vertical, the market is divided into agriculture, automotive and transportation, business and enterprise, consumer electronics and industrial machines, home and commercial buildings, life and health, travel, and others.
IoT Insurance Market Country Analysis
North America is expected to continue dominating the worldwide Internet of Things in the insurance market throughout the projected period, owing to the regions growing demand for reliable data backup applications and services. The market in Europe is growing rapidly as the insurance business develops. The Internet of Things in insurance is expected to rise at a quick speed in the Asia Pacific over the forecast period, owing to support for IT infrastructure and increased foreign investment. The Indian Internet of Things in the insurance industry is expected to develop at a large rate in the Asia Pacific region, owing to improved economic factors and rising disposable income. Saudi Arabia is anticipated to have a sizable market share in the Middle East and Africa region in 2018 due to its robust economy, high political stability, youthful population, and government policies emphasizing economic diversification.
IoT Insurance Market Share and Competition
The major players operating in the global IoT insurance market are Google, Accenture Allianz, American International Group, American Family Insurance, IBM Corporation, Cognizant, Oracle Corporation, Capgemini, SAP SE, Zonoff Inc., LexisNexis, Lemonade Inc., and Hippo Insurance.
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Industry Segmentation and Revenue Breakdown
Product Type Analysis (Revenue, USD Million, 2021 - 2028)
• Health Insurance
• Life Insurance
• Property and Casualty (P&C) Insurance
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Automotive and Transportation
• Business and Enterprise
• Consumer Electronics and Industrial Machines
• Home and Commercial Buildings
• Life and Health
Region Analysis (Revenue, USD Million, 2021 – 2028)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
IoT Insurance Market Companies
• Accenture Allianz
• American International Group
• American Family Insurance
• IBM Corporation
• Oracle Corporation
• SAP SE
• Zonoff Inc.
• Lemonade Inc.
• Hippo Insurance
• United States IoT Insurance Industry Research Report
• Europe IoT Insurance Industry Research Report
• Asia Pacific IoT Insurance Industry Research Report
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