New York, US, July 07, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “IoT Insurance Market, By Type (Health insurance, Property and causality Insurance, Agricultural insurance, Life Insurance), By End-User (Automotive & Transport, Travel, Healthcare, Home and Commercial Buildings, Agriculture, Consumer Electronics) - Forecast 2030” to attain a size of over USD 317.31 billion to thrive at a CAGR of approximately 56.2% during the review timeframe.
IoT Insurance Market Overview:
IoT-connected insurance created the latest scope for the insurance companies and IoT solution suppliers. Organizations use sensors to observe the state of an insured risk and examine it throughout the insurance value chain. IoT has allowed insurance companies to better touch with consumers, adding vital touchpoints in acute phases, such as claims and acquisitions. In addition, IoT advances can be understood for the full range of products and business lines, from commercial to life, casualty, property, and health.
Report Scope:
| Report Metric | Details |
| Market Size | USD 317.31 Billion by 2030 |
| CAGR | 56.2% From 2021 To 2030 |
| Base Year | 2020 |
| Forecast Period | 2021 To 2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, End User and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | IBM Corporation (U.S.), Accenture (Ireland), Cognizant (U.S.), Oracle Corporation (U.S), Zonoff Inc. (U.S.), Capgemini (France), SAP SE (Germany), LexisNexis (U.S.), Lemonade Inc. (U.S.), Hippo Insurance (U.S.) |
| Key Market Opportunities | IoT Insurance offers an opportunity for insurers to partner with policyholders with a full view of the policyholder, it minimizes risk in real time and lowers the claims payouts for the insurer and provides a deep level of satisfaction to the policyholders. |
| Key Market Drivers | Increasing adoption of advancing technologies in the insurance sector is expected to drive the expansion of the IoT insurance market. |
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Market USP Covered
IoT Insurance Market Drivers
The IoT in insurance market has recorded a massive rise in the revenue amounts in recent times. The primary aspect driving the growth of the internet of things (IoT) insurance market is the remote innovations throughout the years. These innovations include Digital Enhanced Cordless Telecommunications (DECT), Bluetooth, Insteon, Wi-Fi, Z-Waveand, and ZigBee. Furthermore, the growing adoption of IoT products among businesses to get data from a wide range of sources and growth in the implementation of telematics devices among transportation and automotive sectors are also projected to catalyze the demand for the IoT insurance across the globe.
Moreover, the insurance companies' rising investments in IoT technology to gain better operational efficiency are anticipated to boost the market's growth over the coming years. The rising adoption of advanced technologies such as machine learning and artificial intelligence in the insurance industry is likely to positively impact the growth of the IoT insurance market over the assessment timeframe.
IoT Insurance Market Restraints
Although there are several aspects propelling the growth of the internet of things insurance market, certain aspects may impede the growth of the market over the assessment timeframe. The major factor likely to restrict the market's growth is customers' information security and privacy issues. Furthermore, the lack of skills among workers for using IoT devices is another crucial parameter anticipated to hamper the market's growth over the coming years.
In addition, the movement of information in the IoT in insurance market is considered a major challenge for the market players worldwide.
COVID-19 Impact
The global COVID-19 pandemic has had a severe impact on the majority of the market sectors across the globe. Global health affected public health and had a major impact on the global economy. Several market sectors across the globe have been affected by the global pandemic in recent times. The internet of things in insurance market is different from others. The pandemic led the market to face several unexpected challenges and revenue losses. The disruption of supply chain networks is the primary reason causing a huge fall in sales across the globe. With an evident disruption in global medical services and supply chains, backup plans, clinics, governments, and coordination suppliers are reacting quickly for a more connected world that could help better locate the current emergency and relieve future ones. However, the pandemic led the market players to adopt several new strategies and policies. With the implementation of new strategies, the market players welcome an open door in the Covid-19 pandemic by providing rising innovation empowered answers for the medical care associations.
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IoT Insurance Market Segment Analysis
Among all the application areas, the property and casualty (P&C) insurance segment is projected to secure the top position across the global market over the assessment timeframe. The segment's growth is mainly credited to the growth in connected and telematics devices in the traveling and automotive industries. Furthermore, the fast implementation of IoT technology among the P&C insurance service providers to boost their revenue opportunity is another crucial parameter supporting the segment's growth.
Among all the end use sectors, the life & health insurance segment is anticipated to secure the top position across the IoT insurance market over the forecasted era. The rising adoption of internet-connected medical devices such as fitness trackers, smartphones, and smartwatches used constantly to collect user data and monitor their lifestyle or behavior is projected to boost the segment's growth over the assessment timeframe.
IoT Insurance Market Competitive Analysis
The IoT insurance market has prominent leaders such as:
- Oracle Corporation (US)
- Bosch Software Innovation GmbH (Stuttgart, Germany)
- Microsoft Corporation (US)
- Intel Corporation (US)
- SAP SE (Walldorf, Germany)
- Hewlett-Packard Enterprise (US)
- International Business Machine (IBM) Corporation (US)
- General Electric (US)
- Cisco Systems, Inc. (US)
- PTC Inc. (US)
- Google Inc. (US)
- Amazon Web Services Inc. (US)
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Internet of Things in Insurance Market Regional Analysis
The IoT insurance market is studied across five major regions: Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.
The Market Research Future (MRFR) analysis report suggests that the North American region is projected to account for the maximum revenue share across the internet of things insurance market over the coming years. the presence of leading global economies such as Canada and the United States is the major aspect causing an upsurge in the regional market's growth. Furthermore, the factors such as early selection of the web of things (IoT) and high contributing force across the region are also anticipated to boost the growth of the regional market over the coming years. moreover, the advancement of new advances like big information, IoT, and others by several associations will is also projected to catalyze the growth of the market over the assessment timeframe.
The IoT insurance market for the Asia-Pacific region is likely to grow rapidly over the coming years. the factors such as expanding the number of wearables & robots and increasing web of things entrance are the major growth drivers for the regional market.
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