The Global IoT Insurance Market was valued at USD 16.5 Bn in 2020 and is expected to reach USD 452.7 Bn by 2027, with a growing CAGR of 60.5% during the forecast period.
IoT insurance refers to the use of IoT devices through insurance agencies to collect, transmit, and share important information of insurers. Moreover, IoT devices assist insurance providers to enhance their knowledge associated with risk management as well as enhancing the productiveness of personnel and organizations. Furthermore, it offers various different advantages to end-users, which encompass improved claim management service, immediate risk management service, and decrease operating cost of the company throughout claim settlement management services.
The increasing awareness regarding IoT technology due to the various advantages such as scalability, flexibility, security, and recovery are several important factors that are expected to propel the demand for the IoT insurance market during the forecast period. Moreover, increasing technological advancements in IoT devices as well as several enterprises are interested in the integration of customized services are other essential factors that influence the adoption of IoT technology across the globe. For instance, in February 2019, Monnit Corporation (U.S.) launched the ALTA insurance programme which promotes collaboration with insurers and leverages Monnit’s award-winning ALTA® wireless sensor platform. ALTA Insure allows insurers to differentiate themselves by offering a more complete loss-management solution. The platform can also assist insurers to decrease rates in an increasing number of competitive market.
By Insurance Type
Based on the application, the connected car of IoT insurance market is expected to hold the largest market share during the forecast period owing to the increasing integration of IoT-enabled sensors in the vehicles
Based on the application, the IoT insurance industry has been segmented into the connected home, connected car, connected health, commercial lines, and others. The connected car of IoT insurance market is expected to hold the largest market share during the forecast period owing to the integration of IoT-enabled sensors in the vehicles. Moreover, the real-time tracking and control of data from cars play a significant role in the growth of the segment of the connected car of the IoT insurance industry during the forecast period.
Based on the end-use, the automotive segment of IoT insurance market is growing at the highest CAGR during the forecast period due to the increasing implementation of telematics and Advanced Driver-Assistance Systems (ADAS) in the vehicles
Based on the end-use, the IoT insurance industry is segmented into automotive, retail, industrial, residential, healthcare, logistics, and others. The automotive segment of IoT insurance market is growing at the highest CAGR during the forecast period due to the increasing implementation of telematics and Advanced Driver-Assistance Systems (ADAS) in the vehicles. Moreover, the rising use of V2X connected vehicles technology for the intelligent and collaborative IoT data flow is expected to boost the growth of these segments during the forecast period.
Based on region, North America is expected to dominate the IoT insurance market during the forecast period
North America is expected to dominate the IoT insurance industry during the forecast period. The growth in the region can be attributed to the growing awareness and rapid implementation of IoT in numerous sectors such as automotive, retail and other. Moreover, the increasing number of IoT startups is one of the prominent factors that influence the IoT insurance market growth. For instance, in June 2020, Planck, a US-based startup offers an AI-based insurance underwriting technology platform raised USD 16 Mn in a Series B funding led by Team8 Capital and other investors included Viola Fintech, Arbor Ventures, Eight Roads and others. This funding is used to expand its customer base and enhance its innovative product roadmap. Furthermore, the presence of key players in the region such as Google Inc., Microsoft, Oracle, and others is expected to accelerate the growth of the market.
The report also provides an in-depth analysis of IoT insurance market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the IoT Insurance Market Analysis:
The COVID-19 pandemic has impacted various industries such as oil & gas, retail, manufacturing and others due to the strict lockdown imposed by the government across the globe. The disruption in the supply chain of products and services impacted the market growth of the various industries. However, the pandemic has had a positive impact on the IoT insurance market owing to the growing adoption of digital technology among insurance companies to receive customer information for claim management. IoT technology enables insurance companies to securely collect patient health information through mobile cellular, wearable devices and sensor to deliver COVID-19 insurance service to customers.
*Note: A detailed analysis is specific to the IoT insurance market will be provided in the report
The report also provides an in-depth analysis of key trends in the IoT insurance market:
The report also provides an in-depth analysis of recent news developments and investments:
The unique insights provided by this report also include the following:
Ask for free product review call with the author
Share your specific research requirements for a customized report
Request for due diligence and consumer centric studies
Request for study updates, segment specific and country level reports
Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis