The IoT Insurance Market is expected to grow from USD 5.1 billion in 2020 to USD 265.6 billion by 2026 at a CAGR of 60.6% from 2020 to 2026.
IoT in insurance refers to use of IoT devices by insurance companies to gather, transfer and sharing vital data of insurers. Moreover, IoT devices support insurance service providers to enhance their understanding associated to risk management as well as to enhance productivity of employees and organizations. In addition, it offers various advantages to end users, which include better claim management service, immediate risk management service and minimize operating cost of organization during claim settlement management services. Expansion of the insurance sector in parallel with innovative insurance models and rising usage of IoT to minimize the premium and risk-related costs are few of the key factors propelling the target market adoption in recent years. The rising adoption of digital technologies across various end-user industries and advancements in devices or sensors for collecting data further expand the IoT insurance market growth during the forecast period. IoT has the ability to do not just transform in the insurer’s top line, but also the bottom line. Once authorized by the policyholder, insurers can live to elevate the data and alerts from IoT devices to render services with reducing touch points. The rising trend of connected devices among various industries is majorly enabling insurance companies to have higher control over data, therefore reducing fraud. IoT implementation will also assist in improving efficiencies of systems, enhance protection mechanisms and minimize claims, leading to cost efficiency. The number of devices used per customer had increased considerably, denoting rating higher acceptability in the ecosystem. On the other hand, the dearth of skilled labor and higher cost incurred in implementing IoT is anticipated to hinder the market growth
Furthermore, with the smart grids visualized to globally take over the complete energy industry, the IoT utilities are projected to obtain traction over the forecast period. 5G is expected to bring advancements and further widen the scope of IoT- based solutions in the sector. Various industry experts also claim that the vehicle telematics is leading the 5G in IoT insurance application. The increasing commercialization of 5G will enable the accumulation of more granular data in real-time regarding the performance and health of the vehicle and the drivers’ behavior and allow the provision of more sophisticated pricing plans for insurance companies.
The global IoT Insurance Market is segregated on the basis of component as Solution and Service. Based on Insurance Type the global IoT Insurance Market is segmented in Life & Health Insurance, Property and Casualty (P&C) Insurance and Others. Based on Application the global IoT Insurance Market is segmented in Automotive, Transportation & Logistics, Life & Health, Commercial & Residential Buildings, Business & Enterprise, Agriculture and Others.
The global IoT Insurance Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The IoT Insurance Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
Accenture Plc, Allianz Se, American Family Insurance, American International Group, Inc., Axa Insurance and others are among the major players in the global IoT Insurance Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global IoT Insurance Market has been segmented as below:
IoT Insurance Market, By Component
IoT Insurance Market, By Insurance Type
IoT Insurance Market, By Application
IoT Insurance Market, By Region
IoT Insurance Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global IoT Insurance Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global IoT Insurance Market share. Major industry players with significant revenue share include Accenture Plc, Allianz Se, American Family Insurance, American International Group, Inc., Axa Insurance and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. IoT Insurance Market, By Component
5.1. Key Points
5.2. Solution
5.3. Service
6. IoT Insurance Market, By Insurance Type
6.1. Key Points
6.2. Life & Health Insurance
6.3. Property and Casualty (P&C) Insurance
6.4. Others
7. IoT Insurance Market, By Application
7.1. Key Points
7.2. Automotive, Transportation & Logistics
7.3. Life & Health
7.4. Commercial & Residential Buildings
7.5. Business & Enterprise
7.6. Agriculture
7.7. Others
8. Competitive Landscape
8.1. Introduction
8.2. Start-up companies- IoT Insurance Market
8.3. Recent Developments
8.3.1. Mergers & Acquisitions
8.3.2. New Product Developments
8.3.3. Portfolio/Production Capacity Expansions
8.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
8.3.5. Others
9. Company Profile
9.1. Accenture Plc
9.2. Allianz Se
9.3. American Family Insurance
9.4. American International Group, Inc.
9.5. Axa Insurance
9.6. Berkshire Hathaway Inc.
9.7. Cisco Systems Inc.
9.8. Concirrus
9.9. Google Inc.
9.10. International Business Machines Corporation
9.11. Lexisnexis
9.12. Microsoft Corporation
9.13. Oracle Corporation
9.14. Sap Se
9.15. Verisk Analytics, Inc.
9.16. Zonoff, Inc.
9.17. Zurich Insurance Group Ltd.
IoT Insurance Market, By Component
IoT Insurance Market, By Insurance Type
IoT Insurance Market, By Application
IoT Insurance Market, By Company