The internet of things (IoT) insurance market will grow at an admirable 33% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. IoT in insurance is used to create new services and products and also attract customers by enhancing customer engagement and improving claim management.
Various factors are propelling the global internet of things insurance market share. According to the recent MRFR report, such factors include rising investments in IoT start-ups, helps to improve business intelligence in the insurance industry, new developments in insurance models, and the growing need for insurance for different IoT enabled applications like commercial, home, life, health, and auto. Additional factors adding market growth include improvement in the insurance industry services, reduction in premium risk-related costs, growing demand for cloud as well as other value-added services in the insurance industry, and the rising adoption of IoT products in developing and developed economies.
On the contrary, lack in customer engagement, skills, awareness, and procurement policies, issues posed by legacy systems, data privacy concerns, communication standards, and the impact of the on-going COVID-19 pandemic are factors that may deter the global internet of things insurance market growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global internet of things insurance market based on end user and type.
By type, the global internet of things insurance market is segmented into life insurance, agricultural insurance, commercial insurance, home insurance, motor insurance, property and casualty insurance, and health insurance. Of these, the property and casualty insurance segment will lead the market over the forecast period.
By end user, the internet of things insurance market is segmented into consumer electronics, agriculture, home, and commercial buildings, healthcare, and automotive and transport. Of these, the automotive and transport segment will dominate the market over the forecast period.
By region, the global internet of things insurance market report covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. The presence of developed economies namely Canada and the US, early adoption of IoT, high investing power, advanced infrastructural developments for seamless applications of IoT insurance solutions, and development of new technologies like real-time data analytics, cloud computing, internet of things, and big data are adding to the global internet of things insurance market growth in the region.
The internet of things insurance market in the APAC region is predicted to have healthy growth over the forecast period. Growing penetration of IoT and the rising number of drones and wearables, inbuilt sensors, and Wi-Fi dongles that offer informative data to insurers are adding to the global internet of things insurance market growth in the region.
The internet of things insurance market in Europe is predicted to have healthy growth over the forecast period for the booming insurance industry.
The internet of things insurance market in the RoW is predicted to have steady growth over the forecast period. The presence of strong economy, national policies which emphasize economic diversification, young population, and high political stability are adding to the global internet of things insurance market growth in the region.
Key contenders profiled in the global IoT insurance market report include Hippo Insurance (U.S.), Lemonade Inc. (U.S.), LexisNexis (U.S.), SAP SE (Germany), Capgemini (France), Zonoff Inc. (U.S.), Oracle Corporation (U.S), Cognizant (U.S.), Accenture (Ireland), and IBM Corporation (U.S.).
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