New York, USA, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to a new report published by Research Dive, the global IoT insurance market is expected to generate a revenue of $402,990.0 million and grow at a CAGR of 54.0% over the estimated timeframe from 2020-2027.
As per our analysts, the growing demand for IoT products in the insurance sector and related services among the millennials globally, the market is predicted to see remarkable growth during the forecast period. Moreover, the IoT-connected insurance services from internet-connected devices to enhance the risk handling in the insurance sector, are further expected to amplify the growth of the market over the estimated period. In addition, the increasing adoption of cloud services tremendously across the insurance industry is projected to foster the growth of the market over the analysis period. However, the lack of skilled labor and the higher cost involved in implementing IoT may hamper the growth of the IoT insurance market during the forecast period.
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Segments of the Market
The report has divided the market into different segments based on the insurance type, application, and region.
Insurance Type: Health Insurance Sub-Segment to be Most Lucrative
The health insurance sub-segment is predicted to grow at a noteworthy CAGR of 53.9% throughout the forecast period. The increasing popularity of IoT in health insurance that helps in investing in short-term customized insurance solutions than the long-term insurance policies is expected to upsurge the growth of the market sub-segment during the analysis period.
Application: Life and Health Insurance Sub-Segment to be Most Profitable
The life and health insurance sub-segment is expected to rise at a healthy CAGR of 55.2% and is predicted to hold the largest share of the IoT insurance market during the analysis period. This is mainly due to the growing interest of individuals to opt for life and health insurance policies to secure their lives. In addition, the easy tracking of the health of the consumer availing the life and health insurance policies, by the insurance companies is further expected to foster the growth of the market sub-segment over the forecast time period.
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Region: Asia-Pacific Region to Have Vast Growth Opportunities
The Asia-Pacific region is expected to grow at a CAGR of 55.5% and is projected to continue steady growth throughout the forecast period. This is mainly because of the increasing investment of the leading companies in this region to provide cloud-based insurance services. In addition, the availability low wages workers in this region are expected to uplift the regional growth of the IoT insurance market during the analysis period.
Covid-19 Impact on the Market
Though the outbreak of the Covid-19 pandemic has devastated several industries, however, it has had a positive impact on the IoT insurance market. Due to the increasing number of uncertain deaths after getting infected from the deadly coronavirus, many people adopted insurance to protect their lives from unforeseen events. This has fueled the growth of the market during the crisis. Furthermore, as IoT insurance sectors deliver a better understanding of the need and demand of the insurer to the organizations, this factor is expected to drive the growth of the market during the estimated period.
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Key Players of the Market
The major players of the market include
- Accenture PLC
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Alphabet
- Aeris Group Ltd
- Cisco Systems Inc
- Concirrus
- SAP SE
- Telit, and many more.
These players are working on the development of new business strategies and tactics such as partnerships and collaboration, mergers and acquisitions, to acquire leading positions in the global industry.
For instance, in June 2021, Chubb Limited, a leading Zurich-based company, widely known for providing insurance products for property, health, and casualty, has launched its IoT service in Colombia. The aim of providing this service is to facilitate the insured companies with risk management which is integrated through continuous monitoring of their critical systems.
The report also summarizes other crucial aspects including the financial performance of the key players, SWOT analysis, latest strategic developments, and product portfolio.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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- IoT Insurance Market to Climb Heights with the Integration of Advanced Technologies
- IOT Insurance Market: Perks and Limitations
