Pleasanton, CA, Nov. 18, 2021 (GLOBE NEWSWIRE) -- The Global IoT Insurance Market is expected to grow from USD 16.5 Bn in 2020 to USD 452.7 Bn by 2027, at a CAGR of 60.5%.
The increasing demand for cloud services proliferates the growth of the IoT insurance market during the forecast period. The insurance sectors coping with massive amounts of sensitive information and documents are prepared to integrate cloud technology into their digital ecosystem. It permits insurers to use their IT resources more efficiently, lowering the price of obtaining and maintaining infrastructure. Cloud-based applications change the way of creating and delivering their merchandise and offerings, dealing with risks and claims, collaborating with channel participants and partners, and communicating with customers, dealers and brokers. Thus, cloud offerings in the insurance sector facilitate market growth.
The most important factor that accelerates the growth of the IoT insurance industry is risk mitigation associated with the insurance because, in traditional techniques, insurers have used proxy information to identify the risk of loss for an asset. Internet of things (IoT) offers insurers get entry to real-time, individual, observable information on an asset’s risk of loss. This information is immediately actionable for risk pricing and mitigation. IoT sensors monitor the behavior and actions that are causative of risk so that insurers can create algorithms based on determined behavior immediately to pricing models. In this manner, insurers can further leverage this information for risk mitigation by offering timely and unique feedback to customers.
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Data privacy and security emerge as one of the major challenge factors that may hamper the IoT insurance market growth during the forecast period. Data privacy and security are of utmost essential with regards to technology. IoT comes together with cyber-risks, in fact, a lot more than any other technology. Meaningful customer engagement might require the insurer to acquire and process information at every point, facilitated through IoT. Without organizing the trust it might be tough to acquire personal information from customers. A substantial amount of information is generated from the application of connected devices from wearable devices to connected homes and telematics devices in smart vehicles. Most of the clients are doubtful about their personal information remains secured and how it is used by insurers.
The key players operating in the IoT insurance market are:
SAP SE, Google Inc., IBM Corporation, Cisco Systems, Inc., Oracle, LexisNexis, Hippo Enterprises Inc., Microsoft, Berkshire Hathaway Inc., Allianz, Concirrus, Hewlett Packard Enterprise Development LP, Bosch.IO GmbH, PTC, Intel Corporation and Among Others
Global IoT Insurance Market by Region Outlook (Revenue, USD Million, 2021-2027):
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The growth in the region is attributed to the rising adoption of IoT-enabled wearables and fitness brands as well as increasing healthcare insurance claims. Moreover, the increasing adoption of IoT technology in logistics sectors to enhance package delivery in the region is one of the major factors that accelerate the IoT insurance market growth during the forecast period. Furthermore, the emergence of connected cars in the region contributes the market growth. For instance, India and China are the fastest growing economies in the region, indicating ample growth opportunities for the development of connected car industry.
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Global IoT Insurance Market Segmentation:
Global IoT Insurance Market by Insurance Type Industry Outlook (Revenue, USD Million, 2021-2027)
- Warranty Insurance
- Pension Insurance
- Cyber Insurance
- Life Insurance
- Property & Casualty Insurance
- Health Insurance
- Others
Global IoT Insurance Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)
- Connected Home
- Connected Car
- Connected Health
- Commercial Lines
- Others
Global IoT Insurance Market by End-use Industry Outlook (Revenue, USD Million, 2021-2027)
- Automotive
- Retail
- Industrial
- Residential
- Healthcare
- Logistics
- Others
Key Findings:
- Based on the insurance type, the property & casualty segment of IoT insurance industry dominate the market during the forecast period.
- Based on the application, the connected lines segment witness a significant growth rate during the forecast period.
- Based on region, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
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Recent News:
- In Oct 2020, LexisNexis (U.S.) and Yonomi Smart Home (U.S.) have joined forces to expand an innovative turnkey home insurance internet of things (IoT) solution. It consists of a smartphone app that collaborating policyholders can download the app which uses smartphone and device sensors to discover common IoT devices in the home, which creates an information feed to LexisNexis risk solutions.
- In May 2019, Concirrus (UK), a leading insurtech and willis Re (UK), a leading global advisory, broking and solutions company announced a strategic collaboration to transform specialty reinsurance products by leveraging data from the Internet Of Things (IoT).
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