New York, USA, April 18, 2022 (GLOBE NEWSWIRE) -- Research Dive states that the global IoT insurance market is estimated to garner a revenue of $402,990.0 million by 2027 and rise at a CAGR of 54.0% in the forecast period from 2020 to 2027. The all-inclusive report on the IoT insurance market provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.
IoT Insurance Market Dynamics
Analysts at Research Dive state that the growing adoption and advances in IoT products and cloud services among consumers are the major factors anticipated to propel the growth of the global IoT insurance market. In addition, the increasing implementation of artificial intelligence (AI) in the insurance sector is projected to open up massive growth opportunities for the global market in the coming years. Conversely, the lack of skilled labor and high costs associated with IoT may restrict the market growth in the forecast period.
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Health Insurance Sub-segment to Hold Largest Market Share
Based on insurance type, the health insurance sub-segment accounted for $4,055.6 million in 2020 and is predicted to grow at a CAGR of 53.9% during the analysis period. This sub-segment growth of the global IoT Insurance market is mainly owing to the rising popularity of IoT in health insurance, which helps in switching the long-term insurance policies to short-term customized solutions.
Life & Health Sub-segment to Subjugate in the Global Industry
Based on application, the life & health sub-segment accounted for $3,145.2 million in 2020 and is predicted to hold the highest market share growth at the maximum rate during the estimated period. This growth is mainly owing to the increasing demand for life and health insurance among consumers and insurance companies for securing people’s life and better tracking of their health.
North America Region to be Most Dominant
By region, the North America IoT insurance market accounted for $3,984.8 million in 2020 and is expected to be the most dominant during the analysis period. This is majorly due to the prominent presence of large number of IT companies in the US and Canada that provide cloud services to the insurance companies to store all the related data. Besides, the headquarters of major companies in the insurance industry are also located in the region.
COVID-19 Impact on the Global IoT Insurance Market
The outbreak of the coronavirus pandemic has positively impacted the growth of the global IoT insurance market. This is mainly because IoT in the insurance sector has played a vital role in providing organizations with a better understanding of the insurer. Besides, most people across the globe adopted insurance in order to protect themselves from unforeseen events resulting due to the COVID-19 pandemic, which has progressively impacted the market growth.
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Prominent IoT Insurance Market Players
The report presents several aspects of these major players such as strategic moves and business & financial performance of key players, latest developments, SWOT analysis, and product portfolio. Some of the key players in the global IoT insurance market are:
- Cisco Systems Inc.
- SAP SE
- Alphabet
- Accenture PLC
- International Business Machines Corporation
- Microsoft Corporation
- Concirrus
- Oracle Corporation Aeris Group Ltd,
- Telit
These players are executing several strategies to gain a dominant position in the global industry. – Inquire Here@ https://www.researchdive.com/purchase-enquiry/8411
For instance, in September 2021, Concirrus, a leading Insurtech firm, announced the launch a new platform for an IoT (Internet of Things) powered insurance market, which is designed to help insurers speed up their transition to novel digital operating models, drive cost savings, and create new products.
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