New York, USA, Sept. 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global IoT insurance market is anticipated to generate a revenue of $402,990.0 million by 2027, exponentially growing at a CAGR of 54.0% during the forecast period (2020-2027). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Significant rise in the adoption of IoT products and services related to it among people around the globe are expected to drive the growth of the market during the forecast period. In addition, the data obtained from internet-connected devices effectively helps to track health of the consumer and better interpret their risks. This factor is further expected to bolster the growth of the IoT insurance market during the forecast period.
Restraints: Extortionate cost involved in the implementation of IoT is expected to impede the growth of the market during the forecast period.
Opportunities: Continuous technological advancements in the IoT for better understanding and mitigating risks among customers is expected to create massive opportunities for the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into different segments based on insurance, application, and region.
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Insurance: Life Insurance Sub-segment to Have the Highest Growth Rate
The life insurance sub-segment is expected to grow exponentially with a CAGR of 55.2% during the forecast period. Rising concern and awareness among individuals in order to secure the life of their families is expected to bolster the growth of the market during the forecast period.
Application: Life & Health Sub-segment to be Most Profitable
The life & health sub-segment is expected to grow rapidly with a CAGR of 55.2% during the forecast period. Increasing adoption of life and health insurance for providing immunity and security among people is expected to bolster the growth of the sub-segment during the forecast period.
Region: Asia-Pacific Region to Have the Maximum Growth Rate
The Asia Pacific region is expected to surge exponentially with a CAGR of 55.5% during the forecast period. Notable growth in the investments done by key players of the market and the presence of low wage workers in this region are expected to accelerate the growth of the market during the forecast period.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had a noteworthy impact on the growth of the global IoT insurance market, owing to the increasing health concerns among people during the pandemic. The pandemic has affected millions of people around the globe, and hence more and more people adopted insurance so as to protect themselves from unfortunate events during the pandemic. Thus, the outbreak of COVID-19 has had a positive impact on the global IoT insurance market.
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Key Players of the Market
The major players of the market include
- Telit
- SAP SE
- Oracle Corporation
- Cisco Systems Inc.
- Aeris Group Ltd
- Concirrus
- Microsoft Corporation
- Accenture PLC
- Alphabet
- International Business Machines Corporation
and many more. These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in June 2021, Chubb, a dominant public trading property and casualty insurance company established its IOT service in Canada so as to stimulate risk management with the help of integrated rigorous monitoring.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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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