IoT Insurance Market to See Striking Growth by 2028 | IMARC Group

According to IMARC Group’s latest report, titled “IoT Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.’ the global IoT insurance market size reached US$ 27.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 168.5 Billion by 2028, exhibiting a growth rate (CAGR) of 34.8% during 2023-2028.

What is IoT Insurance?

IoT insurance, also known as Internet of things insurance, is a modern insurance model that leverages interconnected devices and sensors to gather real-time data and improve risk assessment and pricing. Characteristics of IoT insurance include the use of IoT devices, such as smart sensors, wearables, and telematics, to collect data on insured assets or individuals. This data encompasses a wide range of information, including driving behavior, health metrics, or property conditions.

Key features of IoT insurance include personalized risk assessment, which enables insurers to tailor coverage and premiums based on individual behavior and data. Additionally, it promotes proactive risk management through early detection and prevention of potential issues. Furthermore, IoT insurance fosters a transparent and data-driven approach, enhancing customer engagement and satisfaction. IoT insurance has the potential to revolutionize the insurance industry by optimizing risk evaluation, reducing claims, and ultimately providing better coverage for policyholders.

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IoT Insurance Market Trends: 

The rising adoption of Internet of Things (IoT) technologies is fundamentally transforming the insurance sector, acting as a key catalyst for market growth. One of the driving factors is the granularity and immediacy of data provided by IoT devices, which make risk assessment more accurate, thereby appealing to a broader customer base. Furthermore, IoT insurance solutions span various categories, from auto and health to home insurance, significantly broadening the market scope.

Advances in data analytics and machine learning algorithms are enhancing the quality and precision of risk evaluation, fortifying market expansion. In addition to this, the burgeoning market for smart devices and home automation has dovetailed perfectly with IoT insurance offerings. This is seen in features like real-time monitoring to prevent accidents or theft, which adds a layer of innovation to insurance services. The robust growth in e-commerce and online platforms specializing in insurance products has also propelled IoT insurance to higher visibility and accessibility for global consumers.

Who are the key players operating in the industry?

The report covers the major market players including: 

  • Accenture plc
  • Allerin
  • Capgemini SE
  • Cognizant
  • Concirrus
  • Intel Corporation
  • International Business Machines Corporation
  • Microsoft Corporation
  • Sas Institute Inc.
  • Telit
  • Verisk Analytics Inc
  • Wipro Limited.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Insurance Type:

  • Life and Health Insurance
  • Property and Casualty Insurance
  • Others

Breakup by Component:

  • Solution
  • Service

Breakup by Application:

  • Automotive, Transportation and Logistics
  • Life and Health
  • Commercial and Residential Buildings
  • Business and Enterprise
  • Agriculture
  • Others

Breakup by Region:

  • North America 
  • Europe 
  • Asia Pacific 
  • Latin America
  • Middle East and Africa

Ask Analyst for Customization and Explore full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=4850&flag=E

Key Highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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