IoT in the insurance industry help insurers to collect granular data from a vast number of connected sensors to draw meaningful insights from the collected data. In addition, it delivers numerous benefits to insurance companies that include eliminating data duplications, speeding up and optimizing claims process, and removing customer frustrations. In addition, IoT-based equipment have been collecting and storing large amount of data that helps insurance companies to develop more accurate and customized insurance policy. Furthermore, IoT products deliver various features to insurance industries, which includes customer past experience, long-term analytics services, and important information that helps insurance companies to create accurate insurance premium for their customers. Moreover, various insurance companies across the globe are creating awareness among vehicle users to use telematics devices and save vehicle insurance premium, which drives the growth of the IoT insurance market.
Rise in adoption of IoT products among business to receive data from a variety of sources and increase in adoption of telematics devices among automotive and transportation sectors are some the important factors that boost the IoT insurance market growth globally. In addition, increase in investments by insurance companies in IoT technology to improve their operational efficiency propels the growth of the global IoT insurance market. However, security and privacy issues of personal information of customers and lack of skills among workers regarding the use of IoT devices restrict the growth of the market. However, increase in adoption of advance technology such as machine learning and artificial intelligence in the insurance industry is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The global IoT insurance market is segmented on the basis of component, insurance type, application, and region. On the basis of component, the market is segmented into solution and service. On the basis of insurance type, the market is fragmented into life insurance & health insurance, property and casualty (P&C) insurance, and others. On the basis of application, it is bifurcated into automotive, transportation & logistics, life & health, commercial & residential buildings, business & enterprise, agriculture, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global IoT insurance industry is dominated by key players such as International Business Machines Corporation, Cisco Systems, Inc., Oracle Corporation, Sap Se, Microsoft Corporation, Intel Corporation, Google Llc, Telit, Accenture and Synechron. These players have adopted various strategies to increase their market penetration and strengthen their position in the IoT insurance market.
Rise in adoption of IoT products among business to receive data from a variety of sources and increase in adoption of telematics devices among automotive and transportation sectors are some the important factors that boost the IoT insurance market growth globally. In addition, increase in investments by insurance companies in IoT technology to improve their operational efficiency propels the growth of the global IoT insurance market. However, security and privacy issues of personal information of customers and lack of skills among workers regarding the use of IoT devices restrict the growth of the market. However, increase in adoption of advance technology such as machine learning and artificial intelligence in the insurance industry is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The global IoT insurance market is segmented on the basis of component, insurance type, application, and region. On the basis of component, the market is segmented into solution and service. On the basis of insurance type, the market is fragmented into life insurance & health insurance, property and casualty (P&C) insurance, and others. On the basis of application, it is bifurcated into automotive, transportation & logistics, life & health, commercial & residential buildings, business & enterprise, agriculture, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global IoT insurance industry is dominated by key players such as International Business Machines Corporation, Cisco Systems, Inc., Oracle Corporation, Sap Se, Microsoft Corporation, Intel Corporation, Google Llc, Telit, Accenture and Synechron. These players have adopted various strategies to increase their market penetration and strengthen their position in the IoT insurance market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the iot insurance market analysis from 2022 to 2032 to identify the prevailing iot insurance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the iot insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global iot insurance market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Component
- Solution
- Service
By Insurance Type
- Life and Health Insurance
- Property and Casualty Insurance
- Others
By Application
- Automotive, Transportation, and Logistics
- Life and Health
- Commercial and Residential Buildings
- Business and Enterprise
- Agriculture
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- International Business Machines Corporation
- Cisco Systems, Inc.
- SAP SE
- Microsoft Corporation
- Google LLC
- Accenture
- Synechron
- Oracle Corporation
- Intel Corporation
- Telit
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: IOT INSURANCE MARKET, BY COMPONENT
CHAPTER 5: IOT INSURANCE MARKET, BY INSURANCE TYPE
CHAPTER 6: IOT INSURANCE MARKET, BY APPLICATION
CHAPTER 7: IOT INSURANCE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the iot insurance market was valued at $31.5 billion in 2022, and is estimated to reach $686.9 billion by 2032, growing at a CAGR of 36.4% from 2023 to 2032.IoT in insurance refers to use of IoT devices by insurance companies to collect, transmit, and share critical data of insurers. IoT devices help insurance service providers to improve their understanding related to risk management as well as to improve productivity of employees and organizations. Furthermore, it provides different benefits to end users, which include improved claim management services, immediate risk management services, and reduction in operating costs of organizations during claim settlement management services. Moreover, various insurance companies across the globe are creating awareness among vehicle users to use telematics devices and save vehicle insurance premium, which drives the growth of the IoT insurance market. Rise in adoption of IoT products among business to receive data from a variety of sources and increase in adoption of telematics devices among automotive and transportation sectors are some the important factors that boost the IoT insurance market growth globally. In addition, increase in investments by insurance companies in IoT technology to improve their operational efficiency propels the growth of the global IoT insurance market.
Moreover, rise in adoption of IoT in developed and developing economies and growth in demand for cloud platform and other value-added services in the insurance industry are some of the important factors that boost the IoT insurance market across the globe. In addition, increase in investments by insurance companies in IoT technology to improve their operational efficiency propels the growth of the global IoT insurance market. However, security and privacy issues of personal information of customers and lack of skills among workers regarding the use of IoT devices restrict the growth of the market. Furthermore, increase in adoption of advance technologies such as machine learning and artificial intelligence among the insurance industry is expected to offer remunerative opportunities for expansion of the global market during the forecast period.
On the basis of component, solution segment dominated the IoT insurance market size in 2022 and is expected to maintain its dominance in the upcoming years, owing to rise in large number of IoT devices and surge in need for IoT technology solutions in various organizations to identify, monitor, evaluate, and access different types of risks before their occurrence is anticipated to boost businesses and organizations to adopt policy. However, the service segment is expected to witness the highest growth, as it helps insurers in providing better policy to the end user throughout the life of the policy with improved risk management, cutting costs by lowering premiums, and improving insurance companies’ business process.
Region wise, the IoT insurance market share was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to presence of large number of insurance companies across the U.S. and Canada and availability of technologically advanced IoT devices as well as high speed Internet connection across the region. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to increase in use of IoT device such as drones, Wi-Fi dongles, wearables device, and inbuilt sensors among end-users that provides informative data.
The COVID-19 pandemic had a significant impact on the IoT insurance market. This is attributed to IoT devices, such as health monitoring wearables (smartwatches, fitness trackers) that gained prominence during the pandemic. In addition, remote monitoring and management increased across various sectors. As a result, demand for IoT devices that enable remote monitoring gained prominence as they allowed insurers to collect real-time data about insured assets (such as vehicles, properties, or equipment) without the need for physical inspections. Moreover, COVID-19 outbreak and the nationwide lockdown impacted many industries globally. However, insurance is once such sector that has witnessed a significant surge in demand, especially in health and related segments. Therefore, many industries have increased their investment in IoT solutions, especially healthcare, which further expands the studied market scope. For instance, in May 2022, Google and Samsung launched a new digital initiative called Health Connect with AI and IoT that will let users share their data across apps due to the simplified connectivity between health and fitness apps and provide better fitness and insurance information. Such developments have fueled the growth of the global IoT insurance market during the COVID-19 pandemic.
Key Findings of the Study
By component, the solution segment led the IoT insurance market in terms of revenue in 2022.By insurance type, the property and casualty insurance segment is anticipated to have the fastest growth for IoT insurance market analysis.
By application, the business and enterprise led the IoT insurance market and is expected to maintain its dominance in the upcoming year.
By region, North America generated the highest revenue for IoT insurance market trends.
The key players profiled in the IoT insurance industry analysis are International Business Machines Corporation, Cisco Systems, Inc., Oracle Corporation, Sap Se, Microsoft Corporation, Intel Corporation, Google Llc, Telit, Accenture and Synechron. These players have adopted various strategies to increase their market penetration and strengthen their position in the IoT insurance industry.
Companies Mentioned
- International Business Machines Corporation
- Cisco Systems, Inc.
- SAP SE
- Microsoft Corporation
- Google LLC
- Accenture
- Synechron
- Oracle Corporation
- Intel Corporation
- Telit
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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