IoT Insurance Market Trends and Growth Analysis 2031

IoT Insurance Market Size and Forecast (2021–2031), Global and Regional Share, Trends, and Growth Opportunity Analysis: by Insurance Type (Life and Health Insurance, Property and Casualty Insurance, Others); Application (Automotive, Transportation, and Logistics, Life and Health, Commercial and Residential Buildings, Agriculture, Others); and Geography

  • Report Code : TIPRE00039249
  • Category : Banking, Financial Services, and Insurance
  • No. of Pages : 150
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The IoT Insurance market size is expected to grow at a CAGR of 11.1% from 2023 to 2031. The IoT Insurance market includes growth prospects owing to the current IoT Insurance market trends and their foreseeable impact during the forecast period. The IoT Insurance market is a large and expanding sector. The IoT Insurance market is growing due to the increasing adoption of IoT devices and personalized insurance solutions.

IoT Insurance Market Analysis

IoT insurance is a specialist area of the insurance market that makes use of IoT devices and data to offer more precise risk assessment, tailored coverage, and policy pricing for a range of industries, including commercial, residential, healthcare, and automobile. It makes use of the information gathered by Internet of Things devices to track and handle risks, stop losses, and boost productivity.

IoT Insurance Market Industry Overview

  • The IoT insurance market is expanding rapidly as more businesses adopt IoT technology to enhance their operations and reduce risks.
  • Insurers are developing innovative solutions to leverage IoT data for better risk assessment, pricing, and claims management.

IoT Insurance Market Driver

Increasing Adoption of IoT Devices To Drive The IoT Insurance Market

  • Globally, the Internet of Things has impacted consumers' daily lives and changed business models in a variety of sectors. In this environment, insurers leverage to develop new products, establish new channels of distribution, and broaden their function to include prediction, prevention, and assistance.
  • Up until now, insurers have mostly exploited IoT capabilities to facilitate client interactions and expedite and streamline the underwriting and claims processing processes. On the other hand, insurers are finding new IoT-based services and business models to be increasingly appealing.
  • IoT technologies enable insurance companies to determine risks more precisely. Insurers can communicate with their clients more regularly and provide new services based on the data they have gathered due to networked devices. IoT may greatly improve customer relations by enabling businesses to engage in more focused and extensive consumer interaction. Thus, the increasing adoption of IoT devices drives the IoT insurance market growth.

IoT Insurance Market Report Segmentation Analysis

  • Based on the mode of payment, the IoT Insurance market is segmented into life and health insurance, property and casualty insurance, and others. The life and health insurance segment is expected to hold a substantial IoT Insurance market share in 2023 due to the growing use of internet-connected medical devices, such as fitness trackers, smartwatches, and smartphones, which continuously track users' habits and lifestyles and gather user data.
  • The property and casualty insurance market is expected to grow with the highest CAGR over the forecast period owing to the growing use of machine-to-machine (M2M) communication products, the installation of anti-lock brake systems to facilitate faster communication with drivers, and the raising of policyholders' awareness of premiums.

IoT Insurance Market Share Analysis By Geography

The scope of the IoT Insurance market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant IoT Insurance market share. Businesses across various industries are embracing IoT technology to enhance their operations and manage risks more effectively. This increased adoption of connected devices has created a growing demand for insurance coverage tailored to the unique needs of IoT-enabled businesses. Insurers in North America are responding by developing innovative solutions that leverage IoT data to offer more personalized and cost-effective policies.

IoT Insurance Market Report Scope

The "IoT Insurance Market Analysis" was carried out based on insurance type, application and geography. On the basis of insurance type, the market is segmented into life and health insurance, property and casualty insurance, and others. On the basis of application, the market is segmented into automotive, transportation, logistics, life and health, commercial and residential buildings, agriculture, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

IoT Insurance Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the IoT Insurance market. A few recent key market developments are listed below:

  • In May 2023, Sky announced a partnership with Zurich Insurance to launch a new smart home protection service that offers customers home insurance and smart home technology worth US$ 311.95.

[Source: Sky, Press Release]

  • In October 2023, Najm for Insurance Services signed an agreement with IoT squared, a provider of Internet of Things (IoT) solutions for smart logistics and cities, to advance insurance services in Saudi Arabia.

[Source: Najm, Press Release]

IoT Insurance Market Report Coverage & Deliverables

The IoT Insurance market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "IoT Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

  • Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
  • Market dynamics such as drivers, restraints, and key opportunities.
  • Key future trends.
  • Detailed PEST & SWOT analysis
  • Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
  • Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
  • Detailed company profiles.
REGIONAL FRAMEWORK

IoT Insurance Market Report Analysis

IoT Insurance Market

  • CAGR (2023 - 2031)
    11.1%
  • Market Size 2023
    US$ XX Million
  • Market Size 2031
    US$ XX Million

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Allerin
  • Capgemini SE
  • Cognizant
  • Concirrus
  • IBM Corporation
  • Intel Corporation
  • Microsoft Corporation
  • SAS Institute Inc.
  • Telit
  • Wipro Limited

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By IoT Insurance Market
By Insurance Type
  • Life and Health Insurance
  • Property and Casualty Insurance; Application
By Insurance Type
  • Life and Health Insurance
  • Property and Casualty Insurance
By Application
  • Automotive
  • Transportation
  • Logistics
  • Life and Health
  • Commercial and Residential Buildings
  • Agriculture
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

IoT Insurance Market Report Scope

Report Attribute Details
Market size in 2023 US$ XX Million
Market Size by 2031 US$ XX Million
Global CAGR (2023 - 2031) 11.1%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By IoT Insurance Market
    By Insurance Type
    • Life and Health Insurance
    • Property and Casualty Insurance; Application
    By Insurance Type
    • Life and Health Insurance
    • Property and Casualty Insurance
    By Application
    • Automotive
    • Transportation
    • Logistics
    • Life and Health
    • Commercial and Residential Buildings
    • Agriculture
    Regions and Countries Covered North America
    • US
    • Canada
    • Mexico
    Europe
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
    Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia-Pacific
    South and Central America
    • Brazil
    • Argentina
    • Rest of South and Central America
    Middle East and Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East and Africa
    Market leaders and key company profiles
  • Allerin
  • Capgemini SE
  • Cognizant
  • Concirrus
  • IBM Corporation
  • Intel Corporation
  • Microsoft Corporation
  • SAS Institute Inc.
  • Telit
  • Wipro Limited
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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