India IoT Insurance Market Size, Share, Industry Trends and Forecast 2023-2028

How Big Is the India IoT Insurance Market?

The India IoT insurance market size reached US$ 133 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,438 Million by 2028, exhibiting a growth rate (CAGR) of 68.0% during 2023-2028.

What is India IoT Insurance?

Internet of Things (IoT) insurance is an approach that integrates the power of IoT to offer a more tailored, data-driven, and efficient insurance experience. It comprises interconnected devices, such as sensors and wearable technology, to collect real-time data on various aspects of policyholders and provide insurers with valuable insights to customize coverage and assess risk more accurately. It allows companies to streamline their operations, enhance risk assessment, and offer personalized coverage options, ultimately offering improved customer satisfaction. As it facilitates timely data transmission and monitoring, the demand for IoT insurance is increasing in India.

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Industry Trends and Drivers:

At present, the rising number of connected devices, along with the expansion of the Internet of Things (IoT) in India, represents one of the primary factors strengthening the market growth. Apart from this, the growing demand for IoT, as it allows insurers to tailor insurance policies to individual needs, is offering a positive market outlook in the country. In line with this, the increasing need to mitigate risks and prevent potential losses is strengthening the market growth in India. Additionally, the rising adoption of IoT insurance, as it enables insurers to optimize operations and reduce costs, is offering a lucrative growth opportunity to industry investors in the country. Furthermore, the increasing employment of IoT insurance solutions that offer transparency and value is supporting the growth of the market.

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What Is Included In Market Segmentation?

The report has been segmented the market into following categories:

Insurance Type Insights
• Life and Health Insurance
• Property and Casualty Insurance

Component Insights
• Solution
• Service

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

Regional Insights
• North India
• West and Central India
• East India
• South India

Who are the key players operating in the industry?
The report covers the major market players including:

International Business Machines Corporation, Microsoft Corporation, Verisk Analytics Inc., Wipro Limited, etc.

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This release was published on openPR.