IoT Insurance Market to Worth US$ 430.1 Billion by 2032 | With a Striking 30.38% CAGR - IMARC Group

According to IMARC Group's latest report, titled "IoT Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.' offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

Report Highlights

How big is the IoT insurance market?

The global IoT insurance market size reached US$ 37.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 430.1 Billion by 2032, exhibiting a growth rate (CAGR) of 30.38% during 2024-2032.

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What is IoT insurance?

IoT insurance enables insurance companies across the globe to transmit, collect, and share critical data of clients. It aids brokers in partnering with policyholders to minimize the claims payouts for the insurers. IoT insurance relies on artificial intelligence (AI), machine learning, robotic process automation, augmented reality (AR), telematics, and drones to improve service quality. Some of the widely offered services by IoT insurance are claim management, immediate risk management, and reducing the operating costs of organizations during claim settlement management. Consequently, it is extensively gaining traction across numerous sectors, including healthcare, retail, residential, commercial, etc.

What are the growth prospects and trends in the IoT insurance industry?

The rising usage of telematics devices in the automotive and transportation sectors, as they assist in collecting data from vehicles and processing insurance claims faster in case of accidents or other mishappenings is primarily augmenting the IoT insurance market. Furthermore, the inflating investments in IoT technologies by insurance companies across the globe to improve their operational efficiency are positively influencing the market growth.

Apart from this, the widespread adoption of IoT devices in the healthcare sector to track heart rate, step count, and blood pressure of patients, allowing health insurers to provide customized discounts and better offers to customers is acting as another significant growth-inducing factor. Moreover, the increasing technological advancements in insurance model development are also bolstering the global market. Additionally, the escalating demand for cloud and value-added technologies, the growing requirement for internet-connected devices, and the rising commercialization of the 5G network for collecting more granular data are expected to drive the IoT insurance market in the coming years.

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Who are the key players operating in the industry?

The report covers the major market players including: 

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

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Key Highlights of the Report:

Market Performance
Market Outlook (2024-2032)
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.

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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.

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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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