IoT Insurance Global Market 2024 - Top Manufacturers, Latest Trends, Future Prospects And Outlook By 2033

The iot insurance market size has grown exponentially in recent years. It will grow from $65.55 billion in 2023 to $101.64 billion in 2024 at a compound annual growth rate (CAGR) of 55.0%. The growth in the historic period can be attributed to risk prevention and mitigation, enhanced customer engagement, home automation devices, health and wearable devices, smart property devices, cybersecurity concerns..

The iot insurance market size is expected to see exponential growth in the next few years. It will grow to $612.55 billion in 2028 at a compound annual growth rate (CAGR) of 56.7%. The growth in the forecast period can be attributed to regulatory support, emergence of insurtech startups, smart city initiatives, customized premiums, climate and environmental monitoring.. Major trends in the forecast period include integration of connected devices, telematics in auto insurance, smart home and property insurance, cyber insurance with iot security, blockchain for data security, data analytics and predictive modeling..

Market Overview -
IoT insurance refers to the use of Internet of Things (IoT) devices to track data on the insurance holder, which indicates certain risk factors for the insurer and customer due to which the insurer can handle claims in a better and more accurate way. IoT tools support insurance service providers in increasing their knowledge of risk management and enhancing employee and organizational productivity.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=9229&type=smp

IOT Adoption Drives IOT Insurance Market Growth
Growing usage of the Internet of Things (IoT) is significantly contributing to the growth of the IoT insurance market going forward. The Internet of Things (IoT) refers to a network of physical items having sensors, software, and other technologies installed with the purpose of connecting and exchanging information with other hardware and software over the internet. IoT technology solutions help insurance companies determine risks more precisely and establish better customer relationships. For instance, according to a 2022 report from Fieldforce Inc., a US-based software development and network platform company, IoT adoption had a year-on-year growth of 61% from 2020 to 2021. Therefore, growing usage of the Internet of Things (IoT) will drive the IoT insurance market.

Competitive Landscape -
Major companies operating in the iot insurance market report are SAP SE, Cisco Systems Inc., Alphabet Inc., International Business Machines Corporation, Acc*enture plc, Microsoft Corporation, Oracle Corporation, Aeris Group Ltd., Concirrus Ltd., Telit Communications plc, Verisk Analytics Inc., Allerin Pvt. Ltd., ForMotiv LLC, Wipro Limited, Webfleet Solutions BV, Intel Corporation, Google LLC, Capgemini SE, Allstate Insurance Company, Liberty Mutual Insurance Company, State Farm Mutual Automobile Insurance Company, Progressive Corporation, The Travelers Companies Inc., Nationwide Mutual Insurance Company, American International Group Inc., Zurich Insurance Group AG, Chubb Limited, The Hartford Financial Services Group Inc., Farmers Insurance Group of Companies, Munich Re Group, Swiss Re AG, Berkshire Hathaway Inc., AXA SA, Generali Group, Ping An Insurance (Group) Company of China Ltd., China Life Insurance Company Limited, Samsung Fire & Marine Insurance Co Ltd., Sompo Holdings Inc. .

Technological Revolution Drives Innovation In IOT Insurance
Technological advancement is the key trend gaining popularity in the IoT insurance market. Major companies operating in the IoT insurance market are focusing on developing new technologies to advance IoT applications in the insurance sector. For instance, in December 2022, ARMD, a UK-based InsureTech company that uses technology to provide insurance to tradespeople, launched a new Smart Van Alarm and Tracker, an IoT technology that improves tradespeople's protection, provides insurers with better underwriting data, and decreases bogus claims. The ARMD app is used to control the IoT device, which is self-installed and does not require any technical expertise. As a result, tool inventory, security, insurance, and van location are all centralized. This greatly speeds up claim payments from many weeks to a few days and simplifies the entire procedure for craftsmen and insurers. In the event of a break-in, customers are now immediately contacted. The gadget also functions as a car tracker, providing crucial information for claim and underwriting purposes.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/iot-insurance-global-market-report

Key Segments -
The iot insurance market covered in this report is segmented -
1) By Component: Solution, Service
2) By Insurance Type: Life And Health Insurance, Property And Casualty Insurance, Other Insurance Types
3) By Application: Automotive Transportation And Logistics, Life And Health, Commercial And Residential Buildings, Business And Enterprise, Agriculture, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.