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IoT Insurance Market: Revolutionizing Insurance with Key Trends, Market Analysis, and Competitive Insights for a Connected Future
IoT Insurance Market
IoT Insurance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $612.55 billion In 2028 At A CAGR Of 56.7%.
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..
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IoT Insurance Market Major 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 Driver - 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.
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Prominent Trend - 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.
IoT Insurance Market Players
Major companies operating in the iot insurance market report are SAP SE, Cisco Systems Inc., Alphabet Inc., International Business Machines Corporation, 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. .
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Largest And Fastest Growing Region In The Market
North America was the largest region in the IoT insurance market in 2023. The regions covered in the iot insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. IoT Insurance Market Report Structure
3. IoT Insurance Market Trends And Strategies
4. IoT Insurance Market - Macro Economic Scenario
5. IoT Insurance Market Size And Growth
…..
27. IoT Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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