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Usage-Based Insurance Global Market Report 2024 To 2033 | Progressive Corporation, Allstate Corporation, UNIPOLSAI ASSICURAZIONI S.P.A, Allianz SE, Liberty Mutual Insurance
Usage-Based Insurance Market Share
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According to The Business Research Company's, The usage-based insurance market size has grown exponentially in recent years. It will grow from $48.38 billion in 2023 to $63.29 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The growth in the historic period can be attributed to growth in vehicle ownership, increasing occurrences of vehicle theft, robust demand for passenger car sales, and high adoption of connected cars..
The usage-based insurance market size is expected to see exponential growth in the next few years. It will grow to $175.27 billion in 2028 at a compound annual growth rate (CAGR) of 29.0%. The growth in the forecast period can be attributed to growing automotive industry, growing demand for electric vehicles, increasing concerns about vehicle safety, and a rapid use of usage-based insurance by insurance companies to improve profitability.. Major trends in the forecast period include focusing on connected technologies, focusing on smartphone technology-based telematics platform, focusing on telematics technology, focusing on partnerships and collaborations and focusing on self-installed telematics devices.
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Market Drivers and Trends:
The expansion of the automobile industry is expected to propel the growth of the usage-based insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. Car owners are interested in telematics-driven usage-based insurance since it provides low premiums for low-risk driving and high premiums for high-risk driving. As a result, by correcting their driving habits, individuals can drastically lower their insurance premiums. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the usage-based insurance market.
Companies in the usage-based insurance market are investing significantly in connected technologies. Connected technology is a type of technology that can connect devices and other systems via the internet. The companies operating in the usage-based insurance market are focusing on connected technologies to provide better products and services to their customers. For instance, in April 2022, By Miles, a UK-based car insurance startup, launched the By Miles Connect platform that will allow connected car drivers to their connect insurance policies to the company directly from the car. The information about the distance driven will be taken directly via the cloud platform installed in the vehicles to price insurance.
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Major Key Players of the Market:
IBM Corporation, Capgemini SE, Infosys Limited, Cognizant Technology Solutions, Wipro Limited,Hexaware Technologies Limited, Accenture* plc, DXC Technology Company, HCL Technologies Limited, Qualitest Group, TestScenario, Tata Consultancy Services (TCS), Perfect QA, Smartbear, Konstant Infosolutions, QPSoftware, EGO Creative Innovations, 51Testing, Zunping Network Security Technology Co. LTD, Pactera, Testin Ltd, CentLing Technologies, Southern Code, Innowise Group, QA Wolf, RSK Cyber Security, 10Pearls, QualityLogic, HikeQA, Binmile, Andersen Inc., 9Aqa IT Solutions, QA Mentor, SimbirSoft, Kavichki, Hawking Bros, Aspired, DUNICE, Maxilect, SOFTENQ, Mindful QA, QASource, ScienceSoft, Altoros, Global App Testing, Aspire Systems, Sauce Labs, BugRaptors, Prepona, QA Consultants, Testrig Technologies, Tech Mahindra, Testim.io, TestingXperts Inc, Packetlabs, QualityProTech, iLAB, SoftMine, CyberSec (Pty) Ltd, QoT Solutions, Haefele Software
Usage-Based Insurance Market 2024 Key Insights:
• The usage-based insurance market size is expected to see exponential growth in the next few years. It will grow to $175.27 billion in 2028 at a compound annual growth rate (CAGR) of 29.0%.
• Expansion Of Automobile Industry Propels Growth In Usage-Based Insurance Market
• Usage-Based Insurance Market Embraces Connected Technologies For Innovative Solutions
• North America was the largest region in the usage-based insurance (UBI) market in 2023
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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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Learn More About The Business Research Company
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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