Press release
Global IoT Insurance Market: Unprecedented Growth, Key Drivers, and Emerging Trends for 2024-2029
IoT Insurance Market Size
• The IoT insurance market size is growing exponentially from $100.02 billion in 2024 to $153.89 billion in 2025 at a CAGR of 53.9%.
• This phenomenal growth is attributed to risk prevention and mitigation, enhanced customer engagement, home automation devices, health and wearable devices, smart property devices, and cybersecurity concerns.
• The market is further projected to skyrocket to a staggering $983.02 billion in 2029, boasting a CAGR of 59.0% driven by regulatory support, emergence of insurtech startups, smart city initiatives, customized premiums, and climate and environmental monitoring.
What Is Fueling The Rise of IoT Insurance Market?
The rise of the IoT insurance market is primarily driven by the widespread application of the Internet of Things (IoT). IoT involves a network of physical objects embedded with sensors, software, and other technologies to exchange information with other devices and systems via the internet. This technology helps insurance companies to gauge risks more accurately and establish stronger customer relationships. For instance, Ericsson, a Sweden-based telecommunication company, reported that broadband IoT (4G/5G), which connects the majority of cellular IoT devices, reached 1.3 billion connections in 2022. By the end of 2028, approximately 60% of cellular IoT connections are projected to be broadband IoT connections, primarily via 4G. Notably, North East Asia takes the lead in cellular IoT connections, expected to surpass 2 billion connections in 2023. Hence, the increasing usage of IoT is set to accelerate the growth of the IoT insurance market.
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Who Are the Key Players Steering IoT Insurance Market Growth?
• SAP SE
• Cisco Systems Inc.
• Alphabet Inc.
• International Business Machines Corporation
• accenture* 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
• 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.
What Are The Key Trends Reshaping The IoT Insurance Market?
Key trends dominating the market 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
What Are The Segments of the Global IoT Insurance Market?
• By Component: Solution, Service
• By Insurance Type: Life And Health Insurance, Property And Casualty Insurance, Other Insurance Types
• By Application: Automotive Transportation And Logistics, Life And Health, Commercial And Residential Buildings, Business And Enterprise, Agriculture, Other Applications
Which Region Holds The Reigns of The IoT Insurance Market?
As of 2024, North America was the largest player in the IoT insurance market. Other regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The IoT Insurance Market Global Market Report?
- Market Size Analysis: Analyze the IoT Insurance Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the IoT Insurance Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall IoT Insurance Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the IoT Insurance Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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