IOT Adoption Drives IoT insurance Market Growth: Pivotal Factor Influencing IoT Insurance Market Growth in 2025

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IoT Insurance Market Size Growth Forecast: What to Expect by 2025?
The market size of Internet of Things (IoT) insurance has seen an explosive growth in the past few years. It is projected to rise from $100.02 billion in 2024 to a staggering $153.89 billion in 2025, experiencing a compound annual growth rate (CAGR) of 53.9%. The impressive growth in the previous period can be linked to factors such as risk prevention and management, improved customer interaction, the rise of home automation devices, the advent of health and wearable devices, smart property equipment, and concerns regarding cybersecurity.

How Will the IoT Insurance Market Size Evolve and Grow by 2029?
Anticipated to undergo rapid expansion in the coming years, the IoT insurance market is predicted to reach a staggering value of $983.02 billion in 2029, expanding at a compound annual growth rate (CAGR) of 59.0%. This impressive growth during the forecasted period owes largely to the regulatory support, the rise of insurtech startups, structured smart city agendas, tailored premiums, and climate and environmental monitoring systems. The predicted trends for this period include the integration of interconnected devices, the use of telematics in auto insurance policies, smart home and property coverage, cyber insurance incorporating IoT security, blockchain technology for securing data, and data analytics alongside predictive modelling.

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What Drivers Are Propelling the Growth of IoT Insurance Market Forward?
The rise in the adoption of the Internet of Things (IoT) is playing a significant role in propelling the growth of the IoT insurance market. The Internet of Things (IoT) is a network encompassing physical objects equipped with sensors, software, and other technologies designed to connect and share data with other hardware and software via the internet. IoT technology solutions enable insurance companies to more accurately assess risks and foster improved customer relationships. For instance, a report by Ericsson, a telecommunications company based in Sweden, revealed in November 2022 that broadband IoT (4G/5G) responsible for linking the majority of IoT devices recorded 1.3 billion connections in 2022. By the end of 2028, it is projected that nearly 60% of all cellular IoT connections will be broadband IoT connections, with 4G being the major contributor. Presently, North East Asia leads in cellular IoT connections, and in 2023, it is expected to exceed 2 billion connections. As a result, the increasing application of the Internet of Things (IoT) is set to boost the IoT insurance market.

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Which Emerging Trends Are Transforming the IoT Insurance Market in 2025?
The emerging key trend in the IoT insurance market is technology advancement. Major businesses in this market are concentrating their efforts towards creating new technologies aimed at advancing IoT applications within the insurance sector. As an example, ARMD, an InsureTech company based in the UK and specializing in providing insurance to tradespeople via technology, rolled out a new Smart Van Alarm and Tracker in December 2022. This IoT tech enhances protection of tradespeople, affords insurers improved underwriting data, and reduces fraudulent claims. The ARMD application allows for control of the self-installed IoT device that doesn't require any technical know-how. This leads to a centralizing of tool inventory, security, insurance, and van positioning. The whole process for craftspeople and insurance providers is simplified as it reduces claim payments timeline from several weeks to just days. In case of a break-in, customers get immediate notifications. The device also doubles up as a vehicle tracker, giving important data for claim and underwriting purposes.

What Are the Key Segments in the IoT Insurance Market?
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

Subsegments:
1) By Solution: Telematics Solutions, Risk Assessment Tools, Data Analytics Platforms, Claims Management Systems, Smart Home Devices
2) By Service: Consulting Services, Implementation Services, Data Management Services, Support And Maintenance Services, Training And Education Services

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Who Are the Key Players Shaping the IoT Insurance Market's Competitive Landscape?
Major companies operating in the IoT insurance market include SAP SE, Cisco Systems Inc., Alphabet Inc., International Business Machines Corporation, 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 Geographic Markets Are Powering Growth in the IoT Insurance Market?
North America was the largest region in the IoT insurance market in 2024. The regions covered in the IoT insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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