Market Trends –Increasing adoption of Internet of Things (IoT) devices in developing and developed countries.
The global Internet of Things (IoT) insurance market is expected to reach a market size of USD 775.65 Billion by 2028 and register a high revenue CAGR, according to latest analysis by Emergen Research. Increasing demand for IoT devices in the insurance industry to enhance customer experience is the key factor driving the global Internet of Things (IoT) insurance market growth during the forecast period. Besides, growing demand for value-added services is expected to propel global Internet of Things (IoT) insurance market growth during the forecast period. Furthermore, increasing adoption of Internet of Things (IoT) devices in developing and developed countries is expected to augment global Internet of Things (IoT) insurance market growth going ahead. Concerns regarding IoT device data risk and security are key factors expected to impede growth of the global Internet of Things (IoT) insurance market to some extent during the forecast period.
The report pays special attention to the key elements of the Internet of Things (IoT) Insurance market, such as drivers, restraints, opportunities, threats, risks, limitations, and other aspects. The report covers a comprehensive analysis of the competitive landscape with a detailed analysis of the company profiles, product portfolio, and business expansion strategies.
Get a sample of the report @ https://www.emergenresearch.com/industry-report/internet-of-things-insurance-market
Geographical Segmentation:
The latest research report entails an in-depth analysis of the current growth opportunities for various regions of the Internet of Things (IoT) Insurance Market, gauging their revenue share over the forecast timeline. Furthermore, the report analyses the year-on-year growth rate of these regions over the forecast duration. The leading market regions profiled in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa.
Competitive Landscape:
The latest report encases an in-depth summary of the intensely competitive landscape of the global Internet of Things (IoT) Insurance Market, with systematic profiling of the companies operating across this industry. In this section of the report, experts have listed down the strategic initiatives undertaken by these market rivals for proposed business expansion. Additionally, it highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of the established and new players have also been assessed in the report through effective analytical tools like SWOT analysis.
Key market participants include Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Cisco Systems, Inc., SAP SE, Accenture PLC, Concirrus Ltd., Wipro Ltd., and Capgemini SE.
Highlights in Report
- Increasing usage of IoT-driven devices in property casualty insurance to mitigate insurance costs and enhance risk management are some key factors driving revenue growth of the property casualty insurance segment, which is expected to register a significantly high CAGR of 62.7% over the forecast period.
- In terms of revenue share, connected car segment is expected to lead during the forecast period due to increasing application of telematics and IoT-driven sensors in cars.
- In terms of market share, the automotive segment is expected to account for the largest market share during the forecast period due to increasing adoption of IoT driven V2X-connected vehicles, which generate IoT data flow and evaluate premium costs.
Emergen Research has segmented the global Internet of Things (IoT) insurance market on the basis of insurance type, application, end-use, and region.
Insurance Type Outlook (Revenue, USD Billion; 2021–2028)
- Pension Insurance
- Warranty Insurance
- Cyber Insurance
- Life Insurance
- Property Casualty Insurance
- Health Insurance
Application Outlook (Revenue, USD Billion; 2021–2028)
- Connected Home
- Connected Car
- Connected Health
- Commercial Lines
End-use Outlook (Revenue, USD Billion; 2021–2028)
- Automotive
- Retail
- Industrial
- Residential
- Healthcare
- Logistics
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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
