IoT Insurance Market Key Highlights:
- Market Size (2024): USD 4.82 Billion
- Projected Market Size (2034): USD 8.96 Billion
- CAGR (2023-2034): 6.4%
Pricing Analysis:
- Price Growth
- Regional Variations
Market Historic Sales
- Total sales volume, year-over-year growth, product categories, and market share.
Revenue Estimation
- Forecasting future revenues based on historical data, market trends, and economic indicators.
Sales by Region
- Breakdown of sales performance across different geographical areas.
Revenue by Manufacturer
- Analysis of revenue contributions from different manufacturers in the market.
IoT Insurance Market Definition
The IoT insurance market is a crucial segment of the BFSI industry. This industry deals in developing IoT-based solutions for the insurance sector across the world. The different components of this industry consist of solutions and services. The integration of IoT in the insurance sector helps in risk assessment, claims processing, personalized insurance, preventive maintenance, value-added services, and others. The rising focus on risk mitigation, along with technological advancements in the BFSI sector, is significantly driving the market expansion. This market is likely to rise significantly with the growth of the insurance industry across the world.
The rising proliferation of the internet across the world, along with the growing adoption of smartphones, has driven the market growth. Also, the increased demand for life and health insurance, property and casualty insurance, and some others is crucial for the market expansion. Moreover, the application of IoT insurance in several verticals, such as automotive, transportation, logistics, life and health, commercial and residential buildings, business and enterprise, agriculture, and others, is expected to foster the growth of the IoT insurance market.
Advancements in predictive analytics, along with developments in fraud detection technology, are expected to create ample growth opportunities for the market players in the future. In May 2023, Zurich Insurance launched a smart home protection IoT service. This offering is aimed at providing comprehensive home insurance and smart home tech.
IoT Insurance Market Segmentation:
By Type
- Long-Term Insurance
- Short-Term Insurance
By Application
- Automotive & Transportation
- Home & Commercial Buildings
- Life & Health
IoT Insurance Market Companies:
- International Business Machines
- Sap
- Oracle
- Google
- Microsoft
- Cisco Systems
- Accenture
- Verisk Analytics
- Concirrus
- Lexisnexis
- Zonoff
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