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Shibuya-ku, Tokyo, Japan, Japan, Sep 15, 2021, 02:02 /Comserve / -- According to Research Dive analysis, the global IoT insurance market is estimated to generate a revenue of $402,990.0 million by 2028, increasing from $13,540.0 million in 2020, at a healthy CAGR of 54.4%.
Impact Analysis of COVID-19 on the Global IoT insurance Market:
The global IoT insurance market experienced a positive impact at the time of the COVID-19 pandemic. Due to the complete lockdown across the globe, almost all the places were closed. At this time, the fear of the coronavirus made people adopt insurances for securing the life of people. Major companies have implemented technological advancements in the insurance sector to get the work done easily for consumers, which is predicted to boost the market at the time of pandemic.
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IoT Insurance Market Analysis:
Increasing demand of IoT products among consumers is predicted to be the major driving factor for the global market in the estimated period. With the help of IoT devices, the consumer can get direct access to the cloud and all the details can be saved in cloud. To track the information, the insurance companies can download the detail records from the cloud by the help of connected devices. Proper tracking along with complete detail of the consumer can be tracked via these connected devices in IoT insurances, which is predicted to boost the market in the estimated period.
Lack of skilled labor is predicted to be a major restraint for the global IoT insurance market in the estimated period. An expert is required to operate and extract files from the cloud which is predicted to be a restraint for the market.
Based on insurance type, the IoT insurance market has been divided into life insurance, property and casualty (P&C) insurance, health insurance, and others. The life insurance sub-segment is predicted to have the highest growth rate and generate a revenue of $99,950.6 million by 2028.
Based on application, the IoT insurance market is sub-segmented into automotive, transportation & logistics, life & health, commercial & residential buildings, business & enterprise and agriculture. The life & health sub-segment garnered $3,145.2 million in 2020 and is projected to grow exponentially by 2028.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific IoT insurance market is anticipated to rise at a growth rate of 55.5% by 2028 from the revenue generated in 2020.
The companies involved in the global IoT insurance market are SAP SE, Cisco Systems Inc., Alphabet, International Business Machines Corporation, Accenture PLC, Microsoft Corporation, Oracle Corporation, Aeris Group Ltd, Concirrus and Telit, among others.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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