IoT Insurance Market Global Forecast to 2022 by Size, Share, Emerging Trends, Leading Key Players, Future Growth, Revenue, Demand Forecast, Product Type


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Shibuya Data Count

Mar 10, 2021, 08:00 EST


Shibuya-ku, Tokyo, Japan, Japan, Mar 10, 2021, 08:00 /Comserve / -- The global IoT insurance market is estimated to be worth USD 42.76 billion by 2022, growing at a CAGR of 65.89% between 2016 and 2022.

A key driving factor for the growth of the market is the growing adoption of Internet of Things (IoT) for various insurance applications such as health, life, automobiles, travel, and agriculture sectors, among others. The IoT-enabled devices provide intelligent data for insurers to monitor and track the status and monitor data that helps insurers to manage claims and reduce risks.

The key players offering various products and services in the IoT insurance market include International Business Machines Corporation (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Google Inc. (U.S.), LexisNexis Risk Solutions (U.S.), Zonoff, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Accenture PLC (Ireland), Concirus (U.K.) and Verisk Analytics, Inc. (U.S.). Also, the insurance companies that have implemented IoT for various applications include AXA Insurance (France), American Family Insurance (U.S.), American International Group, Inc. (U.S.), Allianz SE (Germany), Berkshire Hathaway Inc. (U.S.), and Zurich Insurance Group Ltd. (Switzerland).

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"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."

“Automotive and transportation insurance application to exhibit impressive growth in the IoT insurance market during the forecast period”

Most of the automotive insurance industries offer usage-based insurance for drivers and car owners. The IoT-based devices such as in-vehicle sensors, global positioning systems, and other on-board devices generate informative data for insurance industry. Data such as speed, acceleration, and distance driven is collected by insurers and is used to accurately access premium policies and reduce frauds. Additionally, the policyholders are able to get rewards for good driving behavior and improve the driving habits. Hence, IoT would be able to reduce the cost of premiums and strengthen customer relationships. The adoption of telematics in UBI enhances the underwriting process and speed up the insurance claim process.

“APAC region to be the fastest-growing market for IoT insurance”
The IoT insurance market is expected to grow at the highest CAGR between 2016 and 2022 owing to the increasing industrialization and urbanization in this region. The growing adoption of IoT devices such as smartphones, drones, and Wi-Fi dongles, among others in the Asia-Pacific region has increased the demand for IoT insurance in the region. The major investments in new innovations and IoT technologies in developing economies of APAC region drive the IoT insurance market.

Breakdown of profile of primary participants:

  • By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
  • By Designation: C-Level Executives - 35%, Directors - 25%, and Others - 40%
  • By Region: North America - 45%, APAC - 30%, Europe - 20%, and RoW - 5%

Research Coverage

In this report, various segments such as insurance type, insurance applications, and geography have been covered. It also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across five main regions: North America, Europe, APAC, Middle East and Africa, and Latin America. The political, economic, social, and technological (PEST) factors analysis has been included in the report along with the description of each of its factors and their impact on the said market.

Request to Fill The Form To get Sample Copy of Business Report: https://www.sdki.jp/sample-request-107735

"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."

Reasons to Buy the Report:

  • This report includes statistics pertaining to the IoT insurance market on the basis of insurance type, insurance application, and region.
  • The PEST analysis, value chain analysis, and key strategies adopted by the market players have been provided for the IoT insurance market.
  • Major drivers, restraints, opportunities and, challenges for the IoT insurance market have been provided in detail in this report.
  • The report includes illustrative segmentation, analysis, and forecast for the IoT insurance market based on its segments and subsegments.

TABLE OF CONTENTS

1 INTRODUCTION 11
1.1 OBJECTIVES OF THE STUDY 11
1.2 MARKET DEFINITION 11
1.3 STUDY SCOPE 12
1.3.1 MARKETS COVERED 12
1.3.2 GEOGRAPHICAL SCOPE 12
1.3.3 YEARS CONSIDERED FOR THE STUDY 13
1.4 CURRENCY AND PRICING 13
1.5 LIMITATIONS 13
1.6 STAKEHOLDERS 14
2 RESEARCH METHODOLOGY 15
2.1 RESEARCH DATA 15
2.1.1 SECONDARY DATA 16
2.1.1.1 Key data from secondary sources 16
2.1.2 PRIMARY DATA 17
2.1.2.1 Key data from primary sources 17
2.1.2.2 Key industry insights 18
2.1.2.3 Breakdown of primaries 18
2.2 MARKET SIZE ESTIMATION 19
2.2.1 BOTTOM-UP APPROACH 19
2.2.2 TOP-DOWN APPROACH 20
2.3 MARKET BREAKDOWN & DATA TRIANGULATION 21
2.4 RESEARCH ASSUMPTIONS 22
2.4.1 ASSUMPTIONS 22
3 EXECUTIVE SUMMARY 23
4 MARKET OVERVIEW 26
4.1 INTRODUCTION 26
4.2 MARKET SEGMENTATION 26
4.2.1 IOT INSURANCE MARKET, BY INSURANCE TYPE 26
4.2.2 IOT INSURANCE MARKET, BY INSURANCE APPLICATION 27
4.2.3 IOT INSURANCE MARKET, BY GEOGRAPHY 28
4.3 MARKET DYNAMICS 28
4.3.1 DRIVERS 29
4.3.1.1 Growing adoption of Internet of Things (IoT) products in developed and developing economies 29
4.3.1.2 Growing demand of cloud platform and other value added services in insurance industry 29
4.3.1.3 Reduction in premium and risk related costs 30
4.3.1.4 IoT enabled devices improves the insurance services 30
4.3.2 RESTRAINTS 30
4.3.2.1 Communication standards and data privacy concerns 30
4.3.3 OPPORTUNITIES 31
4.3.3.1 Increasing need of insurance for various IoT enabled applications such as automobiles, healthcare, life, home and commercial setors 31
4.3.3.2 New developments in the insurance models 31
4.3.3.3 Data generated from IoT improves business intelligence in the insurance industry 31
4.3.3.4 Increasing investments in IoT Insurance startups 32
4.3.4 CHALLENGES 32
4.3.4.1 Problem posed by legacy systems, and lack in customer engagement, awareness, skills, and procurement policies 32
4.4 REGULATORY IMPLICATIONS 33
5 INDUSTRY TRENDS 34

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