The latest report by IMARC Group, titled "IoT Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," finds that the global IoT insurance market reached a value of US$
27.5 Billion in 2022. IoT insurance involves the use of networked devices by insurance companies to transmit, gather, and share critical customer data. It enables insurers to connect with policyholders better and determine risks more accurately to minimize the claim payouts. It also allows insurance companies to understand customer behavior and offer more personalized service packages to address their needs. It provides several benefits, such as efficient claim processing, immediate risk management, proactive monitoring, fraud detection, enhanced service quality, and reduced operating costs during claim settlement. As a result, IoT insurance is rapidly gaining traction across various industries, including automotive, healthcare, retail, residential, and commercial.
Global IoT Insurance Market Trends:
Significant growth in the insurance sector and the rising penetration of connected devices across numerous industries represent the primary factors driving the market growth. Besides this, the increasing adoption of telematics devices in the automotive and transportation sectors to collect real-time data from vehicles and process insurance claims faster in case of accidents or other mishaps is another major growth-inducing factor. Furthermore, there has been widespread utilization of IoT devices, such as fitness trackers and smartwatches, for monitoring heart rate, blood pressure, and other health vitals of patients, which has enabled health insurers to track customer behavior and offer customized discounts. Additionally, insurance companies are leveraging IoT technologies to enhance their operational efficiency and reduce premiums and risk-related costs. In line with this, several technological advancements in sensors or devices used for data collection and new developments in insurance models have propelled the market growth. Other factors, including the surging investments in cloud and digital technologies, commercialization of 5G network, growing usage of connected vehicles, advancements in telematics, product innovations, and ongoing research and development (R&D) activities, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$
168.5 Billion by 2028, growing at a CAGR of
34.8% during 2023-2028.
- Based on the insurance type, the market has been divided into life and health, property and casualty, and other insurance.
- On the basis of the component, the market has been bifurcated into solution and service.
- The market has been segregated based on the application into automotive, transportation and logistics, life and health, commercial and residential buildings, business and enterprise, agriculture, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Accenture PLC, Allerin Tech Pvt Ltd., Capgemini SE, Cognizant Technology Solutions Corporation, Concirrus Ltd, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, SAS Institute Inc., Telit Corporate Group, Verisk Analytics Inc., and Wipro Limited.
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