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IoT Insurance Market Report by Insurance Type (Life and Health Insurance, Property and Casualty Insurance, and Others), Component (Solution, Service), Application (Automotive, Transportation and Logistics, Life and Health, Commercial and Residential Buildings, Business and Enterprise, Agriculture, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112023A4850
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Market Overview:
The global IoT insurance market size reached US$ 37.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 430.1 Billion by 2032, exhibiting a growth rate (CAGR) of 30.38% during 2024-2032.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 37.0 Billion |
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Market Forecast in 2032
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US$ 430.1 Billion |
| Market Growth Rate 2024-2032 | 30.38% |
IoT insurance enables insurance companies around the world in transmitting, collecting and sharing critical data of clients. It assists brokers in partnering with policyholders to minimize the claims pay-outs for the insurers. It also addresses the needs of customers by presenting more customized and accurate service packages. Additionally, it relies on artificial intelligence (AI), machine learning, robotic process automation, augmented reality (AR), telematics, and drones to improve the overall service quality. Some of the widely offered services by IoT insurance are claim management, immediate risk management, and reducing the operating costs of organizations during claim settlement management.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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IoT Insurance Market Trends:
At present, there is a rise in the utilization of telematics devices in the automotive and transportation sectors as they aid in collecting data from vehicles and processing insurance claims faster in case of accidents or other mis happenings. This represents one of the major factors propelling the market growth of IoT insurance. In addition, insurance companies worldwide are considerably investing in IoT technologies to improve their operational efficiency. This, in confluence with the increasing adoption of IoT devices in the healthcare industry to track heart rate, step count, and blood pressure of patients, allowing health insurers to provide customized discounts and better offers to customers, is stimulating the market growth. Furthermore, technological advancements in insurance models’ development across the globe are strengthening the market growth of IoT insurance. Some of the other factors offering lucrative growth opportunities to key players operating in the market are the escalating demand for cloud and value-added technologies, increasing need for internet-connected devices, and rising commercialization of 5G network for collecting more granular data.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global IoT insurance market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on insurance type, component and application.
Breakup by Insurance Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Life and Health Insurance
- Property and Casualty Insurance
- Others
Breakup by Component:
- Solution
- Service
Breakup by Application:
- Automotive, Transportation and Logistics
- Life and Health
- Commercial and Residential Buildings
- Business and Enterprise
- Agriculture
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, Allerin, Capgemini SE, Cognizant, Concirrus, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Sas Institute Inc., Telit, Verisk Analytics Inc. and Wipro Limited.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Insurance Type, Component, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Accenture plc, Allerin, Capgemini SE, Cognizant, Concirrus, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Sas Institute Inc., Telit, Verisk Analytics Inc. and Wipro Limited. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global IoT insurance market was valued at US$ 37.0 Billion in 2023.
We expect the global IoT insurance market to exhibit a CAGR of 30.38% during 2024-2032.
The rising adoption of telematics devices across the automotive and transportation sectors for collecting data from vehicles and processing insurance claims faster in case of accidents or other mishappenings is primarily driving the global IoT insurance market.
The sudden outbreak of the COVID-19 pandemic has led to increasing demand for fitness trackers and smartwatches to monitor heart rate, blood pressure, and other health vitals, thereby enabling health insurers to track customer behavior and provide customized discounts.
Based on the insurance type, the global IoT insurance market can be segmented into life and health insurance, property and casualty insurance, and others. Currently, property and casualty insurance holds the majority of the total market share.
Based on the component, the global IoT insurance market has been divided into solution and service, where solution currently exhibits a clear dominance in the market.
Based on the application, the global IoT insurance market can be categorized into automotive, transportation and logistics, life and health, commercial and residential buildings, business and enterprise, agriculture, and others. Among these, the automotive, transportation and logistics sector accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global IoT insurance market include Accenture plc, Allerin, Capgemini SE, Cognizant, Concirrus, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Sas Institute Inc., Telit, Verisk Analytics Inc., and Wipro Limited.
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