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The global IoT insurance market reached a value of US$ XX Billion in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global IoT insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on insurance type, component and application.
Breakup by Insurance Type:
Breakup by Component:
Breakup by Application:
Breakup by Region:
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.
|Base Year of the Analysis||2021|
|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$ 2299
Five User License: US$ 3399
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)|
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