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IoT Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

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.  

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, 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:

  • 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:

  • 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 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
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$ 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)

 

Key Questions Answered in This Report:

  • How has the global IoT insurance market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global IoT insurance market?
  • What are the key regional markets?
  • What is the breakup of the market based on the insurance type?
  • What is the breakup of the market based on the component?
  • What is the breakup of the market based on the application?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global IoT insurance market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global IoT Insurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Insurance Type
    6.1    Life and Health Insurance
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Property and Casualty Insurance
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Others
        6.3.1 Market Trends
        6.3.2 Market Forecast
7    Market Breakup by Component
    7.1    Solution
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Service
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by Application
    8.1    Automotive, Transportation and Logistics
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Life and Health
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Commercial and Residential Buildings
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Business and Enterprise
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Agriculture 
        8.5.1 Market Trends
        8.5.2 Market Forecast
    8.6    Others 
        8.6.1 Market Trends
        8.6.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Accenture plc
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    Allerin
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
        14.3.3    Capgemini SE
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
           14.3.3.4 SWOT Analysis
        14.3.4    Cognizant 
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    Concirrus 
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
        14.3.6    Intel Corporation
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    International Business Machines Corporation
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    Microsoft Corporation
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Sas Institute Inc.
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
           14.3.9.3 SWOT Analysis
        14.3.10    Telit 
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 Financials
        14.3.11    Verisk Analytics Inc.
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    Wipro Limited
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis

List of Figures

Figure 1: Global: IoT Insurance Market: Major Drivers and Challenges
Figure 2: Global: IoT Insurance Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: IoT Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: IoT Insurance Market: Breakup by Insurance Type (in %), 2021
Figure 5: Global: IoT Insurance Market: Breakup by Component (in %), 2021
Figure 6: Global: IoT Insurance Market: Breakup by Application (in %), 2021
Figure 7: Global: IoT Insurance Market: Breakup by Region (in %), 2021
Figure 8: Global: IoT Insurance (Life and Health Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: IoT Insurance (Life and Health Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: IoT Insurance (Property and Casualty Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: IoT Insurance (Property and Casualty Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: IoT Insurance (Other Insurance Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: IoT Insurance (Other Insurance Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: IoT Insurance (Solution) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: IoT Insurance (Solution) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: IoT Insurance (Service) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: IoT Insurance (Service) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: IoT Insurance (Automotive, Transportation and Logistics) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: IoT Insurance (Automotive, Transportation and Logistics) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: IoT Insurance (Life and Health) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: IoT Insurance (Life and Health) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: IoT Insurance (Commercial and Residential Buildings) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: IoT Insurance (Commercial and Residential Buildings) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: IoT Insurance (Business and Enterprise) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: IoT Insurance (Business and Enterprise) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: IoT Insurance (Agriculture) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: IoT Insurance (Agriculture) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: IoT Insurance (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: IoT Insurance (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: North America: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: North America: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: United States: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: United States: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Canada: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Canada: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Asia-Pacific: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Asia-Pacific: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: China: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: China: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Japan: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Japan: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: India: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: India: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: South Korea: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: South Korea: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Australia: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Australia: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Indonesia: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Indonesia: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Others: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Others: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Europe: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Europe: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Germany: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Germany: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: France: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: France: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: United Kingdom: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: United Kingdom: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Italy: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Italy: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Spain: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Spain: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Russia: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Russia: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Others: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Others: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Latin America: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Latin America: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Brazil: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Brazil: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Mexico: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Mexico: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Others: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Others: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Middle East and Africa: IoT Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Middle East and Africa: IoT Insurance Market: Breakup by Country (in %), 2021
Figure 78: Middle East and Africa: IoT Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 79: Global: IoT Insurance Industry: SWOT Analysis
Figure 80: Global: IoT Insurance Industry: Value Chain Analysis
Figure 81: Global: IoT Insurance Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: IoT Insurance Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: IoT Insurance Market Forecast: Breakup by Insurance Type (in Million US$), 2022-2027
Table 3: Global: IoT Insurance Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 4: Global: IoT Insurance Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 5: Global: IoT Insurance Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: IoT Insurance Market: Competitive Structure
Table 7: Global: IoT Insurance Market: Key Players

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