IoT Insurance Market by Insurance Type (Life Insurance, Property & Casualty (P&C), Insurance, Health Insurance, and Others), Application (Automotive, Transportation & Logistics, Life & Health, Commercial & Residential Buildings, Business & Enterprise, and Agriculture), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

Global IoT Insurance Market Analysis

The global IoT insurance market accounted for $13,540.0 million in 2020 and is predicted to grow with a CAGR of 54.4% by generating a revenue of $402,990.0 million by 2027.

Market Synopsis

Growing use of IoT products is predicted to be the major driving factor for the global IoT insurance market growth in the estimated period.

However, the lack of skilled labors is a major restraint for the market in the forecast period.

According to the regional analysis, the North America IoT insurance market accounted for $3,984.8 million in 2020 and is predicted to grow with a CAGR of 53.6% in the projected timeframe.

IoT Insurance Overview

IOT insurance is used to help and create better insurance products which predict and evaluate risk, make claim process more efficient, and improve customer experience. IOT connected insurance uses data from connected devices to evaluate risk more accurately.

Impact Analysis of COVID-19 on the Global IoT Insurance Market

The pandemic created a positive impact on the global IoT insurance market. IOT in the insurance sector has played an important role giving organizations a better understanding of the insurer. Most people adopted the insurance to protect themselves unforeseen events resulting due to the novel coronavirus pandemic. With the help of cloud managed services and connected devices, the insurance company could get the details of customers who needed and purchased the insurance.

Rise in the Demand for IoT Products in the Insurance Sector to Boost the Market

The global IoT insurance market is predicted to experience growth due to the rise in the adoption of IoT products and related services among the customers. The Internet of Things (IoT) is a network of internet-connected devices transmitting, collecting, and sharing data. IoT-connected insurance uses data from internet-connected devices to improve the understanding of risks. Insurance sector has adopted IoT vastly so that they can track the consumer health and manage and mitigate risks. Advances in IoT can improve productivity, overall profitability of the business, and the profile the amount of risk.

Moreover, increasing adoption of cloud services is predicted to drive the market in the forecast period. At present, the insurance sector relies on IT and networks vastly for adoption of cloud technology. Cloud services help the person to keep a track claim the insurance with ease.

Moreover, implementation of the AI in the IoT Insurance is predicted to create more investment opportunities for the global IoT insurance market in the estimated period.

To know more about global IoT insurance market drivers, get in touch with our analysts here.

Lack of Skilled Labor and Higher Cost Involved in Implementing IoT is Predicted to Hinder the Market Growth

IoT Insurance is expensive for companies. The software used for operating IoT Insurance is expensive high and the funds required to maintain the network cost high for the organization. Organizations outsource the maintenance of these assets to companies that can operate using cloud services. Moreover, the unavailability of the skilled labor in the market is predicted to hinder the market in the forecast period.

To know more about global IoT insurance market opportunities, get in touch with our analysts here.

[INSURANCETYPEGRAPH]

Source: Research Dive Analysis

The health insurance sub-segment is predicted to have a dominating market share in the global market. The health insurance sub-segment accounted for $4,055.6 million in 2020 and is predicted to grow with a CAGR of 53.9% in the estimated period. Increasing popularity of IoT in health insurance which helps in determining the trend of replacing long-term insurance policies with short-term customized solutions is predicted to boost the sub-segment market in the estimated period.

The life insurance sub-segment is predicted to have the maximum market share in the global market. The life insurance sub-segment accounted for $3,250.0 million in 2020 and is predicted to grow with a CAGR of 55.2% in the estimated period. Increasing awareness among people for securing life of their families is predicted to drive the sub-segment market in the estimated period.

[APPLICATIONGRAPH]

Source: Research Dive Analysis

The life & health sub-segment of the global IoT Insurance market is predicted to have the highest market share in terms of revenue along with maximum growth rate in the estimated period. Life and health sub-segment accounted for $3,145.2 million in 2020 and is predicted to grow with a CAGR of 55.2% in the estimated period. Life and health insurance for securing life among the consumer and better tracking of health of the consumer by the insurance companies is predicted to drive the sub-segment market in the estimated period.

[REGIONGRAPH]

Source: Research Dive Analysis

The Market for IoT Insurance in North America to be the Most Dominant

The North America IoT Insurance market accounted $3,984.8 million in 2020 and is projected to grow with a CAGR of 53.6%. The growth of the North American market is mainly driven due to the presence of large number of IT companies that provide cloud services to the insurance companies where they can store all the related data. Moreover, the headquarters of major key players in the insurance market are also located in the region which is predicted to boost the region market in the estimated period.

The Market for IoT Insurance in Asia-Pacific to be the Fastest Growing

The Asia-Pacific IoT Insurance market registered a revenue of $3,276.7 million in 2020 and is anticipated to grow at a CAGR of 55.5% in the forecast period. Increasing investment by majority of the company and availability of low wages worker in the region is predicted to be the major driving factor for the region market in the estimated period.

Competitive Scenario in the Global IoT Insurance Market

Product launches and collaboration are common strategies followed by major market players.

Source: Research Dive Analysis

Some of the leading IoT Insurance market players are SAP SE, Cisco Systems Inc., Alphabet, International Business Machines Corporation, Accenture PLC, Microsoft Corporation, Oracle Corporation Aeris Group Ltd, Concirrus and Telit among others.

Porter’s Five Forces Analysis for the Global IoT Insurance Market:

• Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be low.
  Thus, the bargaining power suppliers is low.
• Bargaining Power of Buyers: In this market, the concentration of buyers is high
  Thus, buyer’s bargaining power will be moderate.
• Threat of New Entrants:  Huge investment is required to adopt the technological advancements in building automation system. 
  Thus, the threat of the new entrants is low.
• Threat of Substitutes: There are very less numerous alternative products in the IoT Insurance market. 
  Thus, the threat of substitutes is low.
• Competitive Rivalry in the Market: Due to the presence of large number of manufacturers there is huge competitive rivalry among the suppliers and manufacturers.
  Therefore, competitive rivalry in the market is high.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.Insurance Type trends
2.3.Application trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview

4.IoT Insurance Market, by Insurance Type 

4.1.Life Insurance

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Property & Casualty (P&C) Insurance

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

4.3.Health Insurance

4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028

4.4.Others

4.4.1.Market size and forecast, by region, 2020-2028
4.4.2.Comparative market share analysis, 2020 & 2028

5.IoT Insurance Market, by Application 

5.1.Automotive Transportation & Logistics

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.Life & Health 

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Commercial & Residential Buildings 

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

5.4.Business & Enterprise 

5.4.1.Market size and forecast, by region, 2020-2028
5.4.2.Comparative market share analysis, 2020 & 2028

5.5.Agriculture 

5.5.1.Market size and forecast, by region, 2020-2028
5.5.2.Comparative market share analysis, 2020 & 2028

5.6.Others

5.6.1.Market size and forecast, by region, 2020-2028
5.6.2.Comparative market share analysis, 2020 & 2028

6.IoT Insurance Market, by Region

6.1.North America

6.1.1.Market size and forecast, by Insurance Type, 2020-2028
6.1.2.Market size and forecast, by Application, 2020-2028
6.1.3.Comparative market share analysis, 2020 & 2028
6.1.4.U.S.

6.1.4.1.Market size and forecast, by Insurance Type, 2020-2028
6.1.4.2.Market size and forecast, by Application, 2020-2028
6.1.4.3.Comparative market share analysis, 2020 & 2028

6.1.5.Canada

6.1.5.1.Market size and forecast, by Insurance Type, 2020-2028
6.1.5.2.Market size and forecast, by Application, 2020-2028
6.1.5.3.Comparative market share analysis, 2020 & 2028

6.1.6.Mexico

6.1.6.1.Market size and forecast, by Insurance Type, 2020-2028
6.1.6.2.Market size and forecast, by Application, 2020-2028
6.1.6.3.Comparative market share analysis, 2020 & 2028

6.2.Europe

6.2.1.Market size and forecast, by Insurance Type, 2020-2028
6.2.2.Market size and forecast, by Application, 2020-2028
6.2.3.Market size and forecast, by country, 2020-2028
6.2.4.Comparative market share analysis, 2020 & 2028

6.2.5.Germany 

6.2.5.1.Market size and forecast, by Insurance Type, 2020-2028
6.2.5.2.Market size and forecast, by Application, 2020-2028
6.2.5.3.Comparative market share analysis, 2020 & 2028

6.2.6.UK

6.2.6.1.Market size and forecast, by Insurance Type, 2020-2028
6.2.6.2.Market size and forecast, by Application, 2020-2028
6.2.6.3.Comparative market share analysis, 2020 & 2028

6.2.7.France

6.2.7.1.Market size and forecast, by Insurance Type, 2020-2028
6.2.7.2.Market size and forecast, by Application, 2020-2028
6.2.7.3.Comparative market share analysis, 2020 & 2028

6.2.8.Russia

6.2.8.1.Market size and forecast, by Insurance Type, 2020-2028
6.2.8.2.Market size and forecast, by Application, 2020-2028
6.2.8.3.Comparative market share analysis, 2020 & 2028

6.2.9.Italy 

6.2.9.1.Market size and forecast, by Insurance Type, 2020-2028
6.2.9.2.Market size and forecast, by Application, 2020-2028
6.2.9.3.Comparative market share analysis, 2020 & 2028

6.2.10.Rest of Europe

6.2.10.1.Market size and forecast, by Insurance Type, 2020-2028
6.2.10.2.Market size and forecast, by Application, 2020-2028
6.2.10.3.Comparative market share analysis, 2020 & 2028

6.3.Asia Pacific

6.3.1.Market size and forecast, by Insurance Type, 2020-2028
6.3.2.Market size and forecast, by Application, 2020-2028
6.3.3.Market size and forecast, by country, 2020-2028
6.3.4.Comparative market share analysis, 2020 & 2028

6.3.5.China

6.3.5.1.Market size and forecast, by Insurance Type, 2020-2028
6.3.5.2.Market size and forecast, by Application, 2020-2028
6.3.5.3.Comparative market share analysis, 2020 & 2028

6.3.6.Japan 

6.3.6.1.Market size and forecast, by Insurance Type, 2020-2028
6.3.6.2.Market size and forecast, by Application, 2020-2028
6.3.6.3.Comparative market share analysis, 2020 & 2028

6.3.7.India  

6.3.7.1.Market size and forecast, by Insurance Type, 2020-2028
6.3.7.2.Market size and forecast, by Application, 2020-2028
6.3.7.3.Comparative market share analysis, 2020 & 2028

6.3.8.Australia

6.3.8.1.Market size and forecast, by Insurance Type, 2020-2028
6.3.8.2.Market size and forecast, by Application, 2020-2028
6.3.8.3.Comparative market share analysis, 2020 & 2028

6.3.9.South Korea

6.3.9.1.Market size and forecast, by Insurance Type, 2020-2028
6.3.9.2.Market size and forecast, by Application, 2020-2028
6.3.9.3.Comparative market share analysis, 2020 & 2028

6.3.10.Rest of Asia-Pacific

6.3.10.1.Market size and forecast, by Insurance Type, 2020-2028
6.3.10.2.Market size and forecast, by Application, 2020-2028
6.3.10.3.Comparative market share analysis, 2020 & 2028

6.4.LAMEA

6.4.1.Market size and forecast, by Insurance Type, 2020-2028
6.4.2.Market size and forecast, by Application, 2020-2028
6.4.3.Market size and forecast, by country, 2020-2028
6.4.4.Comparative market share analysis, 2020 & 2028

6.4.5.Latin America  

6.4.5.1.Market size and forecast, by Insurance Type, 2020-2028
6.4.5.2.Market size and forecast, by Application, 2020-2028
6.4.5.3.Comparative market share analysis, 2020 & 2028

6.4.6.Middle East 

6.4.6.1.Market size and forecast, by Insurance Type, 2020-2028
6.4.6.2.Market size and forecast, by Application, 2020-2028
6.4.6.3.Comparative market share analysis, 2020 & 2028

6.4.7.Africa

6.4.7.1.Market size and forecast, by Insurance Type, 2020-2028
6.4.7.2.Market size and forecast, by Application, 2020-2028
6.4.7.3.Comparative market share analysis, 2020 & 2028

6.4.8.Rest of LAMEA

6.4.8.1.Market size and forecast, by Insurance Type, 2020-2028
6.4.8.2.Market size and forecast, by Application, 2020-2028
6.4.8.3.Comparative market share analysis, 2020 & 2028

7.Company profiles

7.1.SAP SE

7.1.1.Business overview
7.1.2.Financial performance
7.1.3.Product portfolio
7.1.4.Recent strategic moves & developments
7.1.5.SWOT analysis

7.2.Cisco Systems Inc.

7.2.1.Business overview
7.2.2.Financial performance
7.2.3.Product portfolio
7.2.4.Recent strategic moves & developments
7.2.5.SWOT analysis

7.3.Alphabet

7.3.1.Business overview
7.3.2.Financial performance
7.3.3.Product portfolio
7.3.4.Recent strategic moves & developments
7.3.5.SWOT analysis

7.4.International Business Machines Corporation

7.4.1.Business overview
7.4.2.Financial performance
7.4.3.Product portfolio
7.4.4.Recent strategic moves & developments
7.4.5.SWOT analysis

7.5.Accenture PLC

7.5.1.Business overview
7.5.2.Financial performance
7.5.3.Product portfolio
7.5.4.Recent strategic moves & developments
7.5.5.SWOT analysis

7.6.Microsoft Corporation

7.6.1.Business overview
7.6.2.Financial performance
7.6.3.Product portfolio
7.6.4.Recent strategic moves & developments
7.6.5.SWOT analysis

7.7.Oracle Corporation

7.7.1.Business overview
7.7.2.Financial performance
7.7.3.Product portfolio
7.7.4.Recent strategic moves & developments
7.7.5.SWOT analysis

7.8.Aeris Group Ltd

7.8.1.Business overview
7.8.2.Financial performance
7.8.3.Product portfolio
7.8.4.Recent strategic moves & developments
7.8.5.SWOT analysis

7.9.Concirrus

7.9.1.Business overview
7.9.2.Financial performance
7.9.3.Product portfolio
7.9.4.Recent strategic moves & developments
7.9.5.SWOT analysis

7.10.Telit

7.10.1.Business overview
7.10.2.Financial performance
7.10.3.Product portfolio
7.10.4.Recent strategic moves & developments
7.10.5.SWOT analysis

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