The IoT Insurance by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/iot-insurance-global-market-report
According to The Business Research Company’s IoT Insurance , The iot insurance market size has grown exponentially in recent years. It will grow from $65.55 billion in 2023 to $101.64 billion in 2024 at a compound annual growth rate (CAGR) of 55.0%. The growth in the historic period can be attributed to risk prevention and mitigation, enhanced customer engagement, home automation devices, health and wearable devices, smart property devices, cybersecurity concerns..
The iot insurance market size is expected to see exponential growth in the next few years. It will grow to $612.55 billion in 2028 at a compound annual growth rate (CAGR) of 56.7%. The growth in the forecast period can be attributed to regulatory support, emergence of insurtech startups, smart city initiatives, customized premiums, climate and environmental monitoring.. Major trends in the forecast period include integration of connected devices, telematics in auto insurance, smart home and property insurance, cyber insurance with iot security, blockchain for data security, data analytics and predictive modeling..
Growing usage of the Internet of Things (IoT) is significantly contributing to the growth of the IoT insurance market going forward. The Internet of Things (IoT) refers to a network of physical items having sensors, software, and other technologies installed with the purpose of connecting and exchanging information with other hardware and software over the internet. IoT technology solutions help insurance companies determine risks more precisely and establish better customer relationships. For instance, according to a 2022 report from Fieldforce Inc., a US-based software development and network platform company, IoT adoption had a year-on-year growth of 61% from 2020 to 2021. Therefore, growing usage of the Internet of Things (IoT) will drive the IoT insurance market.
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The iot insurance market covered in this report is segmented –
1) IoT Insurance Market By Component: Solution, Service
2) IoT Insurance Market By Insurance Type: Life And Health Insurance, Property And Casualty Insurance, Other Insurance Types
3) IoT Insurance Market By Application: Automotive Transportation And Logistics, Life And Health, Commercial And Residential Buildings, Business And Enterprise, Agriculture, Other Applications
Top Major Players
International Business Machines Corporation
Technological advancement is the key trend gaining popularity in the IoT insurance market. Major companies operating in the IoT insurance market are focusing on developing new technologies to advance IoT applications in the insurance sector. For instance, in December 2022, ARMD, a UK-based InsureTech company that uses technology to provide insurance to tradespeople, launched a new Smart Van Alarm and Tracker, an IoT technology that improves tradespeople’s protection, provides insurers with better underwriting data, and decreases bogus claims. The ARMD app is used to control the IoT device, which is self-installed and does not require any technical expertise. As a result, tool inventory, security, insurance, and van location are all centralized. This greatly speeds up claim payments from many weeks to a few days and simplifies the entire procedure for craftsmen and insurers. In the event of a break-in, customers are now immediately contacted. The gadget also functions as a car tracker, providing crucial information for claim and underwriting purposes.
The iot insurance market report table of contents includes:
1. Executive Summary
2. IoT Insurance Market Characteristics
3. IoT Insurance Market Trends And Strategies
4. IoT Insurance Market – Macro Economic Scenario
5. Global IoT Insurance Market Size and Growth
…..
31. Global IoT Insurance Market Competitive Benchmarking
32. Global IoT Insurance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IoT Insurance Market
34. IoT Insurance Market Future Outlook and Potential Analysis
35. Appendix
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