IoT Insurance Market Analysis, Growth Strategies And Forecast 2033

Overview and Scope

IoT insurance refers to the use of Internet of Things (IoT) devices to track data on the insurance holder, which indicates certain risk factors for the insurer and customer due to which the insurer can handle claims in a better and more accurate way. IoT tools support insurance service providers in increasing their knowledge of risk management and enhancing employee and organizational productivity.

Sizing and Forecast

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.

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Segmentation & Regional Insights

The iot insurance market covered in this report is segmented –

1) By Component: Solution, Service

2) By Insurance Type: Life And Health Insurance, Property And Casualty Insurance, Other Insurance Types

3) By Application: Automotive Transportation And Logistics, Life And Health, Commercial And Residential Buildings, Business And Enterprise, Agriculture, Other Applications

North America was the largest region in the IoT insurance market in 2023. The regions covered in the iot insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the IoT insurance market are adopting a strategic partnership approach to launch innovative services. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in May 2023, Sky, a US-based company, collaborated with Zurich Insurance Group Ltd, to introduce a smart home protection IoT service that combines comprehensive home insurance with smart home technology. This innovative offering, known as Sky Protect Smart Home Insurance, is underwritten by Zurich Insurance and includes a suite of smart home tech products such as video doorbells, indoor cameras, leak detectors, motion sensors, and contact sensors. Zurich Insurance Group Ltd. is a Switzerland-based insurance company that offers general insurance and life insurance solutions for its individual, small business, and corporate customers.

The iot insurance market report table of contents includes:

Executive Summary
IoT Insurance Market Characteristics
IoT Insurance Market Trends And Strategies
IoT Insurance Market – Macro Economic Scenario
Global IoT Insurance Market Size and Growth
IoT Insurance Market Segmentation
IoT Insurance Market Regional And Country Analysis

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Key Mergers And Acquisitions In The IoT Insurance Market
IoT Insurance Market Future Outlook and Potential Analysis
Appendix

List Of Tables:

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global IoT Insurance Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global IoT Insurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global IoT Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 74: SAP SE Financial Performance

Table 75: Cisco Systems Inc. Financial Performance

Table 76: Alphabet Inc. Financial Performance

Table 77: International Business Machines Corporation Financial Performance

Table 78: Accenture plc Financial Performance

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