According to IMARC Group’s latest report, titled “IoT Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.’ The global IoT insurance market reached a value of US$ 20.2 Billion in 2021. The Internet of Things (IoT) insurance refers to a technological solution that collects, transmits and shares data of the client to insurance companies. IoT-enabled insurance involves the utilization of drones, machine learning (ML), telematics, robotic process automation, wearables, artificial intelligence (AI) and augmented reality (AR) solutions to provide improved and effective insurance services. The IoT insurance offer services, such as immediate risk management, claim management and reduction of operational costs of the organization during claim settlement. It is widely used across various industries, such as banking, financial services and insurance (BFSI), automotive, transportation, healthcare and construction.
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The global Internet of Things (IoT) insurance market is primarily being driven by the increasing utilization of telematics solutions, especially in the automotive industry. IoT insurance is widely used for collecting data and processing insurance claims in case of vehicular accidents. Moreover, various technological advancements, such as the integration of AI and cloud-based security and analytical solutions for real-time information gathering and processing, are favoring the market growth. Other factors, including the increasing adoption of IoT solutions in small and medium-scale enterprises (SMEs), along with significant improvements in the information technology (IT) infrastructure, are creating a positive outlook for the market. Looking forward, IMARC Group expects the market to reach US$ 143.1 Billion by 2027, exhibiting at a CAGR of 36.50% during 2022-2027.
- Accenture plc
- Capgemini SE
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- Sas Institute Inc.
- Verisk Analytics Inc
- Wipro Limited.
Key Market Segmentation:
Breakup by Insurance Type:
- Life and Health Insurance
- Property and Casualty Insurance
Breakup by Component:
Breakup by Application:
- Automotive, Transportation and Logistics
- Life and Health
- Commercial and Residential Buildings
- Business and Enterprise
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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