Introduction
The Internet of Things (IoT) is revolutionizing the insurance industry by providing insurers with new ways to collect and analyze data, improve risk assessment, and deliver personalized services to customers. The global IoT insurance market is expected to grow from $70.93 billion in 2023 to $2,452.45 billion by 2030, at a CAGR of 55.72%.
Market Overview
The IoT insurance market is segmented by insurance type, application, end-user, and region. By insurance type, the market is divided into property and casualty insurance, life and health insurance, and marine insurance. The property and casualty insurance segment is expected to dominate the market during the forecast period, owing to the increasing adoption of IoT devices in the automotive, home, and commercial sectors.
By application, the market is divided into fleet management, asset tracking, predictive maintenance, and risk assessment. The fleet management segment is expected to dominate the market during the forecast period, owing to the increasing adoption of telematics devices in the transportation sector.
By end-user, the market is divided into B2B and B2C. The B2B segment is expected to dominate the market during the forecast period, owing to the larger number of connected devices in the commercial sector.
By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period, owing to the early adoption of IoT technologies in the region.
Get a Sample PDF of the Report at: https://www.marketresearchfuture.com/sample_request/2700
Key Companies
Some of the key players in the IoT insurance market include:
- Allianz
- AXA
- General Electric
- IBM
- Intel
- Munich Re
- Octo
- Progressive
- Samsung
- SAP
- Verisk Analytics
Market Segmentation
The IoT insurance market is segmented by:
- Insurance type: Property and casualty insurance, life and health insurance, marine insurance
- Application: Fleet management, asset tracking, predictive maintenance, risk assessment
- End-user: B2B, B2C
- Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Top Impacting Factors
The growth of the IoT insurance market is being driven by a number of factors, including:
- Increasing adoption of IoT devices
- Growing demand for personalized insurance products
- Rising need for real-time risk assessment
- Government regulations
Regional Insights
The North American region is expected to dominate the IoT insurance market during the forecast period, owing to the early adoption of IoT technologies in the region. The European region is expected to be the second-largest market, followed by Asia Pacific.
Industry Latest News
- In July 2023, Allianz announced that it would be partnering with Microsoft to develop new IoT insurance products.
- In June 2023, AXA announced that it had acquired a majority stake in Oscar Health, a health insurance company that uses IoT technology to improve customer care.
- In May 2023, IBM announced that it had launched a new IoT insurance platform that helps insurers to collect and analyze data from connected devices.
