IoT insurance market to reach $ 304.31 billion globally by 2027 at 57.1% CAGR: Allied Market Research


PORTLAND, Oregon., May 5, 2021 / PRNewswire / – Allied Market Research published a report titled “IoT Insurance Market by Component (Solution & Service), Insurance Type (Life & Health Insurance, P&C) & Others) and Application (Automotive, Transportation & Logistics, life and health, commercial and residential buildings, commerce and business, agriculture and others): Global opportunity analysis and industry forecast, 2020-2027. ”According to the report, the world IoT Insurance Industry was estimated at $ 8.63 billion in 2019, and is expected to reach $ 304.31 billion by 2027, registering a CAGR of 57.1% from 2019 to 2027.

Drivers, constraints and opportunities-

Rising adoption of IoT in developed and developing economies, increasing demand for cloud platform and other value-added services in the insurance industry, and surging investment in IoT by insurance companies are driving the growth of the global IoT insurance market. On the other hand, security and privacy concerns and the lack of knowledge of workers hamper growth to some extent. However, the increased need for insurance for various IoT-enabled applications is expected to pave the way for lucrative opportunities for the major players in the industry.

Download a sample report (266+ PDF pages with Insights) @

Covid-19 scenario-

  • The pandemic epidemic has led to an increase in the adoption of digital technology among insurance companies to receive customer information for claims management. This, in turn, has had a positive impact on the global IoT insurance market.
  • This drift is also expected to continue after the pandemic, as most insurance companies have embraced IoT technology to provide usage-based insurance services.

The solutions segment to maintain its dominance by 2027-

On a component basis, the solutions segment contributed around two-thirds of the global IoT insurance market share in 2019 and is expected to dominate by the end of 2027. This is due to the fact that various companies Insurance companies have started to adopt several new technologies, such as machine learning and predictive analytics, to increase the capabilities of the claims management process. The services segment, on the other hand, would also register the fastest CAGR of 58.9% throughout the forecast period, due to the increase in the use of IoT solutions in the insurance industry and the increased need for IoT technology services.

Get a detailed analysis of the impact of COVID-19 on the IoT insurance market:

The property and casualty insurance segment to dominate the roost

On the basis of insurance type, the IoT insurance segment accounted for over two-thirds of the global IoT insurance market revenue in 2019 and is expected to lead the trail by 2027, due to the ‘increased adoption of the smart home across the world. At the same time, the life and health insurance segment is expected to grow Fastest CAGR by 58.6% from 2019 to 2027. The increasing need for data generated by fitness trackers, smartphones and smartwatches among insurance companies for calculating and estimating the premium of policies is the driving force growth in the segment.

North America had the largest share in 2019-

Based on region, North America held the largest share in 2019, with nearly two-fifths of the global IoT insurance market. This is due to the presence of a large number of insurance companies in the United States and Canada and the availability of a high-speed Internet connection throughout the province. Simultaneously, the market through Asia Pacific would register the fastest CAGR of 59.8% by 2027. This is due to the increased adoption of connected medical devices like wearable devices and fitness trackers among individuals in this region.

For any purchase request:

Frontrunners in the industry-

  • Aeris Group Ltd
  • Concirrus, Google LLC
  • Accenture API
  • Microsoft Corporation
  • Cisco Systems Inc.
  • Oracle Corporation
  • SAP SE
  • Telit
  • International Business Machines Corporation

Access AVENUE – A Subscription-Based Library (Premium on-demand, subscription pricing model) on:

Avenue is a user-based library of global market reports database, provides comprehensive reports on the world’s largest emerging markets. It also offers electronic access to all available industry reports a snap. By offering basic information on industries, economies and end-users around the world, Avenue guarantees registered members a simple and one-stop gateway to their all-inclusive requirements.

Avenue Library Subscription | Request a 14-day free trial before purchasing:

Similar reports:

Boiler insurance market by boiler type (fire tube and water tube), end user (chemicals, refineries, metals and mining, food and beverage and others), boiler fuel (natural gas, coal, oil and others) and type Cover (Boiler Cover, Boiler And Central Heating Cover and Boiler, Central Heating, Plumbing and Wiring Cover): Global Opportunity Analysis and Industry Forecast, 2020-2027

Usage Based Insurance Market by type of policy [Pay-As-You-Drive Insurance (PAYD), Pay-How-You-Drive Insurance (PHYD), and Manage-How-You-Drive Insurance (MHYD)], Technology (OBD-II based UBI programs, smartphone based UBI programs, hybrid based UBI programs and black box based UBI programs), vehicle age (new vehicles and used vehicles), vehicle type (Light-Duty Vehicle) (LDV) and Heavy-Duty Vehicle (HDV): Global Opportunity Analysis and Industry Forecast, 2020-2027

Dental insurance market by coverage (Preferred Dental Provider Organizations (DPPO), Dental Health Care Organizations (DHMO), Dental Compensation Plans and Others), Procedure Type (Major, Basic and Preventive), Demographics (Seniors , Adults and Minors) and End User (Individuals and Businesses): Global Opportunity Analysis and Industry Forecast, 2020-2027

Crop Insurance Market per coverage (multi-peril crop insurance [MPCI] and hail insurance) and distribution channel (banks, insurance companies, brokers / agents and others): Global opportunity analysis and industry forecast, 2020-2027

Health insurance market by provider (private providers and public providers), type of insurance (health insurance, medical insurance and income protection insurance), type of coverage (life cover and term insurance), demographics (minors, adults and seniors ) and Network (Preferred) Provider Organizations (PPO), Point of Services (POS), Health Maintenance Organization (HMOs), and Exclusive Provider Organizations (OEB)): Global Opportunity Analysis and Industry Forecast, 2019-2026

Travel insurance market By insurance coverage (one-way travel insurance, annual multi-trip travel insurance and long-stay travel insurance), distribution channel (insurance intermediaries, insurance companies, banks, insurance brokers and insurance aggregators) and End User (Seniors, Study Trip Students, Business Travelers, Family Travelers and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027

Auto insurance market by coverage (liability and collision coverage / full protection / other optional coverages) Distribution channel (insurance agents / brokers, direct response, banks and others), vehicle age (new vehicles, used vehicles) and application ( Personal, Commercial): Global Opportunity Analysis and Industry Forecast, 2020-2027

Pre-book these next reports:

Property insurance market: Global Opportunity Analysis and Industry Forecast, 2019-2026

Auto insurance market: Global Opportunity Analysis and Industry Forecast, 2020-2027

Burial insurance market: Global Opportunity Analysis and Industry Forecast, 2020-2027

About Us:

Allied Market Research (AMR) is a full-service market research and business advisory arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unsurpassed quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We have professional relationships with various companies, which helps us extract market data that helps us generate accurate research data tables and confirm the highest accuracy of our market forecasts. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of large companies in the field concerned. Our secondary data acquisition methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.


David Correa
5933 NE Win Sivers Drive
# 205, Portland, OR 97220
United States
Toll free: 1-800-792-5285
UK: + 44-845-528-1300
Hong Kong: + 852-301-84916
India (Pune): + 91-20-66346060
Fax: + 1-855-550-5975
[email protected]
The Web:
Follow us on: LinkedIn Twitter

Allied market research SOURCE


Previous Commodity strategies: gold, silver, crude, base metals
Next Heinrich Chairs MILCON, Veterans Subcommittee Hearing on Military Infrastructure and Climate Resilience