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.
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- 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.
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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.
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Frontrunners in the industry-
- Aeris Group Ltd
- Concirrus, Google LLC
- Accenture API
- Microsoft Corporation
- Cisco Systems Inc.
- Oracle Corporation
- SAP SE
- International Business Machines Corporation
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