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IoT Insurance Market Size, Share, Emerging Trends, Analysis and Forecasts 2018-2022

The global IoT insurance market is expected to be worth USD 42.76 billion by 2022, growing at a CAGR of 65.89% during the forecast period. In this report, 2015 has been considered as the base year and the period between 2016 and 2022 has been considered as the forecast period for the study of the IoT insurance market

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IoT Insurance Market Size, Share, Emerging Trends, Analysis and Forecasts 2018-2022

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  1. IoT Insurance Market Size, Share, Emerging Trends, Analysis and Forecasts 2018-2022 “The global IoT insurance market is expected to be worth USD 42.76 billion by 2022, growing at a CAGR of 65.89% during the forecast period. In this report, 2015 has been considered as the base year and the period between 2016 and 2022 has been considered as the forecast period for the study of the IoT insurance market.” The global IoT Insurance Market is estimated to grow at a CAGR of 65.89% to reach USD 42.76 billion by 2022. The growing adoption of Internet of Things (IoT) products in developed and developing economies, growing demand for cloud platform and other value-added services in the insurance industry are the major drivers for this market. The IoT-enabled devices provide intelligent data for insurers to help them track health, detect abnormalities, and reduce risks for policyholders. The real-time assessment of data would increase the relationship between the insurers and policyholders. The IoT insurance market is segmented on the basis of insurance type into P&C insurance, life insurance, health insurance, and others. The property and casualty insurance uses data from IoT-based sensors, actuators, and other smart devices that are connected via the Internet for proactive management of risks and reduction in policy costs. IoT-enabled wearables and fitness devices plays a significant role in providing health-related data to insurers, helping them to monetize health and accordingly offer premiums to policyholders. The IoT market, segmented by insurance applications, includes automotive and transportation, home and commercial buildings, life and health, consumer electronics and industrial machines, business and enterprise, agriculture, and travel. The automotive and transportation held the largest market share in 2015 due to the early adoption of usage-based insurance (UBI) with telematics in automobiles. Most of the car insurance companies in the U.S. have been offering UBI to their customers. Additionally, the in-built sensors and global positioning systems help insurers to track, locate, and analyze the vehicle and enable insurers to monitor the driving behaviors for claim process. The APAC market is estimated to grow at the highest CAGR between 2016 and 2022. The development of IoT devices such as wearables, drones, Wi-Fi dongles, and inbuilt sensors that provide informative data to insurers would be the driving factor for the IoT insurance market in the APAC region. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=113821652

  2. IoT systems and software provide large amounts of real-time data that requires strong infrastructure offered by IoT vendors. These may lead to data loss and malfunctioning of the systems due to network failure and need to follow fixed communications standards for data transmission. Also, risks associated with the web of connected devices create privacy concerns, thus hindering the adoption of IoT by the insurers. These factors restrain the growth of IoT insurance in the market. Automobile and transportation market held the largest market share in 2015 IoT has a huge impact on auto insurance industries. The growing adoption of IoT-enabled devices in Global Positioning Systems (GPS), in-built sensors, and other detectors would increase the need for new IoT-based technologies in the insurance industry to gather data such as speed, braking pattern, and other driving behavior. Also, the IoT platforms offer quick access to the underwriting process and claim management for the insurer. These benefits contribute to the growth of the market for automobile and transportation in the IoT insurance market. IoT devices for agriculture insurance application protect farmers from environmental risks and help them protect their land and manage livestock The market for the agriculture insurance application of the IoT insurance market is expected to grow at the highest CAGR during the forecast period. In the agriculture application, IoT insurance offers easy livestock monitoring and insurers can monitor environmental conditions and alert farmers about upcoming hazards such as hailstorms, floods, and earthquakes. The growing use of drones and Wi-Fi–enabled devices in developing economies such as China, Japan, and India increases the need for IoT insurance products for data analytics and big data platforms. This enables insurers to protect their crops and lands from damage and also manage claim process quickly. Browse Full Research Report @ https://www.marketsandmarkets.com/Market- Reports/iot-insurance-market-113821652.html North America held the largest share of the market in 2015 due to the presence of major IoT vendors in the region Major IoT vendors such as IBM Corporation (U.S.), Cisco Systems Inc. (U.S.), Microsoft Corporation (U.S.), and Oracle Corporation (U.S.), among others have been developing IoT devices, software, and services for insurance industries. Hence, it would help in the growth of the North American IoT insurance market. The IoT insurance market for the automotive and transportation application held the largest market share in 2015. Additionally, auto insurance companies have adopted telematics in usage-based insurance, which is used to gather historical data of speed, distance travelled, braking pattern, and turning of vehicles. The data from various automobiles is analyzed by insurance industries to price the premiums.

  3. About MarketsandMarkets MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Contact: Mr. Shelly Singh MarketsandMarkets INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 Email:sales@marketsandmarkets.com

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