In this rapidly changing and technologically developing environment, internet of things is ever increasing. The market trend towards the Internet of things (IoT) and smart cities is driving the Internet of Things (IoT) Insurance market. The study indicates that due to rapid increase in internet of things it is becoming increasingly fragmented which as a result increases the need for internet of things testing.
The study indicates that Internet of Things (IoT) Insurance enables the IoT-enabled devices to provide intelligent data for insurers to help them track health, detect abnormalities, and reduce risks for policyholders. The study indicates that internet of things insurance would also decrease risk and reduce claim numbers. Thus, all these benefits from internet of things insurance boosts the internet of things insurance market. The challenges for internet of things insurance market includes privacy concerns, data loss concerns and network failure risks and others.
The Internet of Things (IoT) Insurance Market is growing rapidly over ~33% of CAGR and is expected to reach at USD ~9 Billion by the end of forecast period.
The prominent players in the Internet Of Things (Iot) Insurance Market are IBM Corporation (U.S.), Accenture (Ireland), Cognizant (U.S.), Oracle Corporation (U.S), Zonoff Inc. (U.S.), Capgemini (France), SAP SE (Germany), LexisNexis (U.S.), Lemonade Inc. (U.S.), Hippo Insurance (U.S.) among others.
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Internet of Things (IoT) Insurance market is segmented on the basis of type and end-user.
Internet of Things (IoT) Insurance market by Type of Insurance:
- Health insurance
- Property and causality InsuranceMotor insurance
- Home insurance
- Commercial Insurance
- Agricultural insurance
- Life Insurance
Internet of Things (IoT) Insurance market by End-Users:
- Automotive &Transport
- Home and Commercial Buildings
- Consumer Electronics
Market Research Analysis:
Regional analysis for Internet of Things (IoT) Insurance market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region would account for larger share in Internet of Things (IoT) Insurance market. It has been observed that North America region has high adoption of internet of things and higher technology developments which has resulted in the growth of Internet of Things (IoT) Insurance market. The study reveals that Asia-Pacific region is expected to have a significant growth in Internet of Things (IoT) Insurance market by the forecast period. The growing internet of things penetration and increasing number of wearables, drones and other in Asia-Pacific region is expected to give a boost to Internet of Things (IoT) Insurance market in this region. As per a recent news, South Korea a technologically advanced country in Asia-Pacific region reported that the internet of things (IoT) insurance has gained government backing. Thus, the government initiatives supporting internet of things (IoT) insurance boost the market in the Asia-Pacific region.
- Technology investors
- Key market innovators
- Hardware vendors
- Regulatory agencies
- IoT insurance providers
- IoT service providers
- Communication service providers
- Quality assurance providers
- IoT platform providers
- Third-party system integrators
- Application providers
- Research/Consultancy firms
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