Global IoT Insurance Market is expected to rise from its initial estimated value of USD 5.69 billion in 2018 to an estimated value of USD 324.94 billion by 2026, registering a CAGR of 65.8% in the forecast period of 2019-2026. this rise in market value can be attributed to improvement in the insurance model as well as start-ups.
Internet of Things (IoT) insurance has transformed the insurance industry as it allows customer with range of products offering, accessing options. It enhances the customer relationships, gets a precise understanding about their customer along with their changing needs. Thus, as results improves the insurance model and grows the demand for new technologies related to it.
Key Competitors operating in the market: Google Inc. (U.S.), Lemonade Inc. (U.S.) SAP SE (Germany), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Oracle Corporation (U.S), Zonoff Inc. (U.S.), Accenture PLC (Ireland), LexisNexis (U.S.), Capgemini (France), Hippo Insurance(U.S.), Lemonade Inc.(U.S.) Microsoft inc. (US). Zurich Insurance Group Ltd. (Switzerland). Berkshire Hathaway Inc.(US), Allianz (Germany), Concirrus(UK), Genpact(US) and others.
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Competitive Analysis:
Global IoT Insurance market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of IoT Insurance market for Global, Europe, North America, Asia Pacific,South America, Middle East and Africa.
Market Drivers:
- There is improvement in the insurance model as well as startups is expected to act as a driver to the market growth.
- There is rise in adoption in both developed and developing economy is also driving the market.
- There is increase in demand regarding value added services and cloud platform startups is expected to act as a driver to the market growth.
Segmentation:
By Type
- Property and Casualty (P&C) Insurance
- Health Insurance
- Life Insurance
- Others
- Warranty Insurance
- Farmers Insurance
- Cyber Insurance
- Pet Insurance
- Savings and Investments Insurance
- Pension Insurance
By Application
- Automotive and Transportation
- Connected Cars
- Fleet Management
- Insurance Telematics
- Stolen Vehicle Recovery
- Supply Chain Optimization and Inventory Management
- Logistic and Navigation
- Home and Commercial Buildings
- Connected Home
- Security and Emergency
- Proactive Loss Prevention
- Life and Health
- Patient Health Monitoring
- Connected Healthcare
- Lifestyle and Fitness Monitoring
- Business and Enterprise
- Profile Authentication and Verification
- Business-Specific Risks and Fraud Mitigation
- Workforce Management
- Consumer Electronics and Industrial Machines
- Product Based Diagnostics
- Warranty Management
- Travel
- Situational Awareness
- Agriculture
- Livestock Monitoring
- Climate Monitoring and Forecasting
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By Geography
- North America
- South America
- Europe
- Asia-Pacific
- Middle East and Africa
Key Developments in the Market:
In April 2019 Roost announced that they will be joining the IoT Insurance Observatory member group. Roost, a leader in Home Telematics for property insurance carrier. Focus of this collaboration is to consider smart home one of the most relevant opportunities to leverage the IoT data within insurance.
In sep 2018, Munich acquired Relayr. Relayr is Internet of Things (IoT) startup whose middleware platform is geared towards helping industrial companies unlock data insights from their existing machinery and production line. This acquisition will improve insurance claim of Munich Re
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
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