IOT is nothing but web of connected devices, machine, people and organizations that can interact with one another. With The growing GDPs of many countries across the world has favored the growth of IOT insurance segment. With the raise in per capita income of middle class and rising income group employees the IOT insurance is gaining much of the attention of many companies associating to it. The IOT has made the insurance sector to change its way of thinking and doing business. With the help of IOT enabled product it can now give real time assessment of data, useful and important data for insurers to help track the health, discover any threats relating to health and reduce the risk of policyholders, with all these available data the relationship between the policyholders and insurers will increase. With the help of IOT on board products the insurance companies will now give accurate GPS, distance driven and speed, acceleration and everything with a click of a button for correct premium policies and stop any malpractices.
How Big is the Global IoT Insurance Market?
The IOT Insurance Market is expected to be around US$ 525 Billion by 2027 at a CAGR of 65.5% in the given forecast period.
The major driving factors of IoT Insurance Market are as follows:
The restraining factors of IoT Insurance Market are as follows:
The IoT Insurance Market is segmented on the lines of its insurance application, insurance type and regional. Based on insurance application segmentation it covers automotive and transportation, home and commercial buildings, life and health, business and enterprise, consumer electronics and industrial machines, travel, agriculture. Based on insurance type segmentation it covers property and casualty (P&C) insurance, health insurance, life insurance, others. The IoT Insurance Market on geographic segmentation covers various regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each geographic market is further segmented to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, India, Brazil, and GCC countries.
This report provides:
1) An overview of the global market for IoT Insurance Market and related technologies.
2) Analyses of global market trends, with data from 2019, estimates for 2020 and 2021, and projections of compound annual growth rates (CAGRs) through 2027.
3) Identifications of new market opportunities and targeted promotional plans for IoT Insurance Market.
4) Discussion of research and development, and the demand for new products and new applications.
5) Comprehensive company profiles of major players in the industry.
REPORT SCOPE:
The scope of the report includes a detailed study of global and regional markets on IoT Insurance Market with the reasons given for variations in the growth of the industry in certain regions.
The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global market. Key players profiled in the report include IoT insurance ecosystems comprises OEMs such as Google Inc. (U.S.), and Lemonade Inc. (U.S.) among others; the system manufacturers, software providers, and connectivity providers includes SAP SE (Germany), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Oracle Corporation (U.S), Zonoff Inc. (U.S.), and Accenture PLC (Ireland); service providers include LexisNexis (U.S.), IBM Corporation (U.S.), SAP SE (Germany) and others. The end users are the insurance companies such as AXA Insurance (France), American International Group, Inc. (U.S.), and Allianz SE (Germany), American Family Insurance (U.S.), among others. Company profile includes assign such as company summary, financial summary, business strategy and planning, SWOT analysis and current developments.
The Top Companies Report is intended to provide our buyers with a snapshot of the industry’s most influential players.
The IoT Insurance Market has been segmented as below: (Accordingly)
By Insurance Application Analysis:
By Insurance Type Analysis:
Reasons to Buy this Report:
1) Obtain the most up to date information available on all IoT Insurance Market.
2) Identify growth segments and opportunities in the industry.
3) Facilitate decision making on the basis of strong historic and forecast of IoT Insurance Market data.
4) Assess your competitor’s refining portfolio and its evolution.
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1 INTRODUCTION
1.1 Key Take Aways
1.2 Report Description
1.3 Markets Covered
1.4 Stakeholders
1.5 Research Methodology
1.5.1 Market Size
1.5.2 Market Share
1.5.3 Key Data Points From Secondary Sources
1.5.4 Key Data Points From Primary Sources
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions
2.4.1 Assumptions
3 Executive Summary
4 Market Overview
4.1 Introduction
4.2 Market Segmentation
4.2.1 IoT Insurance Market, By Insurance Type
4.2.2 Market, By Insurance Application
4.2.3 Market, By Geography
4.3 Market Dynamics
4.3.1 Drivers
4.3.1.1 Growing Adoption of Internet of Things (IoT) Products in Developed and Developing Economies
4.3.1.2 Growing Demand of Cloud Platform and Other Value Added Services in Insurance Industry
4.3.1.3 Reduction in Premium and Risk Related Costs
4.3.1.4 IoT Enabled Devices Improves the Insurance Services
4.3.2 Restraints
4.3.2.1 Communication Standards and Data Privacy Concerns
4.3.3 Opportunities
4.3.3.1 Increasing Need of Insurance for Various IoT Enabled Applications Such as Automobiles, Healthcare, Life, Home and Commercial Setors
4.3.3.2 New Developments in the Insurance Models
4.3.3.3 Data Generated From IoT Improves Business Intelligence in the Insurance Industry
4.3.3.4 Increasing Investments in IoT Insurance Startups
4.3.4 Challenges
4.3.4.1 Problem Posed By Legacy Systems, and Lack in Customer Engagement, Awareness, Skills, and Procurement Policies
4.4 Regulatory Implications
5 Industry Trends
5.1 Introduction
5.2 Value Chain Analysis
5.3 Industry Trends
5.3.1 New Revenue Streams and Product Opportunities
5.3.1.1 Strategic Planning Initiatives
5.3.1.2 Building Strong Relation Between Policyholder and Insurer
5.3.1.3 Risk Modules That Moves From Reactive Compensation to Proactive Protection
5.3.2 Technological Innovations
5.4 Pest Analysis
5.4.1 Political Factors
5.4.2 Economic Factors
5.4.3 Social Factors
5.4.4 Technological Factors
6 IoT Insurance Market, By Insurance Type
6.1 Introduction
6.2 Property and Casualty (P&C) Insurance
6.2.1 IoT in Property and Casualty (P&C) Insurance: Case Study
6.3 Health Insurance
6.3.1 IoT in Health Insurance: Case Study
6.4 Life Insurance
6.4.1 IoT in Life Insurance: Case Study
6.5 Others
6.5.1 Warranty Insurance
6.5.2 Farmers Insurance
6.5.3 Cyber Insurance
6.5.4 Pet Insurance
6.5.5 Savings and Investments Insurance
6.5.6 Pension Insurance
7 IoT Insurance Market, By Insurance Application
7.1 Introduction
7.2 Automotive and Transportation
7.2.1 Connected Cars
7.2.2 Fleet Management
7.2.3 Insurance Telematics
7.2.4 Stolen Vehicle Recovery
7.2.5 Supply Chain Optimization and Inventory Management
7.2.6 Logistic and Navigation
7.3 Home and Commercial Buildings
7.3.1 Connected Home
7.3.2 Security and Emergency
7.3.3 Proactive Loss Prevention
7.4 Life and Health
7.4.1 Patient Health Monitoring
7.4.2 Connected Healthcare
7.4.3 Lifestyle and Fitness Monitoring
7.5 Business and Enterprise
7.5.1 Profile Authentication and Verification
7.5.2 Business-Specific Risks and Fraud Mitigation
7.5.3 Workforce Management
7.6 Consumer Electronics and Industrial Machines
7.6.1 Product Based Diagnostics
7.6.2 Warranty Management
7.7 Travel
7.7.1 Situational Awareness
7.8 Agriculture
7.8.1 Livestock Monitoring
7.8.2 Climate Monitoring and Forecasting
8 IoT Insurance Market, By Geography
8.1 Introduction
8.2 North America
8.3 Europe
8.4 Asia Pacific
8.5 Rest of the World (RoW)
9 Competitive Landscape
9.1 Introduction
9.2 Ranking of Top 5 Players in the Market
9.3 Competitive Analysis
9.4 Recent Developments
9.4.1 New Product Launches & Developments: IoT Insurance Market
9.4.2 Partnerships, Collaboration & Joint Ventures: IoT Insurance Market
9.4.3 Mergers & Acquisition: IoT Insurance Market
9.4.4 Others
10 Company Profile
10.1 Introduction
10.2 SAP SE
10.3 Zonoff, Inc.
10.4 Oracle Corporation
10.5 Google Inc.
10.6 Microsoft Corporation
10.7 Lexisnexis
10.8 Accenture PLC
10.9 Verisk Analytics, Inc.
10.10 Concirrus
10.11 Cisco Systems Inc.
10.12 International Business Machines Corporation
The IoT Insurance Market has been segmented as below: (Accordingly)
By Insurance Application Analysis:
By Insurance Type Analysis:
By Regional Analysis
