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IoT Insurance Market by Type, Application, and Geography - Global Forecast to 2022

IoT Insurance Market: Global Forecast until 2022

  • January 2017
  • 112 pages
  • ID: 4674543
In this report:
In the IoT Insurance market, the automotive and transport accounted for the largest share valued at USD ##.## million in 2015 and is expected to grow at a CAGR of ##.##%, because of the growing advancements in IoT enabled devices and data analytics for automobiles and real time access of data that can be used by the insurers to manage claims and mitigate risks.
The IoT insurance market for life and health application is expected to grow at the CAGR of ##.##% between 2016 and 2022 and market for consumer electronics and industrial machines applications is expected to grow at a CAGR of ##.##% between 2016 and 2022.

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"IoT insurance market to grow at a CAGR (Compound annual growth rate) of ~65.9 percent between 2016 and 2022"

The overall IoT insurance market is forecasted to be worth ~$42.8B by 2022, increasing at a compound annual growth rate (CAGR) of ~65.9 percent between 2016 and 2022. A main driving factor for the increase ot the market is the increasing adoption of Internet of Things for several insurance applications including health, life, automobiles, travel, and agriculture markets, among others. The IoT-enabled devices offer intelligent data for insurers to monitor and track the status and monitor data that helps insurers to manage claims and reduce risks.

"Automotive and transportation insurance application to exhibit impressive increase in the IoT insurance market during the outlook period"

Most of the automotive insurance sectors offer usage-based insurance for drivers and car owners. The IoT-based devices including in-vehicle sensors, overall positioning systems, and other on-board devices generate informative data for insurance sector. Data including speed, acceleration, and distance driven is collected by insurers and is used to accurately access premium policies and reduce frauds. On top of, the policyholders are able to get rewards for good driving behavior and improve the driving habits. Therefrom, IoT would be able to reduce the cost of premiums and strengthen customer relationships. The adoption of telematics in UBI enhances the underwriting process and speed up the insurance claim process.

"APAC area to be the quickest developing market for IoT insurance"

The IoT insurance market is anticipated to grow at the highest compound annual growth rate (CAGR) between 2016 and 2022 due to the growing industrialization and urbanization in this area. The increasing adoption of IoT devices including smartphones, drones, and Wi-Fi dongles, among others in the Asia Pacific (APAC) area has rised the industry demand for IoT insurance in the territory. The main investments in new innovations and IoT technologies in developing economies of APAC area drive the IoT insurance market.

Key players' distribution profiles:

- By Company Type: Tier 1 - 40.0 percent, Tier 2 - 35.0 percent, and 1/3 3 - 25.0 percent

- By Designation: C-suite executives - 35.0 percent, Directors - 25.0 percent, and Others - 40.0 percent

- By area: North america (NA) - 45.0 percent, APAC - 30.0 percent, Europe - 20.0 percent, and rest of the world - 5.0 percent

The top players offering different products and services in the IoT insurance market contain International Business Machines (NYSE:IBM), SAP SE (SAP), Oracle (NASDAQ:ORCL), Microsoft (NASDAQ:MSFT), Google (NASDAQ:GOOG), LexisNexis Risk Solutions, Zonoff, Incorporated, Cisco Systems (NASDAQ:CSCO), Accenture PLC, Concirus and Verisk Analytics, Incorporated. Also, the insurance companies that have implemented IoT for different applications contain AXA Insurance, American Family Insurance, American International Group, Incorporated, Allianz SE, Berkshire Hathaway Inc., and Zurich Insurance Group Ltd..

Segment Research

In this market report, different segments including insurance type, insurance applications, and area have been covered. It also considers the drivers, industry restraints, possibilities, and opportunities pertaining to the market. The industry report contributes a in-depth view of the market across five main regions: North America continent, Europe (EU), Asia-Pac, Middle East (ME) and African continent, and Latin America area. The political, economic, social, and technological factors study has been included in the study together with the description of each of its factors and their impact on the said market.

Why acquiring this study can help you:

- This business report includes statistics pertaining to the IoT insurance market based on insurance type, insurance application, and area.

- The PEST review, value chain study, and top strategies approved by the key market players have been provided for the IoT insurance market.

- Main drivers, market restraints, alternatives and, opportunities for the IoT insurance market have been provided in detail in this industry report.

- The market research includes figures of segmentation, review, and estimate for the IoT insurance market established on its segments and sub-segments.

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