The global demand for IoT insurance market was valued at approximately
Some of the key players in IoT insurance market include Google, Accenture Allianz, American International Group,
This report covers forecast and analysis for the IoT insurance market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the IoT insurance market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the IoT insurance market on a global level.
Market Analysis & Insights
The IoT insurance market is predicted to be driven due to the rising adoption of IoT products globally. IoT helps in analytics of the products and hence provides more accurate data for assessment with effective pricing. The data collected by all the sources, internal and external, is used to provide maximum security and protection to the policyholders.
Moreover, the insurance sector is growing at a high pace with developing insurance models which is expected to drive the demand for this market. Further, IoT insurance customers now feel safe and secure before buying any IoT-related product. This helps in reducing the risk and premium-related costs of a company which is another factor driving the demand of this market.
However, the data collected is not secure and safety threats can restrain the growth of this market. Nevertheless, the data generated by these devices helps in enhancing the business intelligence of the insurance industry making it an opportunity for the IoT insurance market to grow.
The IoT insurance market is segmented on the basis of type, application, and region. The type segment is further segmented into health insurance, life insurance, property and casualty (P&C) insurance, and others. Property and casualty insurance holds a good amount of market share owing to the data collected by this segment. This segment is applicable in auto, large commercial property, home and contents, and casualty insurance. A lot of data is generated which is used to analyze and make it beneficial for both the insurance company as well as policyholders. The growing use of wearables which are IoT enabled is also a reason for this segment to grow. These wearable's help in generating data and availing discounts to its customers.
Based on application, the IoT market is segmented into agriculture, automotive and transportation, business and enterprise, consumer electronics and industrial machines, home and commercial buildings, life and health, travel, and others. Consumer electronics holds the maximum market share in this segment owing to the maximum use of IoT in these devices. These electronic devices use sensors which can be insured and hence attracts more customers. This helps build trust between the product and the customers. The sensors installed constantly sends information in the form of data which is gathered and monitored by the insurance company to grow their business.
For more information about this report visit https://www.researchandmarkets.com/r/r12o27
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