Overview of the IoT Insurance Market: Exploring Opportunities and Challenges Forecast to 2028
Market Size –
The Internet of Things (IoT) has revolutionized various industries, including the insurance sector. IoT insurance, also known as telematics insurance or connected insurance, refers to the integration of IoT devices and data analytics into insurance policies. This innovative approach allows insurers to gather real-time data and insights, enabling them to offer personalized coverage, mitigate risks, and enhance customer experience.
The IoT insurance market has witnessed significant growth in recent years, driven by the increasing adoption of IoT devices and advancements in data analytics capabilities. Insurers are leveraging IoT technology to collect data from various sources such as connected cars, smart homes, wearable devices, and industrial sensors. This data provides insurers with valuable information on policyholders' behaviors, habits, and risks, enabling them to price premiums more accurately and offer tailored coverage options.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Internet of
Key Companies Profiled in the Report are:
Research Report on the Internet of Things (IoT) Insurance Market Addresses the Following Key Questions:
Who are the dominant players of the Internet of
Which regional market is anticipated to have a high growth rate over the projected period?
What consumer trends and demands are expected to influence the operations of the market players in the Internet of
What are the key growth drivers and restraining factors of the Internet of
What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
What is the overall impact of the COVID-19 pandemic on the Internet of
To know more about Internet of
Key Highlights in Report
Increasing usage of IoT-driven devices in property & casualty insurance to mitigate insurance costs and enhance risk management are some key factors driving revenue growth of the property & casualty insurance segment, which is expected to register a significantly high CAGR of 62.7% over the forecast period.
In terms of revenue share, connected car segment is expected to lead during the forecast period due to increasing application of telematics and IoT-driven sensors in cars.
In terms of market share, the automotive segment is expected to account for the largest market share during the forecast period due to increasing adoption of IoT driven V2X-connected vehicles, which generate IoT data flow and evaluate premium costs.
Due to robust presence of international market players, including
Market Overview:
The report bifurcates the Internet of
Segments Covered in this report are:
Insurance Type Outlook (Revenue, USD Billion; 2021–2028)
Life Insurance
Others
Application Outlook (Revenue, USD Billion; 2021–2028)
Connected Home
Connected Car
Commercial Lines
Others
End-use Outlook (Revenue, USD Billion; 2021–2028)
Automotive
Retail
Industrial
Residential
Healthcare
Logistics
Others
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Regional Landscape section of the Internet of
The various regions analyzed in the report include:
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