Global IoT in Insurance Market to Size USD 5,368.70 Billion in 2032 | Emergen Research
Improvements in insurance model and increasing use of IoT technology to decrease premiums and risk-related expenses is driving Internet of Things (IoT) insurance market growth.
Vancouver, Nov. 07, 2023 (GLOBE NEWSWIRE) — The global Internet of Things (IoT) insurance market is expected to reach a market size of USD 5,368.70 Billion by 2032 and register a high revenue CAGR, according to latest analysis by Emergen Research. Increasing improvements in insurance model is a key factor expected to support global Internet of Things (IoT) insurance market growth during the forecast period. Increasing utilization of IoT to decrease premiums and risk-related expenses are other key factors expected to drive growth of the global Internet of Things (IoT) insurance market. Increasing cloud computing application in the insurance industry and enhanced insurance services due to introduction of IoT is expected to further boost global Internet of Things (IoT) insurance market growth during the forecast period.
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Concerns regarding safe and effective management of IoT device-generated data volumes is expected to hamper global Internet of Things (IoT) insurance market growth to a certain extent during the forecast period.
Segments Covered in the report.
|The market size in 2020||USD 16.28 Billion|
|The revenue forecast in 2032||USD 5,368.70 Billion|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD Billion, and CAGR from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Insurance Type, Application, End-Use, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, U.K., Germany, France, BENELUX, Italy, Spain, China, India, Japan, South Korea, Brazil, Saudi Arabia, South Africa, Turkey|
|Key companies profiled||Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Cisco Systems, Inc., SAP SE, Accenture PLC, Concirrus Ltd., Wipro Ltd., and Capgemini SE|
|Customization scope||10 hours of free customization and expert consultation|
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MAJOR COMPANIES and Market Share Analysis
The global Internet of Things (IoT) insurance market is fragmented, with a substantial number of large- and medium-sized players accounting for a significant share in the global market revenue. Some of the top players are:
• Google LLC
• Microsoft Corporation
• International Business Machines Corporation
• Oracle Corporation
• Cisco Systems, Inc.
• SAP SE
• Accenture PLC
• Wipro Ltd.
• Damco International AS
• Capgemini SE
In April 2020, HBF Health Ltd. introduced Oracle Health Insurance to endorse the digital transition as part of a broader initiative to streamline the systems and activities. With the inclusion of Oracle Health Insurance as a primary platform throughout the health insurance offerings, HBF plans to increase its membership and extend its offerings within Australia.
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Key Highlights in Report
- Increasing usage of wearables and fitness bands is driving revenue growth of the health insurance segment, which is expected to register a steady CAGR of 62.5% over the forecast period.
- In terms of revenue share, connected lines segment is expected to register steady growth during the forecast period due to rising need for cyber-security insurance in the manufacturing industry.
- Based on end-use, the logistics segment is expected to register significant growth during the forecast period due to rising application of IoT-enabled drones in the logistics sector to manage inventories of warehouses, hence, enabling insurers to improve security of package delivery.
- Due to rising adoption of IoT devices in the logistics industry to improve package delivery in countries in Asia Pacific, the market in the region is expected to register significant growth in terms of revenue during the forecast period.
- In June 2020, Cyber X, Inc. was acquired by Microsoft Corporation. This acquisition will help Microsoft to boost its IoT offerings in security.
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Emergen Research has segmented the global Internet of Things (IoT) insurance market on the basis of insurance type, application, end-use, and region.
- Insurance Type Outlook (Revenue, USD Billion; 2023–2032)
- Pension Insurance
- Warranty Insurance
- Cyber Insurance
- Life Insurance
- Property & Casualty Insurance
- Health Insurance
- Application Outlook (Revenue, USD Billion; 2023–2032)
- Connected Home
- Connected Car
- Connected Health
- Commercial Lines
- End-use Outlook (Revenue, USD Billion; 2023–2032)
- Regional Outlook (Revenue, USD Billion; 2023–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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