– Rise in adoption of IoT in developed and developing economies and increase in demand for cloud platform drive the growth of the global IoT insurance market.
PORTLAND, Ore., May 5, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “IoT Insurance Market By Component (Solution and Service), Insurance Type (Life & Health Insurance, Property and Casualty (P&C) Insurance, and Others) and Application (Automotive, Transportation & Logistics, Life & Health, Commercial & Residential Buildings, Business & Enterprise, Agriculture and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global IoT insurance industry was estimated at $8.63 billion in 2019, and is expected to hit $304.31 billion by 2027, registering a CAGR of 57.1% from 2019 to 2027.
Drivers, restraints, and opportunities-
Rise in adoption of IoT in developed and developing economies, increase in demand for cloud platform and other value-added services in the insurance industry, and surge in investment in IoT by insurance companies drive the growth of the global IoT insurance market. On the other hand, security and privacy issues and lack of knowledge among workers impede the growth to some extent. However, upsurge in need of insurance for various IoT enabled applications is expected to pave the way for lucrative opportunities for the key players in the industry.
Download Report Sample (266+ Pages PDF with Insights) @ https://www.alliedmarketresearch.com/request-sample/10149
The outbreak of the pandemic led to rise in adoption of digital technology among insurance provider companies to receive client information for claim management. This, in turn, has impacted the global IoT insurance market positively.
This drift is likely to continue post pandemic as well, since most insurance provider companies have been adopting IoT technology to delivers usage-based-insurance services.
The solution segment to retain its dominance by 2027-
Based on component, the solution segment contributed to around two-thirds of the global IoT insurance market share in 2019, and is expected to rule the roost by the end of 2027. This is due to the fact that various insurance companies started adopting several new technologies, such as machine learning and predictive analytics for increasing the capabilities of claim management process. The service segment, on the other hand, would also register the fastest CAGR of 58.9% throughout the forecast period, owing to increase in use of IoT solutions in insurance sector and rise in need for IoT technology services
Get detailed COVID-19 impact analysis on the IoT Insurance Market: https://www.alliedmarketresearch.com/request-for-customization/10149?reqfor=covid
The property & casualty insurance segment to rule the roost-
Based on insurance type, the property & casualty insurance segment accounted for more than two-thirds of the global IoT insurance market revenue in 2019, and is anticipated to lead the trail by 2027, owing to increase in adoption of smart home across the world. Simultaneously, the life & health insurance segment would grow at the fastest CAGR of 58.6% from 2019 to 2027. Increase in need of data generated from fitness trackers, smartphones and smartwatches among the insurance companies for calculating and estimating the premium of policies drive the segment growth.
North America had the major share in 2019-
Based on region, North America had the major share in 2019, garnering nearly two-fifths of the global IoT insurance market. This is due to presence of large number of insurance companies in the U.S. and Canada and availability of high speed internet connection across the province. Simultaneously, the market across Asia-Pacific would register the fastest CAGR of 59.8% by 2027. This is due to increase in adoption of connected medical devices like wearables and fitness trackers among individuals in this region.
For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/10149
Frontrunners in the industry-
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Boiler Insurance Market by Boiler Type (Fire-Tube and Water-Tube), End User (Chemicals, Refineries, Metal & Mining, Food& Beverages and Others), Boiler Fuel (Natural Gas, Coal, Oil and Others) and Coverage Type (Boiler Cover, Boiler & Central Heating Cover and Boiler, Central Heating, Plumbing & Wiring Cover): Global Opportunity Analysis and Industry Forecast, 2020–2027
Usage-Based Insurance Market by Policy Type [Pay-As-You-Drive Insurance (PAYD), Pay-How-You-Drive Insurance (PHYD), and Manage-How-You-Drive Insurance (MHYD)], Technology (OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Programs, and Black-Box-Based UBI Programs), Vehicle Age (New Vehicles and Used Vehicles), Vehicle Type (Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV)): Global Opportunity Analysis and Industry Forecast, 2020–2027
Dental Insurance Market by Coverage (Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), Dental Indemnity Plans, and Others), Procedure Type (Major, Basic, and Preventive), Demographics (Senior Citizens, Adults, and Minors), and End User (Individuals and Corporates): Global Opportunity Analysis and Industry Forecast, 2020–2027
Crop Insurance Market by Coverage (Multi-peril Crop Insurance [MPCI] and Crop-hail Insurance) and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Other): Global Opportunity Analysis and Industry Forecast, 2020–2027
Health Insurance Market by Provider (Private Providers and Public Providers), Insurance Type (Diseases Insurance, Medical Insurance, and Income Protection Insurance), Coverage Type (Lifetime Coverage and Term Coverage), Demographics (Minors, Adults, and Senior Citizen), and Network (Preferred Provider Organizations (PPOs), Point of Services (POS), Health Maintenance Organization (HMOs), and Exclusive Provider Organizations (EPOs)): Global Opportunity Analysis and Industry Forecast, 2019–2026
Travel Insurance Market ByInsurance Cover (SingleTrip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027
Auto Insurance Market by Coverage (Third Party Liability Coverage, and Collision/Comprehensive/Other Optional Coverages) Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, and Others), Vehicle Age (New Vehicles, Used Vehicles), and Application (Personal, Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2027
Prebook these Upcoming Reports:
Property Insurance Market: Global Opportunity Analysis and Industry Forecast, 2019–2026
Motor Insurance Market: Global Opportunity Analysis and Industry Forecast, 2020-2027
Burial Insurance Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on: LinkedIn Twitter
SOURCE Allied Market Research