Market Synopsis of Internet of Things (IoT) Insurance Market
Internet of Things (IoT) Insurance offers an opportunity for insurers to partner with policyholders with a full view of the policyholder, it minimizes risk in real time and lowers the claims payouts for the insurer and provides a deep level of satisfaction to the policyholders. The Internet of Things (IoT) market and the smart city market is showing rapid growth. Thus, demand IoT insurance is increasing rapidly. Using IoT insurance, the insurers can utilize the data derived from all types of devices as well as external sources, such as weather data and provide the best level of protection possible for their policyholders.
The study indicates that internet of things insurance would help insurance companies to monetize risks and work with appliance, automobile, and other equipment manufacturers to reduce actual risk which would boost the internet of things insurance market. Adoption of internet of things insurance would create a movement towards usage-based insurance models and would likely decrease risk and reduce claim numbers.
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Internet of things (IoT) systems give large amounts of real-time data which has requires strong infrastructure offered by IoT vendors. This creates a risk of data loss and malfunctioning of the systems due to network failure which in result creates a need to follow fixed communications standards for data transmission. Apart from it, the risks associated with connected devices create privacy concerns. Thus, all these factors cease the adoption of IoT by the insurers. Internet of Things (IoT) Insurance is market is segmented on the basis of type of insurance and end-users. The type of insurance is classified into different types as Health insurance, Property and causality Insurance, Agricultural insurance, Life Insurance and others.
The global Internet of Things (IoT) Insurance market is expected to grow at USD ~9 Billion by 2022, at ~33% of CAGR between 2016 and 2022.
The prominent players in the Internet Of Things (Iot) Insurance Market are IBM Corporation (U.S.), Accenture (Ireland), Cognizant (U.S.), Oracle Corporation (U.S), Zonoff Inc. (U.S.), Capgemini (France), SAP SE (Germany), LexisNexis (U.S.), Lemonade Inc. (U.S.), Hippo Insurance (U.S.) among others.
Internet of Things (IoT) Insurance market is segmented on the basis of type and end-user.
Internet of Things (IoT) Insurance market by Type of Insurance:
- Health insurance
- Property and causality InsuranceMotor insurance
- Home insurance
- Commercial Insurance
- Agricultural insurance
- Life Insurance
Internet of Things (IoT) Insurance market by End-Users:
- Automotive &Transport
- Home and Commercial Buildings
- Consumer Electronics
The regional analysis of Internet of Things (IoT) Insurance is being studied for region such as Asia pacific, North America, Europe and Rest of the World. It has been observed that North America is dominating the Internet of Things (IoT) Insurance market owing to many factors as, presence of developed economies such as United States, Canada, high investing power, early adoption of internet of things (IoT). Apart from it, development of new technologies such as IoT, Big data and others by many organization will have positive impact on market of Internet of Things (IoT) Insurance in this region. The Asia-Pacific region is expected to show a sudden hike in the IoT insurance market owing to factors such as rising internet of things penetration and increasing number of wearables, drones and others.
Study Objective of Internet of Things (IoT) Insurance Market
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Global Internet of Things (IoT) Insurance Market
- To provide insights about factors affecting the market growth
- To analyze the Internet of Things (IoT) Insurance market based on various factors- price analysis, supply chain analysis, porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment by technology, by type and sub-segments.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Internet of Things (IoT) Insurance Market.
- Technology investors
- Key market innovators
- Hardware vendors
- Regulatory agencies
- IoT insurance providers
- IoT service providers
- Communication service providers
- Quality assurance providers
- IoT platform providers
- Third-party system integrators
- Application providers
- Research/Consultancy firms
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