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 Segmentation
The Internet of Things (IoT) Insurance market has been segmented on the basis of type of insurance and end-user. Looking through the insurance type segment it’s been observed that property and causality insurance is expected to dominate the Internet of Things (IoT) Insurance market by the forecast period. Depending on the end-user segment the Internet of Things (IoT) Insurance market consists of Automotive & Transport, Travel, Healthcare, Home and Commercial Buildings, Agriculture, Consumer Electronics and others. The study indicates that automotive and transport segment would dominate the market by the end of forecast period.
Market Research Analysis:
Regional analysis for Internet of Things (IoT) Insurance market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region would account for larger share in Internet of Things (IoT) Insurance market. It has been observed that North America region has high adoption of internet of things and higher technology developments which has resulted in the growth of Internet of Things (IoT) Insurance market. The study reveals that Asia-Pacific region is expected to have a significant growth in Internet of Things (IoT) Insurance market by the forecast period. The growing internet of things penetration and increasing number of wearables, drones and other in Asia-Pacific region is expected to give a boost to Internet of Things (IoT) Insurance market in this region. As per a recent news, South Korea a technologically advanced country in Asia-Pacific region reported that the internet of things (IoT) insurance has gained government backing. Thus, the government initiatives supporting internet of things (IoT) insurance boost the market in the Asia-Pacific region.
- 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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