The world is changing technological wise, development wise, innovation-wise and as a result of this internet of things is one of the most rapid technological development that is happening. Upon this, Market Research Future has published a recent report on global internet of things insurance market stating that the market is expected to achieve USD 9 billion at a pace of 33% CAGR by the year 2022.
The study by the analysts thus indicates that rapid increase in the internet of things has become prominent, which is now increasingly fragmented resulting in surges to the need for the internet of things testing. Hence, the Internet of Things (IoT) got enabled in the insurance sector as well to ensure health-related cases.
Internet of Things (IoT) Insurance enables devices to provide original data for insurers to help people with tracking health, detect abnormalities in the body, and reduce risks for policyholders. This insurance also deals with decreasing risk and reduce claim numbers as well. All these beneficial aspects of the Internet of Things insurance have tremendously propelled the Internet of Things (IoT) Insurance market to grow substantially in the years to come.
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November 2018: Seguros Equinoccial worked with IBM Global Technology Services to develop an Internet of Things (IoT) solution that includes a GPS component. The app captures and analyzes data using Watson Campaign Automation delivered through IBM Cloud, that enabled users to interact with their car to learn about their driving habits. It also includes benefits that reward good practices at the wheel.
The prominent players in the 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
In the reports of MRFR, the market of Internet of Things insurance market is segmented by type, end-user, and region.
By the mode of type insurance, the market includes health insurance, property and causality insurance, motor insurance, home insurance, commercial insurance, agricultural insurance, life insurance, and others.
By the mode of end-users, the market includes automotive & transport, healthcare, home, and commercial buildings, agriculture, consumer electronics, and others.
Regional Outlook: Internet of Things (IoT) Insurance Market
In the reports of MRFR, regionally, the market Internet of Things insurance has covered significant regions of Asia Pacific, North America, Europe, and the rest of the world.
Among them, North America has been observed the largest market share owing to the factors such as the presence of developed economies in US and Canada, early adoption of the internet of things, development of technologies has a positive impact on the Internet of Things insurance market.
The next emerging region for the market is in the Asia Pacific region where the market is expected to show a considerable hike in the IoT insurance market. The factors contributing to growth in this region owes to penetration of the internet and an increasing number of drones, wearable, and others.
- 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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