IoT Insurance Market To Witness Steady Growth During The Forecast Period 2020-2027
The Global IoT Insurance Market is projected to reach a value of over USD 229.5 billion by 2027 at a CAGR of around 59.4%.
The Internet of Things (IoT) is a concept of connecting devices to the internet in the system to increase the control, access, and collection of the data. The IoT is an essential and growing resource for the insurance industry. Moreover, IoT allows the devices to help insurer provide data, which can be used to manage data, reduce risk and to identify the frauds. Furthermore, it provides a new approach that is based on the buyer of sensors to monitor the state of an insured risk and transforming the unused data with the insurance value chain.
IOT INSURANCE MARKET: Drivers & CHALLENGES
Market Driver:
Advancement in IoT Technology
With the advancement in IoT technology helps to improve the efficiency at a higher level of management, overall profitability of the business and to reduce the risk. Also, IoT allows insurers to move faster and make systematic data. Through IoT, insurers get a better connection with the customer as well as get an easy acquisition and claims. Furthermore, the Internet of Things advance can be realized for the overall products and lines of business from commercial to life, property and casualty and health.
Hence, advancement in IoT technology is expected to surge the IoT insurance market during the forecast period.
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Increasing Demand for Cloud
The increasing demand for the cloud on the Internet of Things which helps to collects and analyzes the data results to rise the market growth. Also, it provides a full context view of the policy and its performance which includes location, traffic, and overall growth. Moreover, it benefits the insurer such as reduce the expense cost, customer satisfaction and improve the process automation of the business. Furthermore, IBM Corporation offers IoT for insurance solution that provide IBM Bluemix which is a cloud platform service to enhanced end-to-end results services.
Therefore, increasing demand for cloud is expected to drive the IoT insurance market during the forecast period.
Market Challenges:
Data Security and Fraud Issues
Increasing use of IoT leads to present several risks and security issuer for the market. The huge number of data that is transferred between the insurance company creates a risky factor and cybercrime. Also, the data transferred within the system to the system is anticipated to increase the risk and fraud to the market. Moreover, the new IoT products generate will enhance the new type of application and fraud to the devices. As a result, the IoT market needs to invest more in data security for fraud protection.
Hence, data security and fraud issues may hamper the growth of the IoT insurance market.
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IoT Insurance Market: Key segments
- Based on Solution Type: Customer Centricity, Product Agility, Business Networks, Profit and Risk Control and Finance, Investments, and Compliance.
- Based on Type: Home Insurance, Life Insurance, Health Insurance, Travel Insurance, and Others.
- Based on Application: Business and Enterprise, Travel, Automotive and Transportation, Healthcare, Consumer Electronics, and Industrial Machines, Agriculture and Others.
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis
IoT Insurance Market: Report Scope
The report on the IoT insurance market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
List of the leading companies operating in the IoT Insurance Market include:
- IBM Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- SAP SE
- Oracle
- Microsoft
- Google LLC
- Accenture
- Cisco Systems, Inc.
- Verisk Analytics, Inc.
- Concirrus
- Other Key Companies
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IoT Insurance Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
IoT Insurance Market, by Solution
- Customer Centricity
- Training
- Sales Analytics
- Product Agility
- Billing and Payments
- Automated Monitoring
- Claims Notification
- Business Networks
- Invoice and Payables Management
- Supplier Management
- Profit and Risk Control
- Payment Communication
- Financial Management
- Finance, Investments, and Compliance
- Monitoring
- Reporting
IoT Insurance Market, by Type
- Home Insurance
- Life Insurance
- Health Insurance
- Travel Insurance
- Others
IoT Insurance Market, by Application
- Business and Enterprise
- Travel
- Automotive and Transportation
- Healthcare
- Consumer Electronics and Industrial Machines
- Agriculture
- Others
IoT Insurance Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the prominent developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and on the market competitor in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What is the prominent condition that will affect market growth worldwide during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
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