Market Highlights
Emergence of the internet of things (IoT) has led to a proliferation of digitization in a variety of sectors. Adoption of internet of things (IoT) in the insurance industry could redesign the entire business and operational landscape for the same. Usage of interconnected devices to collect and analyze real-time data by insurance companies is known as internet of things (IoT) insurance. It offers lucrative opportunities to insurers to partner with policyholders, minimizing risk in real time and lowering claim payouts, while enhancing deeper customer satisfaction.
The internet of things (IoT) insurance is prognosticated to register a staggering 33% CAGR during the assessment period. The internet of things insurance is deemed to help insurance companies with monetization of risks and work with manufacturers from various sectors to reduce risks. According to the study, this would boost the global internet of things insurance market.
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Segmental Analysis
The internet of things (IoT) insurance market has been segmented on the basis of type and end-user. On the basis of type, the market is segmented into health insurance, property & casualty insurance, motor insurance, home insurance, commercial insurance, agricultural insurance, and life insurance. The segment of property & casualty insurance is deemed to lead the internet of things (IoT) insurance market during the review period. On the basis of end-user, the internet of things (IoT) insurance market has been segmented into automotive & transport, healthcare, home and commercial buildings, agriculture and consumer electronics. By the end of the forecast period, the automotive & transport segment is anticipated to dominate the market.
Detailed Regional Analysis
The internet of things (IoT) insurance market has been studied based on different regional segments. The market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). According to the report, North America is estimated to be the frontrunner in the internet of things (IoT) insurance market during the forecast period. Such domination can be attributed to factors such as presence of developed economies such as the U.S. and Canada in the region, high investing power, and early adoption of IoT. Additionally, the region also boasts advanced infrastructural developments to aid seamless application of internet of things (IoT) insurance solutions. Apart from that, development of new technologies such as big data, internet of things (IoT), cloud computing and real time data analytics are driving major growth to the internet of things (IoT) insurance market in the region. Asia Pacific is deemed to experience proliferated growth during the assessment period. Such drastic growth can be accredited to a rising penetration of the internet of things and increasing number of wearables and drones.
Competitive Landscape
Internet of things (IoT) systems provide stacks of real time data that can be then analyzed to derive conclusive trends. However, this requires tremendous infrastructural support. Lack of such infrastructural development in emerging economies around the world is deemed to hinder the global internet of things (IoT) insurance market growth. Further, lack of awareness regarding internet of things (IoT) among developing economies, intensified risk of data loss and malfunctioning of systems, threats towards data security and privacy are some factors that are hampering the growth of the internet of things (IoT) insurance market.
Key Players
Some of the prominent players in the internet of things (IoT) insurance market include 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.), and Hippo Insurance (U.S.).
Industry Update
March 2019: Institute of Technology, Carlow announced Innovative Insurtech Centre which will enable insurance innovation, develop insurance sector talent, and add significantly to Ireland's attractiveness for foreign direct investment in the insurance and insurtech space.
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