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Market Size – USD 16.28 Billion in 2020, Market Growth – at a CAGR of 62.2%, Market Trends –Increasing adoption of Internet of Things (IoT) devices
VANCOUVER, BRITISH COLUMBIA, CANADA, May 11, 2023 /EINPresswire.com/ — The Internet of Things (IoT) has revolutionized the way we interact with our devices and has made our lives easier in many ways. The IoT has also opened up new opportunities for the insurance industry, allowing insurance providers to offer more personalized and innovative insurance products to their customers.
The global Internet of Things (IoT) insurance market is expected to reach a market size of USD 775.65 Billion by 2028 and register a high revenue CAGR, according to latest analysis by Emergen Research. Increasing demand for IoT devices in the insurance industry to enhance customer experience is the key factor driving the global Internet of Things (IoT) insurance market growth during the forecast period. Besides, growing demand for value-added services is expected to propel global Internet of Things (IoT) insurance market growth during the forecast period. Furthermore, increasing adoption of Internet of Things (IoT) devices in developing and developed countries is expected to augment global Internet of Things (IoT) insurance market growth going ahead.
IoT devices such as smart homes, wearables, and connected cars are generating vast amounts of data, which can be used by insurers to offer personalized insurance policies based on individual risk profiles. For example, a driver who uses a telematics device in their car can receive a more accurate insurance premium based on their driving behavior. Similarly, a homeowner who uses smart home devices such as a connected smoke detector can receive a discount on their home insurance policy.
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Competitive Landscape:
The latest study provides an insightful analysis of the broad competitive landscape of the global Internet of Things (IoT) Insurance market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Internet of Things (IoT) Insurance market and pinpoint the fundamental growth trends.
The leading market contenders listed in the report are:
Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Cisco Systems, Inc., SAP SE, Accenture PLC, Wipro Ltd., Damco International AS, Capgemini SE
Global Internet of Things (IoT) Insurance Market Highlights:
Regional demand estimation and forecast
Product Mix Matrix
R&D Analysis
Cost-Benefit Analysis
Pre-commodity pricing volatility
Supply chain optimization analysis
Technological updates analysis
Raw Material Sourcing Strategy
Competitive Analysis
Mergers & Acquisitions
Location Quotients Analysis
Carbon Footprint Analysis
Patent Analysis
Vendor Management
Key Parameters Analyzed in This Section:
Company Profiles
Gross Revenue
Profit margins
Product sales trends
Product pricing
Industry Analysis
Sales & distribution channels
Regional Segmentation:
North America
Latin America
Europe
Middle East & Africa
Asia Pacific
Key Points Covered in This Section:
Regional contribution
Estimated revenue generation
Vital data and information about the consumption rate in all the leading regional segments
An expected rise in market share
Forecast growth in the overall consumption rate
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Key Highlights in Report
Increasing usage of IoT-driven devices in property & casualty insurance to mitigate insurance costs and enhance risk management are some key factors driving revenue growth of the property & casualty insurance segment, which is expected to register a significantly high CAGR of 62.7% over the forecast period.
In terms of revenue share, connected car segment is expected to lead during the forecast period due to increasing application of telematics and IoT-driven sensors in cars.
In terms of market share, the automotive segment is expected to account for the largest market share during the forecast period due to increasing adoption of IoT driven V2X-connected vehicles, which generate IoT data flow and evaluate premium costs.
Due to robust presence of international market players, including Microsoft Corporation, Google LLC, Oracle Corporation, and Cisco Systems, Inc., among others in countries in North America, the market in the region is expected to lead in terms of revenue share among other regional markets during the forecast period.
Market Overview:
The report bifurcates the Internet of Things (IoT) Insurance market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
Insurance Type Outlook (Revenue, USD Billion; 2021–2028)
Pension Insurance
Warranty Insurance
Cyber Insurance
Life Insurance
Property & Casualty Insurance
Health Insurance
Others
Application Outlook (Revenue, USD Billion; 2021–2028)
Connected Home
Connected Car
Connected Health
Commercial Lines
Others
End-use Outlook (Revenue, USD Billion; 2021–2028)
Automotive
Retail
Industrial
Residential
Healthcare
Logistics
Others
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Key reasons to buy the Global Internet of Things (IoT) Insurance Market report:
The latest report comprehensively studies the global Internet of Things (IoT) Insurance market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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