Growing acceptance for IoT in insurance sector is driving the growth of the market. The health insurance sub-segment and life & health sub-segment are estimated to dominate the market. The Asia-Pacific region is projected to lead the market.
NEW YORK, July 7, 2021 /PRNewswire/ -- A latest report on the Global IoT Insurance Market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $402,990.0 million and rise with a remarkable CAGR of 54.0% from 2020 to 2027. The report presents a comprehensive lookout of the present scenario and future scope of the global industry.
COVID-19 Impact on the IoT Insurance Market Growth:
The rise of the COVID-19 pandemic in 2020 made an optimistic impact on the growth of the market. Many people have invested in insurance policies to safeguard themselves from unexpected events occurring in the situation created during the pandemic period. Using technologies such as connected devices and cloud managed services, the insurance companies are obtaining the details of customers who needed and procured insurance. All these factors are fueling the market growth in the pandemic period.
Factors Impacting the IoT Insurance Market Growth:
A considerable surge in the implementation of IoT technology and related services in the insurance sector to enhance the understanding of risks is boosting the growth of the global IoT insurance market. Furthermore, rising applications of the artificial intelligence (AI) in IoT-based insurance is anticipated to unlock profitable opportunities for the market growth during the forecast period. However, dearth of skillful professionals and high costs involved in implementing IoT are expected to impede the market growth.
The report segments the global IoT insurance market into type, application, and region.
Health Insurance Sub-Segment to Grab Leading Market Share
The health insurance sub-segment of the type segment is expected to grab leading share of the market by growing with a 53.9% CAGR in the forecast period. This growth is mostly attributed to the rising acceptance for IoT in health insurance sector for determining how a long-term insurance policy can be replaced with short-term customized solutions.
Life & Health Sub-Segment to Dominate the Market
The life & health sub-segment of the application segment is projected to dominate the market by growing with a CAGR of 55.2% in the forecast period. The growth of this sub-segment is mostly attributed to the growing importance for life and health insurance in insurance companies for safeguarding life of consumers.
Asia-Pacific Region to Observe Speedy Growth
The report analyzes the global IoT insurance market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to observe accelerated growth with a CAGR of 55.5% in the estimated period. The growth of this region market is mostly owing to the growing investments by many of companies in insurance policies and accessibility of low wage workers in this region.
The report lists some of the leading players functioning in the global IoT insurance industry including
Cisco Systems Inc.
International Business Machines Corporation
Aeris Group Ltd
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in July 2018, Bajaj Allianz General Insurance, a foremost, private general insurer, launched a new group personal accident cover for school kids. By making use of IoT technology, it tracks the bus and school kids, and thus offers real-time location via GPS and beacons inserted in the identity cards of kids. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
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