The IoT Insurance by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IoT Insurance , The iot insurance market size has grown exponentially in recent years. It will grow from $65.55 billion in 2023 to $101.64 billion in 2024 at a compound annual growth rate (CAGR) of 55.0%. The growth in the historic period can be attributed to risk prevention and mitigation, enhanced customer engagement, home automation devices, health and wearable devices, smart property devices, cybersecurity concerns..
The iot insurance market size is expected to see exponential growth in the next few years. It will grow to $612.55 billion in 2028 at a compound annual growth rate (CAGR) of 56.7%. The growth in the forecast period can be attributed to regulatory support, emergence of insurtech startups, smart city initiatives, customized premiums, climate and environmental monitoring.. Major trends in the forecast period include integration of connected devices, telematics in auto insurance, smart home and property insurance, cyber insurance with iot security, blockchain for data security, data analytics and predictive modeling..
Growing usage of the Internet of Things (IoT) is significantly contributing to the growth of the IoT insurance market going forward. The Internet of Things (IoT) refers to a network of physical items having sensors, software, and other technologies installed with the purpose of connecting and exchanging information with other hardware and software over the internet. IoT technology solutions help insurance companies determine risks more precisely and establish better customer relationships. For instance, according to a 2022 report from Fieldforce Inc., a US-based software development and network platform company, IoT adoption had a year-on-year growth of 61% from 2020 to 2021. Therefore, growing usage of the Internet of Things (IoT) will drive the IoT insurance market.
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The iot insurance market covered in this report is segmented –
1) IoT Insurance Market By Component: Solution, Service
2) IoT Insurance Market By Insurance Type: Life And Health Insurance, Property And Casualty Insurance, Other Insurance Types
3) IoT Insurance Market By Application: Automotive Transportation And Logistics, Life And Health, Commercial And Residential Buildings, Business And Enterprise, Agriculture, Other Applications
Technological advancement is the key trend gaining popularity in the IoT insurance market. Major companies operating in the IoT insurance market are focusing on developing new technologies to advance IoT applications in the insurance sector. For instance, in December 2022, ARMD, a UK-based InsureTech company that uses technology to provide insurance to tradespeople, launched a new Smart Van Alarm and Tracker, an IoT technology that improves tradespeople's protection, provides insurers with better underwriting data, and decreases bogus claims. The ARMD app is used to control the IoT device, which is self-installed and does not require any technical expertise. As a result, tool inventory, security, insurance, and van location are all centralized. This greatly speeds up claim payments from many weeks to a few days and simplifies the entire procedure for craftsmen and insurers. In the event of a break-in, customers are now immediately contacted. The gadget also functions as a car tracker, providing crucial information for claim and underwriting purposes.
The iot insurance market report table of contents includes:
1. Executive Summary
2. IoT Insurance Market Characteristics
3. IoT Insurance Market Trends And Strategies
4. IoT Insurance Market - Macro Economic Scenario
5. Global IoT Insurance Market Size and Growth
.....
31. Global IoT Insurance Market Competitive Benchmarking
32. Global IoT Insurance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IoT Insurance Market
34. IoT Insurance Market Future Outlook and Potential Analysis
35. Appendix
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Market InsightsThe 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 (IoT) 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.Key PlayersThe 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.Get More Details of Report @ https://www.abnewswire.com/pressreleases/covid19-impact-on-iot-insurance-market-2020-global-size-share-opportunities-historical-analysis-competitive-landscape-and-industry-segments-poised-for-rapid-growth-by-2022_488125.htmlSegments: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.Market Research Analysis: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.Get complete Report @ https://www.marketresearchfuture.com/reports/internet-of-things-iot-insurance-market-2700TABLE OF CONTENTS1 Market Introduction1.1 Introduction1.2 Scope Of Study1.2.1 Research Objective1.2.2 Assumptions1.2.3 Limitations1.3 Market Structure2 Research Methodology2.1 Research Network Solution2.2 Primary Research2.3 Secondary Research2.4 Forecast Model2.4.1 Market Data Collection, Analysis & Forecast2.4.2 Market Size Estimation3 Market Dynamics3.1 Introduction3.2 Market Drivers3.3 Market Challenges3.4 Market Opportunities3.5 Market Restraints4 Executive SummaryMarket Factor Analysis5.1 Porter’s Five Forces Analysis5.2 Supply Chain AnalysisContinued…Get New Updates @ https://www.linkedin.com/company/ict-mrfrAbout Us:At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.Media Contact:Market Research FutureOffice No.
As per the internet of things (IoT) insurance market research report, the global market for internet of things (IoT) insurance is anticipated to grow rapidly by US$9 Billion by 2022.
The internet of things (IoT) insurance market research report provides an in-depth analysis of the global internet of things (IoT) insurance market and its type and end-user segments.
The internet of things (IoT) insurance market research report by expert analysts is intended to help companies in the internet of things (IoT) insurance market.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/2700 Competitive OutlookTalkpool AB sells the Nordic IoT Networks AB (NIOT) to Netmore Group AB.
Working with the Networks Group, Talkpool AB guarantees that a national IoT network allows large-scale deployment for consumers in the insurance and property industry of new technologies relating to moisture, water damage and radon.
On the basis of type, the market for internet of things (IoT) insurance is segmented based on agricultural insurance, life insurance, property and casualty insurance, health insurance.
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