Market Insights
The 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 Covid-19 Impact on 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.
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Key Players
The 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.
Internet of Things (IoT) Insurance Market Segmentation
The Internet of Things (IoT) insurance market is segmented on the basis of type, region, and end-user. Based on the type of insurance, the Internet of Things (IoT) insurance market is segmented into health insurance, property and causality insurance motor insurance, home insurance, commercial insurance, agricultural insurance, life insurance, and others. Based on the end-users, the Internet of Things (IoT) insurance market is segmented into automotive &transport, healthcare, home and commercial buildings, consumer electronics, agriculture, and others. On the basis of regions, the Internet of Things (IoT) insurance market is segmented into Asia Pacific, North America, Europe and other regions in the world.
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Regional Outlook: Internet of Things (IoT) Insurance Market
The regional inspection of the Internet of Things (IoT) Insurance market is being studied for regions such as Asia Pacific, North America, Europe and other regions in the world. It has been observed that the North American region is controlling the Internet of Things (IoT) Insurance market due to numerous factors as the incidence of advanced economies such as Canada and the United States, elevated investing power, prompt adoption of internet of things (IoT). Apart from these factors, the development of novel technologies such as big data, IoT, and others by numerous organizations will have an optimistic influence on the market of Internet of Things (IoT) Insurance in this region. The Asia Pacific region is likely to exhibit an unexpected increase in the IoT insurance market due to factors such as increasing the internet of things penetration and a growing number of drones, wearables, and others.
Industry Updates:
May 2019 BlackBuck, an online marketplace for trucking, recently raised USD150 million in a funding round led by Goldman Sachs Investment Partners and Silicon Valley-based Accel. It also enables services around trucking by offering tyres, fleet cards, IoT (Internet of Things), insurance and working capital credit to truck drivers.
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