Product Code: GVR-4-68040-245-7
IoT Insurance Market Growth & Trends:
The global IoT insurance market size is anticipated to reach USD 91.75 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 29.7% from 2024 to 2030. The Internet of Things (IoT) insurance sector is witnessing growth due to the application of cutting-edge technologies such as telematics, data analytics, and predictive modeling. The usage of telematics technology is mostly to blame for the quick growth of this sector. Telematics, which combines informatics and telecommunications, collects and transmits real-time data from automobile sensors and communication equipment. In the insurance business, usage-based insurance (UBI), where rates are based on actual driving behavior, is made possible by this technology.
One of the main reasons driving the market's expansion is the growing emphasis on risk mitigation using data analytics. Insurance companies may use the abundance of data generated by IoT devices, such as wearable fitness trackers, connected cars, and smart home sensors, to efficiently evaluate and manage risks. By gathering and evaluating real-time data from these devices, insurance companies can gain more insights into their customers' behavior, driving patterns, and lifestyle decisions.
The emergence of telematics technology is impacting the expansion of IoT insurance, especially in the vehicle insurance market. Telematics devices gather information on driving habits and vehicle performance; they are frequently mounted in cars. Insurance companies receive this data, which enables them to evaluate risk and respond to policyholders. Furthermore, telematics may track variables such as acceleration patterns, hard braking, and speeding, which aids insurers in identifying high-risk driving habits. Telematics can also be utilized to provide essential details on the events leading up to an accident if it occurs.
IoT Insurance Market Report Highlights:
- Based on component, the solution segment accounted for the largest revenue share of 67.2% in 2023 and is expected to retain its position over the forecast period. This can be attributed to insurers' increasing demand for data-oriented insights to offer new services to their customers.
- The life & health insurance dominated the insurance type segment in 2023. Wearables and connected health devices gather real-time data on policyholders' vital signs, fitness levels, and health habits, driving market demand among auto insurers to set insurance premiums.
- Based on end-use, the automotive and transportation segment led the market with the largest revenue share in 2023. The widespread usage of insurance services makes fleet management more accessible in the automotive and transportation industries.
- In July 2022, SAP and NTT DATA introduced Co-Innovation Solution Connected, an innovative product that focuses on monitoring and managing the transportation of delicate and sensitive goods. This system ensures real-time, comprehensive tracking of shipment conditions, enabling it to handle various factors impacting the transport. It can automatically initiate and procure insurance if the goods are not transported under specified and acceptable conditions. Utilizing SAP Business Network for Logistics enhances the accountability of all involved parties and streamlines the insurance management process.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Segment Definitions
- 1.2.1. Component
- 1.2.2. Insurance Type
- 1.2.3. End-use Industry
- 1.2.4. Regional scope
- 1.2.5. Estimates and forecasts timeline
- 1.3. Research Methodology
- 1.4. Information Procurement
- 1.4.1. Information Procurement
- 1.4.2. Information or Data Analysis
- 1.4.3. Market Formulation & Data Visualization
- 1.4.4. Data Validation & Publishing
- 1.5. Research Scope and Assumptions
- 1.5.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Component outlook
- 2.2.2. Insurance type outlook
- 2.2.3. End-use industry outlook
- 2.3. Competitive Insights
Chapter 3. IoT Insurance Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. Market Dynamics
- 3.2.1. Market driver analysis
- 3.2.1.1. Growth of insurance sector in parallel with innovative insurance models
- 3.2.1.2. Growing usage of IoT to reduce the premium and risk-related costs
- 3.2.1.3. Surge in investment in IoT by insurance companies
- 3.2.2. Market restraint analysis
- 3.2.2.1. High risk for privacy from the collected data
- 3.2.2.2. Lack of knowledge among workers
- 3.2.3. Market opportunity analysis
- 3.2.3.1. Surge in need of insurance for various IoT-enabled applications
- 3.3. IoT Insurance Market Analysis Tools
- 3.3.1. Vertical Analysis - Porter's
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic landscape
- 3.3.2.3. Social landscape
- 3.3.2.4. Technological landscape
- 3.3.2.5. Environmental landscape
- 3.3.2.6. Legal landscape
Chapter 4. IoT Insurance Market: Component Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. IoT Insurance Market by Component Outlook
- 4.2.1. Solution
- 4.2.1.1. Solution market estimates and forecasts 2017 to 2030 (USD Million)
- 4.2.2. Services
- 4.2.2.1. Services market estimates and forecasts 2017 to 2030 (USD Million)
Chapter 5. IoT Insurance Market: Insurance Type Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. IoT Insurance Market: Insurance Type Movement Analysis, USD Million, 2023 & 2030
- 5.2.1. Life and Health Insurance
- 5.2.1.1. Life and health insurance market estimates and forecasts 2017 to 2030 (USD Million)
- 5.2.2. Property and Causality Insurance
- 5.2.2.1. Property and causality insurance market estimates and forecasts 2017 to 2030 (USD Million)
- 5.2.3. Others
- 5.2.3.1. Others market estimates and forecasts 2017 to 2030 (USD Million)
Chapter 6. IoT Insurance Market: End-use Industry Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. IoT Insurance Market: End-use Industry Movement Analysis, USD Million, 2023 & 2030
- 6.2.1. Automotive and Transportation
- 6.2.1.1. Automotive and transportation market estimates and forecasts 2017 to 2030 (USD Million)
- 6.2.2. Healthcare
- 6.2.2.1. Healthcare market estimates and forecasts 2017 to 2030 (USD Million)
- 6.2.3. Agricultural
- 6.2.3.1. Agricultural Market Estimates and forecasts 2017 to 2030 (USD Million)
- 6.2.4. Retail and Commercial
- 6.2.4.1. Retail and commercial market estimates and forecasts 2017 to 2030 (USD Million)
- 6.2.5. Others
- 6.2.5.1. Others market estimates and forecasts 2017 to 2030 (USD Million)
Chapter 7. IoT Insurance Market: Regional Estimates & Trend Analysis
- 7.1. IoT Insurance Market Share, By Region, 2023 & 2030 USD Million
- 7.2. North America
- 7.2.1. North America IoT insurance market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.2.2. U.S.
- 7.2.2.1. U.S. IoT insurance market estimates and forecasts 2017 to 2030 (USD Million)
- 7.2.3. Canada
- 7.2.3.1. Canada IoT insurance market estimates and forecasts 2017 to 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Europe IoT insurance market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.2. UK
- 7.3.2.1. UK IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.3.3. Germany
- 7.3.3.1. Germany IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.3.4. France
- 7.3.4.1. France IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific IoT insurance market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.2. Japan
- 7.4.2.1. Japan IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4.3. China
- 7.4.3.1. China IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4.4. India
- 7.4.4.1. India IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4.5. Japan
- 7.4.5.1. Japan IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4.6. Australia
- 7.4.6.1. Australia IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4.7. South Korea
- 7.4.7.1. South Korea IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.5. Latin America
- 7.5.1. Latin America IoT insurance market estimates and forecasts, 2018 to 2030 (USD Billion)
- 7.5.2. Brazil
- 7.5.2.1. Brazil IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.5.3. Mexico
- 7.5.3.1. Mexico IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.6. MEA
- 7.6.1. MEA IoT insurance market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6.2. South Africa
- 7.6.2.1. South Africa IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.6.3. Saudi Arabia
- 7.6.3.1. Saudi Arabia IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
- 7.6.4. UAE
- 7.6.4.1. UAE IoT insurance market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Market Positioning
- 8.4. Company Heat Map Analysis
- 8.5. Strategy Mapping
- 8.5.1. Expansion
- 8.5.2. Mergers & Acquisition
- 8.5.3. Partnerships & Collaborations
- 8.5.4. New Product Launches
- 8.5.5. Research And Development
- 8.6. Company Profiles
- 8.6.1. Oracle Corporation
- 8.6.1.1. Company overview
- 8.6.1.2. Financial performance
- 8.6.1.3. Product benchmarking
- 8.6.1.4. Strategic initiatives
- 8.6.2. SAP SE
- 8.6.2.1. Company overview
- 8.6.2.2. Financial performance
- 8.6.2.3. Product benchmarking
- 8.6.2.4. Strategic initiatives
- 8.6.3. IBM Corporation
- 8.6.3.1. Company overview
- 8.6.3.2. Financial performance
- 8.6.3.3. Product benchmarking
- 8.6.3.4. Strategic initiatives
- 8.6.4. Microsoft Corporation
- 8.6.4.1. Company overview
- 8.6.4.2. Financial performance
- 8.6.4.3. Product benchmarking
- 8.6.4.4. Strategic initiatives
- 8.6.5. Intel Corporation
- 8.6.5.1. Company overview
- 8.6.5.2. Financial performance
- 8.6.5.3. Product benchmarking
- 8.6.5.4. Strategic initiatives
- 8.6.6. Telit Communications PLC
- 8.6.6.1. Company overview
- 8.6.6.2. Financial performance
- 8.6.6.3. Product benchmarking
- 8.6.6.4. Strategic initiatives
- 8.6.7. Magnitude Software Capgemini SE.
- 8.6.7.1. Company overview
- 8.6.7.2. Financial performance
- 8.6.7.3. Product benchmarking
- 8.6.7.4. Strategic initiatives
- 8.6.8. Cognizant
- 8.6.8.1. Company overview
- 8.6.8.2. Financial performance
- 8.6.8.3. Product benchmarking
- 8.6.8.4. Strategic initiatives
- 8.6.9. Cisco Systems Inc
- 8.6.9.1. Company overview
- 8.6.9.2. Financial performance
- 8.6.9.3. Product benchmarking
- 8.6.9.4. Strategic initiatives
- 8.6.10. Accenture PLC
- 8.6.10.1. Company overview
- 8.6.10.2. Financial performance
- 8.6.10.3. Product benchmarking
- 8.6.10.4. Strategic initiatives
- 8.6.11. Verisk Analytics Inc
- 8.6.11.1. Company overview
- 8.6.11.2. Financial performance
- 8.6.11.3. Product benchmarking
- 8.6.11.4. Strategic initiatives
- 8.6.12. Wipro Limited
- 8.6.12.1. Company overview
- 8.6.12.2. Financial performance
- 8.6.12.3. Product benchmarking
- 8.6.12.4. Strategic initiatives
- 8.6.13. Google LLC
- 8.6.13.1. Company overview
- 8.6.13.2. Financial performance
- 8.6.13.3. Product benchmarking
- 8.6.13.4. Strategic initiatives
- 8.6.14. Synechron, Inc
- 8.6.14.1. Company overview
- 8.6.14.2. Financial performance
- 8.6.14.3. Product benchmarking
- 8.6.14.4. Strategic initiatives
- 8.6.15. Concirrus
- 8.6.15.1. Company overview
- 8.6.15.2. Financial performance
- 8.6.15.3. Product benchmarking
- 8.6.15.4. Strategic initiatives