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Global IoT Insurance Market Booming at a CAGR of 65.8% to Estimated $324.94 Billion Growth by 2026

Global IoT Insurance Market By Type (Property and Casualty (P&C) Insurance, Health Insurance, Life Insurance, Others), Application (Automotive and Transportation, Home and Commercial Buildings, Life and Health, Business and Enterprise, Consumer Electronics and Industrial Machines, Travel, Agriculture)

Market Analysis: Global IoT Insurance Market 

Global IoT Insurance Market is expected to rise from its initial estimated value of USD 5.69 billion in 2018 to an estimated value of USD 324.94 billion by 2026, registering a CAGR of 65.8% in the forecast period of 2019-2026. this rise in market value can be attributed to  improvement in the insurance model as well as start-ups.

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Market Definition: Global IoT Insurance Market 

Internet of Things (IoT) insurance has transformed the insurance industry as it allows customer with range of products offering, accessing options. It enhances the customer relationships, gets a precise understanding about their customer along with their changing needs. Thus, as results improves the insurance model and grows the demand for new technologies related to it.

Market Drivers:

  • There is improvement in the insurance model as well as startups is expected to act as a driver to the market growth.
  • There is rise in adoption in both developed and developing economy is also driving the market.
  • There is increase in demand regarding value added services and cloud platform startups is expected to act as a driver to the market growth.

Market Restraints:

  • Risk of data privacy is expected to act as a restraint to the market growth

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Segmentation: Global IoT Insurance Market 

By Type

  • Property and Casualty (P&C) Insurance
  • Health Insurance
  • Life Insurance
  • Others
    • Warranty Insurance
    • Farmers Insurance
    • Cyber Insurance
    • Pet Insurance
    • Savings and Investments Insurance
    • Pension Insurance

By Application

  • Automotive and Transportation
    • Connected Cars
    • Fleet Management
    • Insurance Telematics
    • Stolen Vehicle Recovery
    • Supply Chain Optimization and Inventory Management
    • Logistic and Navigation
  • Home and Commercial Buildings
    • Connected Home
    • Security and Emergency
    • Proactive Loss Prevention
  • Life and Health
    • Patient Health Monitoring
    • Connected Healthcare
    • Lifestyle and Fitness Monitoring
  • Business and Enterprise
    • Profile Authentication and Verification
    • Business-Specific Risks and Fraud Mitigation
    • Workforce Management
  • Consumer Electronics and Industrial Machines
    • Product Based Diagnostics
    • Warranty Management
  • Travel
    • Situational Awareness
  • Agriculture
    • Livestock Monitoring
    • Climate Monitoring and Forecasting

Key Developments in the Market:

In April 2019 Roost announced that they will be joining the IoT Insurance Observatory member group. Roost, a leader in Home Telematics for property insurance carrier.  Focus of this collaboration is to consider smart home one of the most relevant opportunities to leverage the IoT data within insurance.

In sep 2018, Munich acquired Relayr. Relayr is Internet of Things (IoT) startup whose middleware platform is geared towards helping industrial companies unlock data insights from their existing machinery and production line. This acquisition will improve insurance claim of Munich Re

Competitive Analysis

Global IoT Insurance market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of IoT Insurance market for Global, Europe, North America, Asia Pacific,South America, Middle East and Africa.

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