World News: 09:18 GMT Tuesday 14th January 2020. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Jan. 14, 2020 (GLOBE NEWSWIRE) -- The report has been added to offering.
The global demand for IoT insurance market was valued at approximately US$ 33.23 billion in 2018 and is expected to generate revenue of around US$ 195.2 billion by end of 2025, growing at a CAGR of around 65.89% between 2019 and 2025.
Some of the key players in IoT insurance market include Google, Accenture Allianz, American International Group, American Family Insurance, IBM Corporation, Cognizant, Oracle Corporation, Capgemini, SAP SE, Zonoff Inc., LexisNexis, Lemonade Inc., and Hippo Insurance among others.
This report covers forecast and analysis for the IoT insurance market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the IoT insurance market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the IoT insurance market on a global level.
The IoT insurance market is predicted to be driven due to the rising adoption of IoT products globally. IoT helps in analytics of the products and hence provides more accurate data for assessment with effective pricing. The data collected by all the sources, internal and external, is used to provide maximum security and protection to the policyholders.
Moreover, the insurance sector is growing at a high pace with developing insurance models which is expected to drive the demand for this market. Further, IoT insurance customers now feel safe and secure before buying any IoT-related product. This helps in reducing the risk and premium-related costs of a company which is another factor driving the demand of this market.
However, the data collected is not secure and safety threats can restrain the growth of this market. Nevertheless, the data generated by these devices helps in enhancing the business intelligence of the insurance industry making it an opportunity for the IoT insurance market to grow.
The IoT insurance market is segmented on the basis of type, application, and region. The type segment is further segmented into health insurance, life insurance, property and casualty (P&C) insurance, and others. Property and casualty insurance holds a good amount of market share owing to the data collected by this segment. This segment is applicable in auto, large commercial property, home and contents, and casualty insurance. A lot of data is generated which is used to analyze and make it beneficial for both the insurance company as well as policyholders. The growing use of wearables which are IoT enabled is also a reason for this segment to grow. These wearable's help in generating data and availing discounts to its customers.
Based on application, the IoT market is segmented into agriculture, automotive and transportation, business and enterprise, consumer electronics and industrial machines, home and commercial buildings, life and health, travel, and others. Consumer electronics holds the maximum market share in this segment owing to the maximum use of IoT in these devices. These electronic devices use sensors which can be insured and hence attracts more customers. This helps build trust between the product and the customers. The sensors installed constantly sends information in the form of data which is gathered and monitored by the insurance company to grow their business.
Geographically, North America is projected to hold the maximum market share in the IoT insurance market owing to the growing awareness and the increase in adoption of IoT in this region. Many companies like Progressive, Liberty Mutual, and State Farm are dominating this market in the North American region. The developing segments which are likely to create demand for this market are consumer electronics and industrial machines, home and commercial buildings, life and health. Europe is another region which is predicted to follow the lead of the North American region owing to the automotive sector which is developing rapidly. The automotive sector uses IoT to capture the driver's behavior by using sensors. The insurance company uses this data to gain insights and provide a better plan and policy to its policyholders through which the customer, as well as the company, can be benefitted.
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Globe Newswire: 09:18 GMT Tuesday 14th January 2020
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