Global IoT Insurance Market Predicted to Generate a Revenue of $402,990.0 Million and Grow at a CAGR of 54.4% during the Forecast Period 2020-2027 [246-Pages] | Reasoning by Research Dive

The global IoT insurance market is expected to observe significant growth during the analysis timeframe owing to the increasing demand for IoT products in the insurance sector. Based on insurance type, the life insurance sub-segment is expected to be most productive. Regionally, the North America region is predicted to b dominant.

New York, USA, Jan. 10, 2023 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global IoT insurance market is anticipated to generate a revenue of $402,990.0 million and rise at a noteworthy CAGR of 54.4% throughout the estimated period from 2020 to 2027.  

As per our analysts, with the increasing demand for IoT products and related services in the insurance sector, the IoT insurance market is predicted to observe prominent growth during the analysis timeframe. Besides, the rising adoption of cloud services in the insurance sector is further expected to bolster the growth of the market throughout the estimated period. Moreover, the increasing implementation of AI in IoT insurance is expected to upsurge the growth of the market during the forecast period. However, the lack of skilled labor and the higher cost involved in implementing IoT may hamper the growth of the market over the analysis timeframe.  

Segments of the IoT Insurance Market 

The report has divided the market into segments based on insurance type, application, and region.  

Insurance Type: Life Insurance Sub-Segment to be Most Productive 

The life insurance sub-segment is projected to grow at a CAGR of 55.2% during the forecast period. The increasing awareness among individuals for securing the life of their families is predicted to augment the growth of the market sub-segment over the estimated timeframe.  

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Application: Life & Health Sub-Segment to be Most Profitable 

The life & health sub-segment is expected to rise at a CAGR of 55.2% throughout the forecast period. The insurance companies provide life & health insurance to the consumers to better track their health and secure their life is predicted to foster the growth of the market sub-segment during the analysis timeframe.  

North America Region to Hold the Largest Share of the Market 

The North America region of the IoT insurance market is predicted to grow at a healthy CAGR of 53.6% throughout the analysis period. This is mainly due to the strong existence of a large number of IT companies in this region that provide cloud services to insurance companies. Moreover, the presence of the headquarters of major key players of the market in this region is expected to thrive the regional growth of the market during the forecast timeframe.  

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Covid-19 Impact on the IoT Insurance Market 

Though the outbreak of the Covid-19 pandemic has devastated several industries, it has had a positive impact on the global IoT insurance market. This is mainly because IoT in the insurance sector has provided organizations better understanding of the insurer. Moreover, many people have started adopting IoT insurance to protect themselves and their families from unforeseen events causing due to the pandemic. In addition, IoT insurance companies were able to get the details of customers who purchased or needed insurance during the period of crisis with the help of cloud-managed services and connected devices. All these factors have inclined the growth of the market during the pandemic. 

Key Players of the Market 

The major players of the IoT insurance market include  

  • Accenture PLC 
  • Oracle Corporation 
  • Microsoft Corporation 
  • International Business Machines Corporation 
  • Aeris Group Ltd 
  • Alphabet 
  • Concirrus 
  • Cisco Systems Inc. 
  • Telit 
  • SAP SE 

These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.  

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For instance, in March 2021, SAP SE, a German-based multinational software company, announced its collaboration with Signavio, a vendor of Business Process Management software based in Berlin and Silicon Valley. With this collaboration, the partners aimed to quickly understand, improve, and manage their insured businesses at a larger scale with the help of SAP’s Business Process Intelligence unit.   

Further, the report also summarizes other critical issues such as product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic developments. 

More about IoT Insurance Market: 

  • IOT Insurance Market: Perks and Limitations 
  • IoT Insurance Market to Climb Heights with the Integration of Advanced Technologies
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