IoT Insurance Market to Reach USD 42.76 Bn by 2022, According to New M&M Report Published at MarketPublishers.com13 Feb 2017 • by Natalie Aster
LONDON – Globally, the Internet of Things (IoT) insurance market is forecast to be worth USD 42.76 billion by 2022, demonstrating a CAGR of just under 65.9% over the period. The major factor fuelling the growth of the marketplace encompasses the surging rate of adoption of IoT for different insurance applications like the life, health, cars, travel & tourism, and farming sectors, amid others. The IoT-enabled products offer intelligent data for insurance companies to monitor and track the status and keep an eye on data that assists insurers in managing claims and mitigating risks.
Automotive and transport insurance applications grabbed the lion’s market share as of 2015, and are set to demonstrate significant growth in the market in the offing. The rising adoption rate of IoT-enabled devices in in-built sensors, GPS, and other detectors is poised to boost the need for novel IoT-based technologies in the insurance sector to collect data like speed, braking pattern, and other driving behaviour. Also, the IoT platforms provide fast access to the underwriting process and claim management for the insurance enterprise.
Agriculture insurance application is set to register the highest CAGR in the years to come. IoT devices used in agriculture insurance protect agricultures from eco-risks and help them safeguard their farmland and manage livestock.
North America captured the dominant market share as of 2015 on the back of the presence of leading IoT vendors domestically. Major local IoT vendors like Cisco Systems, IBM Corporation, Oracle Corporation and Microsoft Corporation, amongst others, have been developing IoT solutions for insurance industries; this is likely to support the growth of North America’s IoT insurance sector. Meantime, APAC is set to record the fastest growth driven by massive investments in innovations and IoT technologies in developing countries.
Comprehensive research report “IoT Insurance Market” drawn up by M&M provide comprehensive, deep insights into the market on a global level. The study segments the market based on insurance application, insurance type, and by region. It provides detailed estimates and projections to 2022 of the market size for the overall marketplace and its segments. The study canvasses the restraints, drivers, opportunities, and challenges faced by the market. It includes a detailed PEST analysis, value chain analysis, and key strategies used by the industry players. The study includes profiling of the top 11 market players and gives an overview of the major 6 insurance companies.
More insightful market research reports by M&M can be found at its page.