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IoT Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

January 2023 | 143 pages | ID: IC25793CDE81EN
IMARC Group

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The global IoT insurance market size reached US$ 27.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 168.5 Billion by 2028, exhibiting a growth rate (CAGR) of 34.8% during 2023-2028.

IoT insurance enables insurance companies around the world in transmitting, collecting and sharing critical data of clients. It assists brokers in partnering with policyholders to minimize the claims pay-outs for the insurers. It also addresses the needs of customers by presenting more customized and accurate service packages. Additionally, it relies on artificial intelligence (AI), machine learning, robotic process automation, augmented reality (AR), telematics, and drones to improve the overall service quality. Some of the widely offered services by IoT insurance are claim management, immediate risk management, and reducing the operating costs of organizations during claim settlement management.

IoT Insurance Market Trends:
At present, there is a rise in the utilization of telematics devices in the automotive and transportation sectors as they aid in collecting data from vehicles and processing insurance claims faster in case of accidents or other mis happenings. This represents one of the major factors propelling the market growth of IoT insurance. In addition, insurance companies worldwide are considerably investing in IoT technologies to improve their operational efficiency. This, in confluence with the increasing adoption of IoT devices in the healthcare industry to track heart rate, step count, and blood pressure of patients, allowing health insurers to provide customized discounts and better offers to customers, is stimulating the market growth. Furthermore, technological advancements in insurance models’ development across the globe are strengthening the market growth of IoT insurance. Some of the other factors offering lucrative growth opportunities to key players operating in the market are the escalating demand for cloud and value-added technologies, increasing need for internet-connected devices, and rising commercialization of 5G network for collecting more granular data.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global IoT insurance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on insurance type, component and application.

Breakup by Insurance Type:

Life and Health Insurance
Property and Casualty Insurance
Others

Breakup by Component:

Solution
Service

Breakup by Application:

Automotive, Transportation and Logistics
Life and Health
Commercial and Residential Buildings
Business and Enterprise
Agriculture
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, Allerin, Capgemini SE, Cognizant, Concirrus, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Sas Institute Inc., Telit, Verisk Analytics Inc. and Wipro Limited.

Key Questions Answered in This Report
1. What was the size of the global IoT insurance market in 2022?
2. What is the expected growth rate of the global IoT insurance market during 2023-2028?
3. What are the key factors driving the global IoT insurance market?
4. What has been the impact of COVID-19 on the global IoT insurance market?
5. What is the breakup of the global IoT insurance market based on the insurance type?
6. What is the breakup of the global IoT insurance market based on the component?
7. What is the breakup of the global IoT insurance market based on the application?
8. What are the key regions in the global IoT insurance market?
9. Who are the key players/companies in the global IoT insurance market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL IOT INSURANCE MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY INSURANCE TYPE

6.1 Life and Health Insurance
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Property and Casualty Insurance
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3 Others
  6.3.1 Market Trends
  6.3.2 Market Forecast

7 MARKET BREAKUP BY COMPONENT

7.1 Solution
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Service
  7.2.1 Market Trends
  7.2.2 Market Forecast

8 MARKET BREAKUP BY APPLICATION

8.1 Automotive, Transportation and Logistics
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Life and Health
  8.2.1 Market Trends
  8.2.2 Market Forecast
8.3 Commercial and Residential Buildings
  8.3.1 Market Trends
  8.3.2 Market Forecast
8.4 Business and Enterprise
  8.4.1 Market Trends
  8.4.2 Market Forecast
8.5 Agriculture
  8.5.1 Market Trends
  8.5.2 Market Forecast
8.6 Others
  8.6.1 Market Trends
  8.6.2 Market Forecast

9 MARKET BREAKUP BY REGION

9.1 North America
  9.1.1 United States
    9.1.1.1 Market Trends
    9.1.1.2 Market Forecast
  9.1.2 Canada
    9.1.2.1 Market Trends
    9.1.2.2 Market Forecast
9.2 Asia-Pacific
  9.2.1 China
    9.2.1.1 Market Trends
    9.2.1.2 Market Forecast
  9.2.2 Japan
    9.2.2.1 Market Trends
    9.2.2.2 Market Forecast
  9.2.3 India
    9.2.3.1 Market Trends
    9.2.3.2 Market Forecast
  9.2.4 South Korea
    9.2.4.1 Market Trends
    9.2.4.2 Market Forecast
  9.2.5 Australia
    9.2.5.1 Market Trends
    9.2.5.2 Market Forecast
  9.2.6 Indonesia
    9.2.6.1 Market Trends
    9.2.6.2 Market Forecast
  9.2.7 Others
    9.2.7.1 Market Trends
    9.2.7.2 Market Forecast
9.3 Europe
  9.3.1 Germany
    9.3.1.1 Market Trends
    9.3.1.2 Market Forecast
  9.3.2 France
    9.3.2.1 Market Trends
    9.3.2.2 Market Forecast
  9.3.3 United Kingdom
    9.3.3.1 Market Trends
    9.3.3.2 Market Forecast
  9.3.4 Italy
    9.3.4.1 Market Trends
    9.3.4.2 Market Forecast
  9.3.5 Spain
    9.3.5.1 Market Trends
    9.3.5.2 Market Forecast
  9.3.6 Russia
    9.3.6.1 Market Trends
    9.3.6.2 Market Forecast
  9.3.7 Others
    9.3.7.1 Market Trends
    9.3.7.2 Market Forecast
9.4 Latin America
  9.4.1 Brazil
    9.4.1.1 Market Trends
    9.4.1.2 Market Forecast
  9.4.2 Mexico
    9.4.2.1 Market Trends
    9.4.2.2 Market Forecast
  9.4.3 Others
    9.4.3.1 Market Trends
    9.4.3.2 Market Forecast
9.5 Middle East and Africa
  9.5.1 Market Trends
  9.5.2 Market Breakup by Country
  9.5.3 Market Forecast

10 SWOT ANALYSIS

10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats

11 VALUE CHAIN ANALYSIS

12 PORTERS FIVE FORCES ANALYSIS

12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes

13 PRICE ANALYSIS

14 COMPETITIVE LANDSCAPE

14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
  14.3.1 Accenture plc
    14.3.1.1 Company Overview
    14.3.1.2 Product Portfolio
    14.3.1.3 Financials
    14.3.1.4 SWOT Analysis
  14.3.2 Allerin
    14.3.2.1 Company Overview
    14.3.2.2 Product Portfolio
  14.3.3 Capgemini SE
    14.3.3.1 Company Overview
    14.3.3.2 Product Portfolio
    14.3.3.3 Financials
    14.3.3.4 SWOT Analysis
  14.3.4 Cognizant
    14.3.4.1 Company Overview
    14.3.4.2 Product Portfolio
    14.3.4.3 Financials
    14.3.4.4 SWOT Analysis
  14.3.5 Concirrus
    14.3.5.1 Company Overview
    14.3.5.2 Product Portfolio
  14.3.6 Intel Corporation
    14.3.6.1 Company Overview
    14.3.6.2 Product Portfolio
    14.3.6.3 Financials
    14.3.6.4 SWOT Analysis
  14.3.7 International Business Machines Corporation
    14.3.7.1 Company Overview
    14.3.7.2 Product Portfolio
    14.3.7.3 Financials
    14.3.7.4 SWOT Analysis
  14.3.8 Microsoft Corporation
    14.3.8.1 Company Overview
    14.3.8.2 Product Portfolio
    14.3.8.3 Financials
    14.3.8.4 SWOT Analysis
  14.3.9 Sas Institute Inc.
    14.3.9.1 Company Overview
    14.3.9.2 Product Portfolio
    14.3.9.3 SWOT Analysis
  14.3.10 Telit
    14.3.10.1 Company Overview
    14.3.10.2 Product Portfolio
    14.3.10.3 Financials
  14.3.11 Verisk Analytics Inc.
    14.3.11.1 Company Overview
    14.3.11.2 Product Portfolio
    14.3.11.3 Financials
    14.3.11.4 SWOT Analysis
  14.3.12 Wipro Limited
    14.3.12.1 Company Overview
    14.3.12.2 Product Portfolio
    14.3.12.3 Financials
    14.3.12.4 SWOT Analysis

LIST OF TABLES

Table 1: Global: IoT Insurance Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: IoT Insurance Market Forecast: Breakup by Insurance Type (in Million US$), 2023-2028
Table 3: Global: IoT Insurance Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 4: Global: IoT Insurance Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 5: Global: IoT Insurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: IoT Insurance Market: Competitive Structure
Table 7: Global: IoT Insurance Market: Key Players

LIST OF FIGURES

Figure 1: Global: IoT Insurance Market: Major Drivers and Challenges
Figure 2: Global: IoT Insurance Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: IoT Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: IoT Insurance Market: Breakup by Insurance Type (in %), 2022
Figure 5: Global: IoT Insurance Market: Breakup by Component (in %), 2022
Figure 6: Global: IoT Insurance Market: Breakup by Application (in %), 2022
Figure 7: Global: IoT Insurance Market: Breakup by Region (in %), 2022
Figure 8: Global: IoT Insurance (Life and Health Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: IoT Insurance (Life and Health Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: IoT Insurance (Property and Casualty Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: IoT Insurance (Property and Casualty Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: IoT Insurance (Other Insurance Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: IoT Insurance (Other Insurance Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: IoT Insurance (Solution) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: IoT Insurance (Solution) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: IoT Insurance (Service) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: IoT Insurance (Service) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: IoT Insurance (Automotive, Transportation and Logistics) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: IoT Insurance (Automotive, Transportation and Logistics) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: IoT Insurance (Life and Health) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: IoT Insurance (Life and Health) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: IoT Insurance (Commercial and Residential Buildings) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: IoT Insurance (Commercial and Residential Buildings) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: IoT Insurance (Business and Enterprise) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: IoT Insurance (Business and Enterprise) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: IoT Insurance (Agriculture) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: IoT Insurance (Agriculture) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: IoT Insurance (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: IoT Insurance (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: North America: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: North America: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: United States: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: United States: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Canada: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Canada: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Asia-Pacific: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Asia-Pacific: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: China: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: China: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Japan: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Japan: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: India: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: India: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: South Korea: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: South Korea: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Australia: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Australia: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Indonesia: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Indonesia: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Others: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Others: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Europe: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Europe: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Germany: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Germany: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: France: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: France: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: United Kingdom: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: United Kingdom: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Italy: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Italy: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Spain: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Spain: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Russia: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Russia: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Others: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Others: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Latin America: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Latin America: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Brazil: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Brazil: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Mexico: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Mexico: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Others: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Others: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Middle East and Africa: IoT Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Middle East and Africa: IoT Insurance Market: Breakup by Country (in %), 2022
Figure 78: Middle East and Africa: IoT Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Global: IoT Insurance Industry: SWOT Analysis
Figure 80: Global: IoT Insurance Industry: Value Chain Analysis
Figure 81: Global: IoT Insurance Industry: Porter's Five Forces Analysis


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