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Growing Development of IoT Technology to Drive Internet of Things Insurance Market
The global Internet of Things (IoT) insurance market is expected to exhibit a strong 33?GR over the forecast period from 2016 to 2022, according to the latest research report from Market Research Future (MRFR). The global Internet of Things insurance market is expected to reach a valuation of USD 9 billion by 2022, according to the MRFR report. The report provides readers with a comprehensive overview of the global Internet of Things insurance market’s growth trajectory, including a detailed look at the market’s historical growth trajectory and present condition. The historical information about the global Internet of Things insurance market is used to further make studied forecasts about the market’s likely growth trajectory over the forecast period from 2016 to 2022. Major drivers and restraints affecting the global Internet of Things insurance market are also examined in the report. The report also examines the impact of the COVID-19 pandemic on the global Internet of Things insurance market.
Internet of Things insurance systems utilize IoT technology to monitor the insured individual or equipment in order to gain detailed information about the insured. IoT technology also allows insurers to monitor the insured parties on a live basis, allowing them to make accurate projections about their condition. The growing demand from insurers for detailed monitoring of the insured parties is likely to be a major driver for the global Internet of Things insurance market over the forecast period. IoT insurance minimizes risk in real time and lowers the payout for the insurer, making the technology much desired among insurers.
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Growing demand for health insurance is likely to be a major driver for the global Internet of Things insurance market over the forecast period. Many health insurers have adopted IoT technology in order to monitor the insured parties in real time. IoT technology allows the use of portable wearables monitoring various parameters about the health of the insured individual. The growing prevalence of blood sugar problems among the world’s urban population has led to a growing adoption of IoT technology by insurers. IoT technology allows insurers to monitor the blood sugar of the insured parties more thoroughly, allowing for more accurate projections about the insured’s health and, consequently, less payouts. The increasing prevalence of cardiac problems is also likely to be a major driver for the global Internet of Things insurance market over the forecast period. Cardiac problems can also be monitored by IoT-based wearables, leading to more accurate estimations of the extent of the insured’s problem and thus a more accurate picture of the payout structure.
Agricultural insurance is also likely to be a major part of the global Internet of Things insurance market over the forecast period. Agricultural implements can easily be monitored with the help of IoT technology, allowing the insurer to gain an accurate idea of the working condition of the implements. The growing agriculture sector in Asia Pacific is likely to be a major driver for the global Internet of Things insurance market over the forecast period. The increasing development of IoT technology in Asia Pacific is likely to lead to growing adoption of IoT insurance in the region over the forecast period.
Leading players in the global Internet of Things insurance market include Hippo Insurance, Lemonade Inc., LexisNexis, SAP SE, Capgemini, Zonoff Inc., Oracle Corporation, Cognizant, Accenture, and IBM Corporation.
The global Internet of Things insurance market is segmented on the basis of type, end use, and region.
By type, the global Internet of Things insurance market is segmented into health insurance, property and causality insurance, motor insurance, home insurance, commercial insurance, agricultural insurance, life insurance, and others.
By end user, the global Internet of Things insurance market is segmented into automotive and transportation, healthcare, home and commercial buildings, agriculture, consumer electronics, and others.
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North America is the dominant regional market for Internet of Things insurance due to the high technological development in the IoT sector in the region. Asia Pacific is also likely to emerge as an important regional market for Internet of Things insurance over the forecast period.
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