Published on 02/06/2017 | Market Sizing
The global IoT insurance market is estimated to grow at a CAGR of 65.89% to reach USD 42.76 Billion by 2022. The growing adoption of Internet of Things (IoT) products in developed and developing economies, growing demand for cloud platform and other value-added services in the insurance industry are the major drivers for this market. The IoT-enabled devices provide intelligent data for insurers to help them track health, detect abnormalities, and reduce risks for policyholders. The real-time assessment of data would increase the relationship between the insurers and policyholder.
To define, describe, and forecast the global IoT Insurance market segmented on the basis of insurance type, insurance application, and geography
To forecast the market size, in terms of value, for various segments with regard to four main regions, namely, North America, Europe, Asia-Pacific, and RoW
To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
To strategically analyze the micromarkets1 with respect to individual growth trends, future prospects, and contributions to the total market
To analyze the opportunities in the market for stakeholders by identifying high-growth segments of the global IoT insurance market
To strategically profile key players, comprehensively analyze their market share and core competencies2, and detail the competitive landscape of the market
To analyze competitive developments such as joint ventures, mergers and acquisitions, new product launches and developments, business expansions, and research and development in the global IoT insurance market
To use the PEST analysis to access the IoT insurance market, along with the analysis of the value chain of the IoT Insurance market
The market for the agriculture insurance application of the IoT insurance market is expected to grow at the highest CAGR during the forecast period. In the agriculture application, IoT insurance offers easy livestock monitoring and insurers can monitor environmental conditions and alert farmers about upcoming hazards such as hailstorms, floods, and earthquakes. The growing use of drones and Wi-Fi–enabled devices in developing economies such as China, Japan, and India increases the need for IoT insurance products for data analytics and big data platforms. This enables insurers to protect their crops and lands from damage and also manage claim process quickly
The market for the agriculture insurance application of the IoT insurance market is expected to grow at the highest CAGR during the forecast period. In the agriculture application, IoT insurance offers easy livestock monitoring and insurers can monitor environmental conditions and alert farmers about upcoming hazards such as hailstorms, floods, and earthquakes. The growing use of drones and Wi-Fi–enabled devices in developing economies such as China, Japan, and India increases the need for IoT insurance products for data analytics and big data platforms. This enables insurers to protect their crops and lands from damage and also manage claim process quickly.
View the full report here.
