Future technological trends of the IoT insurance market and

Pleasanton, California, November 18, 2021 (GLOBE NEWSWIRE) – The Global IoT Insurance Market is expected to grow from $ 16.5 billion in 2020 to $ 452.7 billion by 2027, with a CAGR of 60.5%.

The increasing demand for cloud services causes the IoT insurance market growth to proliferate during the forecast period. Insurance industries facing massive amounts of sensitive information and documents are ready to integrate cloud technology into their digital ecosystem. It enables insurers to use their IT resources more efficiently, reducing the cost of obtaining and maintaining infrastructure. Cloud-based applications are changing the way they create and deliver their merchandise and offerings, manage risks and claims, collaborate with channel participants and partners, and communicate with customers, dealers and brokers. . Thus, cloud offerings in the insurance industry facilitate the growth of the market.

The most important factor that is accelerating the growth of the IoT insurance industry is the mitigation of the risks associated with insurance because, in traditional techniques, insurers have used indirect information to identify the risk of losing a business. active. The Internet of Things (IoT) enables insurers to access real-time, individual and observable information about the risk of loss of an asset. This information is immediately usable for pricing and risk mitigation. IoT sensors monitor the behavior and actions that cause risk so that insurers can create algorithms based on immediately determined behavior for pricing models. In this way, insurers can leverage more of this information to mitigate risk by providing unique and timely feedback to clients.

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Data privacy and security emerges as one of the major challenges likely to hamper the growth of the IoT insurance market during the forecast period. Data privacy and security are of the utmost importance when it comes to technology. IoT comes with cyber risks, in fact, far more than any other technology. Meaningful customer engagement may require the insurer to acquire and process information all the time, thanks to IoT. Without organizing trust, it can be difficult to get personal information from customers. A substantial amount of information is generated from the app of connected devices, from portable devices to connected homes and telematics devices in smart vehicles. Most customers have doubts that their personal information remains secure and how it is used by insurers.

The major players operating in the IoT insurance market are:

SAP SE, Google Inc., IBM Corporation, Cisco Systems, Inc., Oracle, LexisNexis, Hippo Enterprises Inc., Microsoft, Berkshire Hathaway Inc., Allianz, Concirrus, Hewlett Packard Enterprise Development LP, Bosch.IO GmbH, PTC, Intel Company and among others

Global IoT Insurance Market Outlook by Region (Revenue, USD Million, 2021-2027):

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

In terms of geography, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The growth in the region is attributed to the growing adoption of IoT-enabled clothing and fitness brands as well as the increase in health insurance claims. Moreover, the increasing adoption of IoT technology in the logistics sectors to improve parcel delivery in the region is one of the major factors that accelerate the growth of the IoT insurance market during the period of forecast. In addition, the emergence of connected cars in the region is contributing to the growth of the market. For example, India and China are the fastest growing economies in the region, indicating plenty of growth opportunities for the development of the connected automobile industry.

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Global segmentation of the IoT insurance market:

Global IoT Insurance Market by Insurance Type Industry Outlook (Revenue, USD Million, 2021-2027)

  • Guarantee insurance
  • Retirement insurance
  • Cyber ​​insurance
  • Life insurance
  • Property and Casualty Insurance
  • Health insurance
  • Others

Global IoT Insurance Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)

  • Connected Home
  • Connected Car
  • Connected health
  • Commercial lines
  • Others

Global IoT Insurance Market by End Use Industry Outlook (Revenue, USD Million, 2021-2027)

  • Automotive
  • Retail
  • Industrial
  • Residential
  • Health care
  • Logistics
  • Others

Main conclusions:

  • On the basis of the type of insurance, the P&C segment of the IoT insurance industry dominates the market during the forecast period.
  • Based on the application, the connected lines segment experiences a significant growth rate during the forecast period.
  • Based on region, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.

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Recent news:

  • In October 2020, LexisNexis (US) and Yonomi Smart Home (US) joined forces to develop an innovative turnkey Internet of Things (IoT) home insurance solution. This is a smartphone app that insured employees can download the app that uses smartphone and device sensors to discover common IoT devices in the home, creating a flow of information to solutions of LexisNexis risk.
  • In May 2019, Concirrus (UK), a leading insurtech and willis Re (UK), a leading global consulting, brokerage and solutions company announced a strategic collaboration to transform reinsurance products specialized in leveraging data from the Internet of Things (IoT).

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