The global IoT insurance market size is anticipated to reach USD 91.75 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 29.7% from 2024 to 2030. The Internet of Things (IoT) insurance sector is witnessing growth due to the application of cutting-edge technologies such as telematics, data analytics, and predictive modeling. The usage of telematics technology is mostly to blame for the quick growth of this sector. Telematics, which combines informatics and telecommunications, collects and transmits real-time data from automobile sensors and communication equipment. In the insurance business, usage-based insurance (UBI), where rates are based on actual driving behavior, is made possible by this technology.

One of the main reasons driving the market's expansion is the growing emphasis on risk mitigation using data analytics. Insurance companies may use the abundance of data generated by IoT devices, such as wearable fitness trackers, connected cars, and smart home sensors, to efficiently evaluate and manage risks. By gathering and evaluating real-time data from these devices, insurance companies can gain more insights into their customers' behavior, driving patterns, and lifestyle decisions.

The emergence of telematics technology is impacting the expansion of IoT insurance, especially in the vehicle insurance market. Telematics devices gather information on driving habits and vehicle performance; they are frequently mounted in cars. Insurance companies receive this data, which enables them to evaluate risk and respond to policyholders. Furthermore, telematics may track variables such as acceleration patterns, hard braking, and speeding, which aids insurers in identifying high-risk driving habits. Telematics can also be utilized to provide essential details on the events leading up to an accident if it occurs.

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IoT Insurance Market Report Highlights

  • Based on component, the solution segment accounted for the largest revenue share of 67.2% in 2023 and is expected to retain its position over the forecast period. This can be attributed to insurers' increasing demand for data-oriented insights to offer new services to their customers.

  • The life & health insurance dominated the insurance type segment in 2023. Wearables and connected health devices gather real-time data on policyholders' vital signs, fitness levels, and health habits, driving market demand among auto insurers to set insurance premiums.

  • Based on end-use, the automotive and transportation segment led the market with the largest revenue share in 2023. The widespread usage of insurance services makes fleet management more accessible in the automotive and transportation industries.

  • In July 2022, SAP and NTT DATA introduced Co-Innovation Solution Connected, an innovative product that focuses on monitoring and managing the transportation of delicate and sensitive goods. This system ensures real-time, comprehensive tracking of shipment conditions, enabling it to handle various factors impacting the transport. It can automatically initiate and procure insurance if the goods are not transported under specified and acceptable conditions. Utilizing SAP Business Network for Logistics enhances the accountability of all involved parties and streamlines the insurance management process.

Access Press Release @ https://www.grandviewresearch.com/press-release/global-iot-insurance-market

IoT Insurance Market Segmentation

Grand View Research has segmented the global IoT Insurance market based on component, insurance type, end-use industry, and region:

IoT Insurance Component Outlook (Revenue, USD Million, 2018 - 2030)

  • Solution

  • Services

IoT Insurance Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Life and Health Insurance

  • Property and Causality Insurance

  • Others

IoT Insurance End-use Industry Outlook (Revenue, USD Million, 2018 - 2030)

  • Automotive and Transportation

  • Healthcare

  • Agricultural

  • Retail and Commercial

  • Others

IoT Insurance Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • South Africa

List of Key Players in the IoT Insurance Market

  • Oracle Corporation

  • SAP SE

  • IBM Corporation

  • Microsoft Corporation

  • Intel Corporation

  • Telit Communications PLC

  • Capgemini SE

  • Cognizant

  • Cisco Systems Inc.

  • Accenture PLC

  • Verisk Analytics Inc.

  • Wipro Limited

  • Google LLC

  • Synechron, Inc.

  • Concirrus

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.