Internet of Things (IoT) Insurance Market Manufacturers, Research Methodology, Competitive Landscape and Business Opportunities by 2027

February 10 15:12 2021
Augmenting requirement for IoT-connected devices in the insurance sector to improve customer experience and a surging need for value-added service is bolstering the market growth.

The Global Internet of Things (IoT) Insurance Market is expected to be valued at USD 775.65 Billion in 2028 from USD 16.28 Billion in 2020, registering a CAGR of 62.2% through the forecast period. The growing requirement for IoT devices in the insurance sector to improve the customer experience is the crucial element driving the market growth during the projected period. Moreover, the increasing demand for value-added services is projected to further bolster the market growth. The integration of IoT devices in the insurance sector enables seamless customer interactions and accelerates the underwriting and claims processing. The advent of new business models and IoT-based services has boosted the adoption of IoT devices in the insurance sector, thereby bolstering the market demand.

Furthermore, the soaring usage of the Internet of Things (IoT) to reduce premiums and risk-related expenses are some other factors adding traction to market growth. Moreover, the increasing investment in IoT startups and the growing need for insurance for IoT-enabled applications, such as in cars, health, life, and home insurance, among others, are projected to generate more opportunities for the companies operating in the industry.

However, augmenting concerns regarding the data risk and security issues of the IoT devices are projected to impede the market growth in the estimated period. Moreover, the increased deployment of IoT across various sectors has opened new paths for cyber-attacks and fraud, which is projected to act as market restraining factors.

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Key Highlights from the Report:

  • Escalating usage of IoT-based devices in property and casualty insurance to minimize insurance costs and improve risk management is driving their adoption in the sector. This is contributing to the rapid growth of the property and casualty insurance segments. The segment is projected to register a significantly high CAGR of 62.7% in the estimated timeframe.
  • The connected car sub-segment is projected to contribute to a significant revenue share during the projected timeline owing to the extensive application of telematics and IoT-driven sensors in cars.
  • The automotive sub-segment is projected to occupy a considerable share of the market in the forecast years due to the rapid adoption of IoT-based V2X-connected vehicles that generate enhanced IoT data flow and accurately assess premium costs.
  • The North American market is projected to command the market growth in terms of revenue share in the estimated timeframe owing to the strong presence of key market players, such as Google LLC, Cisco Systems, Inc., Oracle Corporation, and Microsoft Corporation in the region.
  • Major companies operating in the industry include Google LLC, International Business Machines Corporation, Microsoft Corporation, Cisco Systems, Inc., Oracle Corporation, SAP SE, Accenture PLC, Capgemini SE, Wipro Ltd., and Concirrus Ltd.
  • Concirrus announced the offering of marine insurance for the Asia Pacific market in January 2021. The launch of marine insurance offerings in the Asia Pacific is projected to bolster the market position of Concirrus in the APAC region.

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For the purpose of this report, Emergen Research has segmented the Global Internet of Things (IoT) Insurance Market based on insurance type, application, end-use, and region:

Insurance Type Outlook (Revenue, USD Billion; 2021–2028)

  • Pension Insurance
  • Cyber Insurance
  • Warranty Insurance
  • Life Insurance
  • Health Insurance
  • Property & Casualty Insurance
  • Others

Application Outlook (Revenue, USD Billion; 2021–2028)

  • Connected Home
  • Connected Health
  • Connected Car
  • Commercial Lines
  • Others

End-use Outlook (Revenue, USD Billion; 2021–2028)

  • Automotive
  • Industrial
  • Retail
  • Residential
  • Logistics
  • Healthcare
  • Others

Regional Outlook (Revenue, USD Billion; 2021–2028)

  • North America
    • U.S.
    • Canada
    • Mexico
    • Europe
      • Germany
      • U.K.
      • France
      • BENELUX
      • Rest of Europe
      • Asia Pacific
        • China
        • Japan
        • South Korea
        • India
        • Rest of APAC
        • Latin America
          • Brazil
          • Rest of LATAM
          • Middle East & Africa
            • Saudi Arabia
            • U.A.E.
            • Rest of MEA

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