Emergence of the internet of things (IoT) has led to a proliferation of digitization in a variety of sectors. Adoption of IoT Insurance Market could redesign the entire business and operational landscape for the same. Usage of interconnected devices to collect and analyze real-time data by insurance companies is known as internet of things (IoT) insurance. It offers lucrative opportunities to insurers to partner with policyholders, minimizing risk in real time and lowering claim payouts, while enhancing deeper customer satisfaction.
The IoT Insurance Market is prognosticated to register a staggering 33% CAGR during the assessment period. The internet of things insurance is deemed to help insurance companies with monetization of risks and work with manufacturers from various sectors to reduce risks. According to the study, this would boost the IoT Insurance Market.
The prominent players in the IoT Insurance Market are IBM Corporation (U.S.), Accenture (Ireland), Cognizant (U.S.), Oracle Corporation (U.S), Zonoff Inc. (U.S.), Capgemini (France), SAP SE (Germany), LexisNexis (U.S.), Lemonade Inc. (U.S.), Hippo Insurance (U.S.) among others.
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The internet IoT Insurance Market has been segmented on the basis of type and end-user. On the basis of type, the market is segmented into health insurance, property & casualty insurance, motor insurance, home insurance, commercial insurance, agricultural insurance, and life insurance. The segment of property & casualty insurance is deemed to lead the internet of things (IoT) insurance market during the review period. On the basis of end-user, the internet of things (IoT) insurance market has been segmented into automotive & transport, healthcare, home and commercial buildings, agriculture and consumer electronics. By the end of the forecast period, the automotive & transport segment is anticipated to dominate the market.
Market Research Analysis:
The internet of things (IoT) insurance market has been studied based on different regional segments. The market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). According to the report, North America is estimated to be the frontrunner in the internet of things (IoT) insurance market during the forecast period. Such domination can be attributed to factors such as presence of developed economies such as the U.S. and Canada in the region, high investing power, and early adoption of IoT. Additionally, the region also boasts advanced infrastructural developments to aid seamless application of internet of things (IoT) insurance solutions. Apart from that, development of new technologies such as big data, internet of things (IoT), cloud computing and real time data analytics are driving major growth to the internet of things (IoT) insurance market in the region. Asia Pacific is deemed to experience proliferated growth during the assessment period. Such drastic growth can be accredited to a rising penetration of the internet of things and increasing number of wearables and drones.
TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Network Solution
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
4 Executive Summary
- Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.2 Supply Chain Analysis
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