Global Internet of Things on Insurance Industry Market anticipated to grow 1.5x by the end forecast period with a CAGR of over 59.6% during the forecast period (2021 to 2027).
IoT in insurance used for IoT devices by insurance companies as to collect, transmit, and sharing critical data of insurers. IoT devices assist insurance service providers to better understand risk management and improve employee productivity. In addition, it offers various benefits to end-users, including an improved complaint management service and an immediate risk management service, and reduce operating cost of organization during claim settlement management services.
The IoT insurance market is divided into PC insurance, life insurance, health insurance, and others based on the type of insurance. Automotive and transportation, life and health, consumer electronics and industrial machines, home and commercial buildings, business and enterprise, agriculture, and travel are among the IoT market's insurance applications. For proactive risk management and cost reduction, property and casualty insurance uses data from IoT-based sensors, and other smart devices that are connected via the Internet. IoT-enabled wearables and fitness devices play an important role in providing insurers with health-related data, allowing them to monetize health and offer premiums to policyholders accordingly.
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Global Internet of Things on Insurance Industry Market Segmentation:
Global Internet of Things on Insurance Industry Market, by Type
- Property and Casualty (PC) Insurance
- Health Insurance
- Life Insurance
- Others
Global Internet of Things on Insurance Industry Market, by Application
- Automotive and Transportation
- Home and Commercial Buildings
- Life and Health
- Business and Enterprise
- Consumer Electronics and Industrial Machines
- Travel
- Agriculture
Based on the region, the Global Internet of Things on Insurance Industry printing market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, Asia Pacific held the largest share in the global Internet of Things on Insurance Industry market, followed by North America and Europe.
Global Internet of Things on Insurance Industry Market, by region
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia New Zealand, Rest of Asia Pacific)
- The Middle East Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Major market players covered in the Global Internet of Things on Insurance Industry Market:
- Accenture PLC
- Aeris Group Ltd
- Cisco Systems Inc.
- Concirrus
- Google LLC
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Telit.
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(Note: Major players list will be updated with the latest market scenario and trends)
Competitive Landscape:
- Established companies with a major market share
- Emerging players who are growing rapidly
- New Products
- Product and services
- New Entrants and Prominent Startups
- Competitive Product Benchmarking
- Product Development Matrix
Regional Research Reports Key Takeaways:
- Growth prospects
- SWOT analysis
- Key trends
- Key data-points affecting market growth
Objectives of the Study:
The Global Internet of Things on Insurance Industry market report provides a thorough analysis of macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market players' presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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