IoT Insurance Market Size, Share | Trends and Forecast 2023-2028

According to IMARC Group’s latest report, titled “IoT Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.’ the study provides a detailed analysis of the industry, including the global IoT insurance market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the IoT insurance market?

The global IoT insurance market size reached US$ 27.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 168.5 Billion by 2028, exhibiting a growth rate (CAGR) of 34.8% during 2023-2028.

What is IoT insurance?

IoT (Internet of Things) insurance leverages interconnected devices and sensors to collect real-time data that can be analysed to assess risk, monitor asset health, and customize insurance policies. This innovative approach to insurance is reshaping traditional models by introducing dynamic pricing and personalized coverage options based on actual usage and behaviour. Characteristics of IoT insurance include real-time data analytics, predictive modelling, and automated decision-making.

These capabilities enable insurance companies to gain an in-depth understanding of risk factors, thereby facilitating more accurate underwriting and claims processing. Features commonly associated with IoT insurance include telematics in auto insurance, where driving behaviour is monitored through onboard sensors; and smart home technologies in property insurance, which can detect factors like smoke, temperature changes, and unauthorized entry, allowing for immediate response. Similarly, in health and life insurance, wearable devices can provide continuous data on an individual’s vital signs and physical activity levels. These features not only offer more accurate and tailored coverage but also empower policyholders to engage in proactive risk mitigation, potentially lowering premiums and enhancing the overall effectiveness of insurance policies.

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What are the growth prospects and trends in the IoT insurance industry?

The rising awareness of data-driven decision-making in risk management is one of the primary factors driving the IoT insurance market. Coupled with that, increasing connectivity and availability of real-time data analytics are facilitating more accurate insurance underwriting and claims processing, propelling market growth. Furthermore, a growing number of IoT devices, such as smart home systems and connected cars, are producing vast amounts of data, which is prompting insurance companies to adopt IoT technologies. In terms of technological advancements, Artificial Intelligence (AI), blockchain, and big data analytics are being integrated with IoT systems to refine data accuracy, improve risk models, and enhance customer engagement. In addition, rapid urbanization is giving rise to complex asset structures and higher valued possessions, which in turn require more comprehensive and tailored insurance solutions.

Technological innovations, such as telematics in auto insurance or wearable devices in health insurance, are creating more personalized insurance offerings. The escalating environmental concerns are also driving a trend towards eco-friendly insurance policies that reward sustainable practices, amplified by IoT sensors that can monitor real-time sustainability metrics. Key market players in the insurance industry are continuously innovating by offering specialized IoT-enabled policies, such as pay-as-you-drive auto insurance or preventive health policies based on wearable device data. E-commerce growth and the widespread adoption of mobile applications are enabling seamless policy management and purchase experiences, thereby fostering online engagement. In concurrence with this, advancements in logistics and data management are enhancing the back-end operations, making it easier for insurance providers to scale and adapt to market demands. Other factors, such as the rising standard of living, growing concerns about asset safety and health, and an increasingly competitive market landscape are collectively contributing to the robust growth of the IoT insurance market.

Who are the key players operating in the industry?

The report covers the major market players including:

• Accenture plc
• Allerin
• Capgemini SE
• Cognizant
• Concirrus
• Intel Corporation
• International Business Machines Corporation
• Microsoft Corporation
• Sas Institute Inc.
• Telit
• Verisk Analytics Inc
• Wipro Limited.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Insurance Type:

• Life and Health Insurance
• Property and Casualty Insurance
• Others

Breakup by Component:

Breakup by Application:

• Automotive, Transportation and Logistics
• Life and Health
• Commercial and Residential Buildings
• Business and Enterprise
• Agriculture
• Others

Breakup by  Region:

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

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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