Global Internet of Things (IoT) in Insurance Market was Valued at US$ 3,094.9 Mn in 2018 and is Expected to Reach US$ 84,427.6 Mn by 2027 Growing at a CAGR of 44.7% Over the Forecast Period, Says Absolute Markets Insights
PUNE, India, Feb. 24, 2020 /PRNewswire/ -- The Internet of Things (IoT) in insurance market is expected to gain a significant lift with the increasing adoption of cloud platform by various insurance providers worldwide. Insurance providers are using the Internet of Things (IoT) in Insurance Market technology wherein devices are interconnected to an internet network and the data is stored on the cloud platform, thereby accessible on the connected devices. Insurance providers are able to reduce losses occurred due fraudulent cases of claims, by continuous monitoring of the insured product or individual and with the help of the real time information provided by the Internet of Things (IoT) in Insurance Market connected devices. For instance, a technology start up, Aerobotics uses images from the satellites in order to provide predictive information on the crop health. The customers using this service are also able to use a smart phone application to receive customized advice regarding their crops.
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Cloud platform and application which is the sub segment of solutions, is the highest growing in the Internet of Things (IoT) in Insurance Market insurance market. Cloud platform is used for testing new business models as it enables fast scaling of the data in order to obtain successful business models. Cloud-based insurance solutions offer better social listening and higher opportunities for conversion rates as well as increased Information Technology (IT) agility with higher speed, which enables the insurers to offer faster service offerings as compared to conventional models. Additionally, provision of value-added services in the insurance service sector, is helping the insurers to obtain real time information about insured products while the customers are using them. For instance, in April 2015, Erie Insurance, a U.S.-based insurance company, used drones for property inspections in the event of a damage claim. They also have confirmed seeking permission from the Federal Aviation Administration (FAA) in order to use drones commercially. This benefited the insurance providers to speed up the claim process and also to look into the damage without endangering their employees. This also helps the insurance providers to obtain information about the fraudulent cases. Thus, incorporation of Internet of Things (IoT) in Insurance Market in the insurance processes, is anticipated to drive the growth of the Internet of Things (IoT) in Insurance Market over the forecast period.
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The detailed research study provides qualitative and quantitative analysis of the global Internet of Things (IoT) in Insurance Market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Key Findings of the Report:
-- In terms of revenue, the global Internet of Things (IoT) in Insurance
Market is expected to reach US$ 84,427.6 Mn by 2027 owing to
incorporation of Internet of Things (IoT) in Insurance Market to
streamline field operations and predictive calculation of risk.
-- On the basis of offering, the application and platform which is a sub
segment of solutions segment is expected to witness the fastest CAGR
over the forecast years, owing to the introduction of Internet of Things
(IoT) in Insurance Market connectivity such as low power wide area which
offers faster connectivity at lower costs
-- On the basis of application, the connected car segment is expected to
hold the largest market size over the forecast period, owing to concerns
regarding the safety and security measures for the driver, which in turn
helps the insurers to obtain an easier claim process.
-- Some of the players operating in the Internet of Things (IoT) in
Insurance Market are Accenture, Allianz, American Family Insurance, AXA,
Capgemini, Cognizant, Hippo Insurance, IBM Corporation, Lemonade
Insurance Agency, LexisNexis, Liberty Mutual Insurance, Oracle
Corporation, Oscar Insurance Corporation, Progressive Casualty Insurance
Company, Inc., SAP SE, State Farm., amongst others.
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Global Internet of Things (IoT) in Insurance Market:
-- By Offering
-- Solutions
-- Applications and Platforms
-- Middleware
-- Infrastructure and Protocols
-- Services
-- By Application
-- Connected Car
-- Connected Home
-- Connected Health
-- Connected Industrials
-- Connected Supply Chain
-- Others
-- By Region
-- North America
-- United States
-- Canada
-- Mexico
-- Europe
-- France
-- The UK
-- Spain
-- Germany
-- Italy
-- Nordic Countries
-- Denmark
-- Finland
-- Iceland
-- Sweden
-- Norway
-- Benelux Union
-- Belgium
-- The Netherlands
-- Luxembourg
-- Rest of Europe
-- Asia Pacific
-- China
-- Japan
-- India
-- New Zealand
-- Australia
-- South Korea
-- Southeast Asia
-- Indonesia
-- Thailand
-- Malaysia
-- Singapore
-- Rest of Southeast Asia
-- Rest of Asia Pacific
-- Latin America
-- Brazil
-- Argentina
-- Rest of Latin America
-- Middle East and Africa
-- Saudi Arabia
-- UAE
-- Egypt
-- Kuwait
-- South Africa
-- Rest of Middle East & Africa
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SOURCE Absolute Markets Insights
