DUBLIN--(BUSINESS WIRE)--The "Global IoT Insurance Market (2021-2026) by Insurance Type, Insurance Application, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global IoT Insurance Market was estimated to be USD 13.3 billion in 2021 and is expected to reach USD 150.7 billion by 2026, growing at a CAGR of 62.5%.
Increasing the adoption of Internet of Things (IoT) products in developing and developed countries is one of the major factors contributing to the market growth. Insurance industry services improve due to IoT-enabled devices as insurers could partner with companies to access improved or new cross-industry products and services that harness IoT technologies and the new ecosystems. In addition, a rising need for cloud services in the insurance industry and depletion in premium and risk-related costs due to IoT usage are also driving growth.
However, data privacy concerns and lack of customer engagement, awareness, skills, and procurement policies may hinder market growth. Some of the factors that are expected to generate key opportunities for market growth are growing investment in IoT start-ups, the evolution of insurance models, and the growing urge for several IoT-enabled applications.
Market Segmentation
- The Global IoT Insurance Market is segmented further based on Insurance Type, Insurance Application, and Geography.
- By Insurance Type, the market is classified into Life Insurance, Health Insurance, Property & Casualty (P&C) Insurance, and Others.
- By Insurance Application, the market is classified as Travel, Business and Enterprise, Home and Commercial Buildings, Automotive and Transportation, Life and Health, Consumer Electronics and Industrial Machines, and Agriculture.
- By Geography, America is projected to lead the market.
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Report Highlights:
- A complete analysis of the market, including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Key Topics Covered:
1 Report Description
2 Research Methodology
3 Executive Summary
3.1 Introduction
3.2 Market Size and Segmentation
3.3 Market Outlook
4 Market Influencers
4.1 Drivers
4.1.1 Network Devices has Out-Numbered Consumers
4.1.2 Reduce Cost and Leverage Analytics to Curb Fraud
4.1.3 Usage of IoT Results to Depletion in Premium and Risk-Related Costs
4.1.4 Rising Urge for Cloud Services in Insurance Industry
4.2 Restraints
4.2.1 Data Breach Issues and Communication Standards
4.3 Opportunities
4.3.1 Growing Investments in IoT Start-ups
4.3.2 Evolution of Insurance Models
4.4 Challenges
4.4.1 Lack of Awareness and Skilled Personnel
5 Market Analysis
5.1 Porter's Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6 Global IoT Insurance Market, By Insurance Type
7 Global IoT Insurance Market, By Insurance Application
8 Global IoT Insurance Market, By Geography
9 Competitive Landscape
9.1 Competitive Quadrant
9.2 Market Share Analysis
9.3 Strategic Initiatives
9.3.1 M&A and Investments
9.3.2 Partnerships and Collaborations
9.3.3 Product Developments and Improvements
10 Company Profiles
- Accenture
- Aeris Group
- Allianz
- Azure
- Capgemini
- Chubb Limited
- Cisco Systems
- Concirrus
- Damco Solutions
- Dell Services
- Genpact
- HBF
- Hippo Insurance
- Hitachi Vantara
- IBM
- Intel
- Lemonade
- LexisNexis
- Oracle
- Parsyl Insurance
- SAP
- Telit
- Wipro
- Zurich Insurance Group
For more information about this report visit https://www.researchandmarkets.com/r/wbc9hx
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