Iot Insurance Market To Reach USD 229.5 Billion By 2027 | CAGR 59.4% — Forencis Research
Global IoT Insurance Market: Key Highlights
- According to the new market research report “IoT INSURANCE MARKET Solution Type (Customer Centricity, Product Agility, Business Networks, Profit and Risk Control and Finance, Investments, and Compliance), by Type (Home Insurance, Life Insurance, Health Insurance, Travel Insurance, and Others), by Application Type (Business & Enterprise, Travel, Automotive and Transportation, Healthcare, Consumer Electronics, and Industrial Machines, Agriculture, and Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global IoT insurance market is estimated to reach USD 229.5 Billion by 2027 at a CAGR of around 59.4% during the review period.
- Advancement in IoT technology helps to improve efficiency at a higher level of management, overall profitability of the business and to reduce the risk is a key factor driving the demand for the IoT insurance market.
- However, data security and fraud issues remain a major restraining factor for the growth of the IoT insurance market
Global IoT Insurance Market: Key Market Dynamics
- Increasing demand for cloud helps to collects and analyzes the data which are projected to boost the growth of the market in the forecast period.
- Internet of Things advance can be realized for the overall products and lines of business from commercial to life, property and casualty and health is excepted to enhance the growth of the market during the projected period.
- The huge number of data that is transferred between the insurance company creates a risk factor that may lead to cybercrime. Hence it is anticipated to hinder the growth of the market in the future.
- Enhancing growth for health insurance processes helps the customers to reduce the risk of incidents and help insurers lower the number of claims which is projected to boost the growth of the market.
Global IoT Insurance Market: Regional Overview
The Asia-Pacific is becoming a leading player in the Internet of Things (IoT) is projected to witness high demand due to the business growth and advancement in the technology. China is being one of the leading international leaders in many of the IoT technology. However, China manufactured IoT device and its technologies which has become a major target for the unapproved access. Moreover, in 2019 the Japanese government approved an amendment that allows the survey by employees of the National Institute of Information and Communications Technology. According to the Federation of Indian Chambers of Commerce & Industry, in India, the IoT technology adoption is expected to grow at the CAGR of 137% and USD 1.9 Billion in 2020. Furthermore, the enhancement of IoT technology in the region leads to a rise in demand for the IoT insurance market in the forecast period.
Owing to the rapid growth of the technologies industry in Europe, the demand for IoT insurance is expected to increase. In Germany, the IoT is more focusing on Industry 4.0 plans to enhance its manufacturing industries. In the region, IoT-European (IoT EPI) platform was built to a sustainable IoT ecosystem in Europe which will increase the future growth for platform development and information sharing. Moreover, the region is in an attractive position to become a worldwide leader for the IoT. The objective strength of European ICT is mostly in business to business for the advanced software and services market.
Hence, the increasing growth in the technologies sector will anticipate boost the market in the European region.
Global IoT Insurance Market: Key Players Overview
- IBM Corporation:
The International Business Machines Corporation (IBM) provides hardware, software, cognitive computing, and cloud services. It is a multinational global technology company that introduces a popular microcomputer. IBM cloud is an open standard for the cloud platform that is used to build, run and manage the applications. Moreover, IBM IoT for Insurance is used to helps insurers by providing protection directly to the consumer with the use of real-time assessments. Also, the company provides a toolkit to avail of an additional benefit or utilization of the captured data. Furthermore, in 2018 Marsh which is a global professional services firm with operate insurance broking and risk management is collaborating with IBM for the Blockchain solution in the field of insurance.
Oracle Corporation is a worldwide multinational computer technology corporation. It delivers a large amount of database, storage, services and cloud technology. The company sells database software and technology cloud engineered systems, and enterprise software products. However, Oracle gathers the digital information which needs to develop, innovative business models, and provide metering by usage. In the field of insurance, the company helps to improve the ability to evaluate, reduce the fraud and boost the profitability of the business. The Oracle insurance data exchange is the largest integration-as-a-services exchanges that associate insurers with banks, producers and services in real-time. Furthermore, Lochbridge forms IoT services for the users by using the Oracle cloud services which includes Oracle Internet of Things Cloud enterprise, analysis of data, and a platform-as-a-service (PaaS) product which helps to provides built-in capabilities to connect many devices.
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