The use of interconnected devices with real time data collaboration within the insurance industry is known as Internet of Things (IoT) insurance. The IoT enabled devices help insurer provide data, which can be used to manage claims, reduce risk, and identify various frauds. Easy settlement of claims, creation of analytical value from obtained data, and development of flexible insurance products for various sectors of the market are some of the advantages of IoT in insurance technology. The privacy of the user identity and over dependency on technology limit the adoption of IoT in insurance.
The growth in inclination towards IoT and increased demand for IoT-based devices in insurance industry majorly drive the IoT insurance market. Further, growth in practice of cloud computing in insurance sector and improved insurance service owing to adoption of IoT also propel the market toward growth. Complex communication standards and privacy of the data majorly restrain the market. Development of new insurance model based on smart devices, growth in need to insure the devices such as smart automobiles, and analytics based on data provided by IoT devices for improvement of business creates sufficient opportunities in the IoT insurance market. However, lack of customer engagement, unawareness of benefits of IoT devices, and unavailability of skills to handle IoT devices are major challenges for the IoT insurance market.
The market is acknowledged by moderate competition. The key players adopt business techniques such as merger, acquisitions, partnership, and collaboration to extend their product portfolio and customer reach. Product innovation is a key market strategy implemented by various vendors to create a competitive position in the market. IBM Corporation announced its IoT Watson Headquarters at Munich, with collaboration with leading key vendors in the IoT market such as Avnet, Inc, BNP Paribas SA, Capgemini SE, and Tech Mahindra Limited for developing a better IoT ecosystem on February 2017.
The market is segmented by insurance type, insurance application, and region. Based on insurances type, the market is classified into property & casualty insurance, health insurance, life insurance, and other insurance. The insurance application is further divided into automotive & transportation, home & commercial building, life & health, business & enterprise, consumer electronics & industrial machines, travel, and agriculture. Based on geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive analysis and profiles of the major market players such as IBM Corporation, SAP SE, Oracle Corporation, Google Inc., Microsoft Corporation, Cisco System Inc., Accenture PLC, Verisk Analytics, Inc., Concirrus Ltd., and Zonoff, Inc. is also provided in this report.
- This report is an extensive analysis of current and potential market trends.
- The report contains in depth quantitative analysis of current and future market estimations through 20162023, which helps recognize the growth opportunities.
- Extensive analysis of the market helps understand the current practices for better investment decisions.
- Key market players are profiled in this report and their strategies are analyzed thoroughly, which helps understand competitive outlook of the market.
- Extensive analysis of the IoT insurance market is conducted by monitoring the top competitors within the market framework.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided in the report.
Internet Of Things Insurance Market Key Segments:
By Insurance Type
- Property & Casualty Insurance
- Health Insurance
- Life Insurance
- Other Insurance
By Insurance Application
- Automotive & Transportation
- Home & Commercial Building
- Life & Health
- Business & Enterprise
- Consumer Electronics & Industrial Machines
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East