Internet of Things (IoT) based General Insurance Market Outlook - 2030
Internet of Things (IoT) refers to computing devices embedded in everyday objects that are connected to the internet and can send & receive data. The ability of IoT devices to communicate with one another without human intervention will open up new revenue streams, drive business efficiencies, facilitate new business models, and improve the delivery of existing services across a wide range of industries. IoT is well used in the general insurance domain as well.
Insurers can use the intelligent data provided by IoT-enabled devices to track health, detect abnormalities, and reduce risks for policyholders. IoT has the potential to change not only the top line, but also the bottom line of an insurer. Moreover, once the policyholder has given permission, insurers can use the data and alerts from IoT devices to deliver services with fewer touchpoints. Therefore, the growing adoption of digital technologies across the insurance sector is expected to boost the growth of the internet of things (IoT) based general insurance market in the upcoming years.
The global internet of things (IoT) based general insurance market is segmented on the basis of type, application and region. Based on type, the market is divided into property & causality (P&C) insurance, health insurance, life insurance and others. The other segment further includes warranty insurance, farmers’ insurance, cyber insurance, pet insurance, savings & investments insurance and pension insurance. In terms of application, the market is categorized into automotive & transportation, home & commercial buildings, life & health, consumer electronics, and agriculture. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global internet of things (IoT) based general insurance industry include International Business Machine (IBM) Corporation, Microsoft Corporation, Intel Corporation, Oracle, Telit, Synechron, Verisk Analytics Inc., Accenture, Aeris Group Ltd and Concirrus. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global internet of things (IoT) based general insurance market.
COVID-19 Scenario Analysis
- Market vendors are collaborating with a number of organizations to provide emerging technology-enabled solutions to healthcare organizations to assist them in effectively dealing with the crisis during the COVID-19 pandemic.
- Many industries have been impacted by the recent COVID-19 outbreak and nationwide lockdown; however, insurance is one such industry that has seen a significant increase in demand, particularly in the health and related segments. Many industries, particularly healthcare, have increased their investment in IoT solutions as a result of COVID-19, which increases the demand for IoT insurance.
Top Impacting Factors
Increase in development of wireless network technologies and the rise in automotive industry to hold significant share are driving the growth of the market. In addition, reduction in premium & risk related costs in insurance propel the growth of the market. However, communication standards and data privacy concerns may hamper the growth of the market. Contrarily, increase in need of insurance for various IoT enabled applications such as auto, health, life, home & commercial is expected to provide lucrative opportunities to the market in the upcoming years.
Increase in Development of Wireless Technologies
Surge in number of wireless technologies now allow devices to communicate with one another. Because of the increased connectivity, a larger number of people are expected to be interested in purchasing IoT devices. In the insurance industry, high-speed network connectivity has opened up many new possibilities. The number of devices that can connect to a high-speed wireless network is on an increase, as is the number of devices that can connect to it.
It is simple to set up and optimize network connectivity by using separate radio links for device-to-tower and tower-to-device communication. Moreover, LTE is significant because it allows for more efficient use of the finite spectrum available to connect low-power IoT devices to back-end systems. Therefore, the rise in demand for the development of wireless technologies is expected to boost the growth of internet of things (IoT) based general insurance market during the forecast period.
Rise in Automotive Industry to Hold Significant Share
There is intelligent and cooperative IoT data exchange between connected vehicles connected to V2X (an external IoT device) owing to increase in use of connected vehicles connected to V2X (an external IoT device). This is also used to figure out insurance premiums. Automobile companies in the region that are interested in Farconnected cars are currently expanding their focus to include insurance telematics.
Moreover, IoT-enabled automotive is also being preferred by the government and insurance companies, as it provides safety. Therefore, the surge in demand for the automotive insurance is expected to boost the growth of the internet of things (IoT) based general insurance market during the forecast period.
Key Benefits of the Report
- This study presents analytical depiction of the global internet of things (IoT) based general insurance market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the internet of things (IoT) based general insurance market trends.
- The current market is quantitatively analyzed to highlight the global internet of things (IoT) based general insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed internet of things (IoT) based general insurance market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Internet Of Things (IoT) Based General Insurance Market Research Report
- Which are the leading players active in the global internet of things (IoT) based general insurance market size?
- What would be the detailed impact of COVID-19 on the global internet of things (IoT) based general insurance market share?
- What are current trends that would influence the internet of things (IoT) based general insurance market in the next few years?
- What are the driving factors, restraints, and opportunities of the global internet of things (IoT) based general insurance market?
- What are the projections for the future that would help in taking further strategic steps?
Internet of Things (IoT) based General Insurance Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | Oracle, Verisk Analytics Inc., International Business Machine (IBM) Corporation, Intel Corporation, Synechron, Accenture, Microsoft Corporation, Telit, Aeris Group Ltd, Concirrus |
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