Global Internet of Things (IoT) Insuretech Market, By Type (Auto, Business, Health, Home, Specialty, Travel and Others), Service (Consulting, Support and Maintenance and Managed Services), and Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights: Global Internet of Things (IoT) Insuretech Market
The internet of things (IoT) insuretech market is expected to witness market growth at a rate of 10.2% in the forecast period of 2021 to 2028 and is further estimated to reach USD 564,171.5 million by 2028. Data Bridge Market Research report on internet of things (IoT) insuretech market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market's growth. The rise in the adoption of IoT amongst the insurance industry to receive data from a variety of sources is escalating the growth of internet of things (IoT) insuretech market.
Insurtech is a wide category of continuously varying technologies that are utilized in the insurance industry. Any technology that's utilized by an insurance company to upsurge the proficiency of its operations could be known as insurtech. Internet of Things (IoT) is another category of insurtech. This term is referred to as ordinary machines such as refrigerators and televisions that are connected to the internet. Many businesses that own fleets of vehicles that have been prepared with GPS-enabled devices. The devices can be utilized to track the vehicles' locations and braking patterns, calculate driving speeds, acceleration, and other habits.
Major factors that are expected to boost the growth of the internet of things (IoT) insuretech market in the forecast period are the rise in the banking, financial services and insurance (BFSI) industry around the world. Furthermore, the swift digitization of insurance services is further anticipated to propel the growth of the internet of things (IoT) insuretech market. On the other hand, the growing data security and privacy concerns is further projected to impede the growth of the internet of things (IoT) insuretech market in the timeline period.
- In addition, the growing demand for customized insurance policies, which can be available through online platforms and smartphone applications will further provide potential opportunities for the growth of the internet of things (IoT) insuretech market in the coming years. However, the struggle that is caused by legacy systems, and absence in client engagement might further challenge the growth of the internet of things (IoT) insuretech market in the near future.
This internet of things (IoT) insuretech market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the internet of things (IoT) insuretech market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
Global Internet of Things (IoT) Insuretech Market Scope and Market Size
The internet of things (IoT) insuretech market is segmented on the basis of type and service. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the internet of things (IoT) insuretech market has been segmented into auto, business, health, home, specialty, travel and others.
- On the basis of service, the internet of things (IoT) insuretech market has been segmented into consulting, support and maintenance and managed services.
Internet of Things (IoT) Insuretech Market Country Level Analysis
The internet of things (IoT) insuretech market is analyzed, and market size, volume information is provided by country, type and service as referenced above.
The countries covered in the internet of things (IoT) insuretech market report are the U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).
North America dominates the internet of things (IoT) insuretech market due to the developed countries, large financing power, initial approval for internet of things (IoT). Furthermore, the development of the new technologies for example IoT, Big data and others by many organizations will further boost the growth of the internet of things (IoT) insuretech market in the region during the forecast period. Asia-Pacific is expected to observe significant amount of growth in the internet of things (IoT) insuretech market due to the urbanization and industrialization. Moreover, the rise in the adoption of IoT devices like drones, smartphones and Wi-Fi dongles, amongst others in the advancing countries is further anticipated to propel the growth of the internet of things (IoT) insuretech market in the region in the coming years.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Internet of Things (IoT) Insuretech Market Share Analysis
The internet of things (IoT) insuretech market competitive landscape provides details by a competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the internet of things (IoT) insuretech market.
The major players covered in the internet of things (IoT) insuretech market report are Google LLC, Lemonade Inc., SAP SE, IBM, Cisco Systems, Inc., Oracle, Zonoff Inc., Accenture, LexisNexis, Capgemini, Allianz, Microsoft Corporation, Zurich Insurance Group Ltd., Hippo, Concirrus, Genpact, Wipro Limited, Telit, Aeris Group Ltd and Damco International A/S, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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