IoT Insurance Market overview
The global Internet of Things Insurance Market is anticipated to register at USD 9 Billion by the end of the year 2022. Further, it is estimated to hold approximately 33% of the CAGR during the review period of 2016 to 2022.
The reduction in premium and risk related to costs is a major growth driving factor for the global market. Moreover, the services of the insurance industry have been improved with the IoT-enabled devices, which is fueling the Internet of Things Insurance Market growth in the review period. Other factors like increasing demand for value-added services and cloud in the insurance industry and rising adoption of IoT products in developing and developed economies are responsible for generating the higher market value in the forecast period.
Furthermore, the data privacy concerns and communication standards concerns might hinder the growth of the global market. Apart from this, the lack of awareness, customer engagement, skills, and procurement policies might bring major challenges to the Internet of Things Insurance Market Share. Also, the problems associated with the legacy systems might bring challenges to the market.
Market segmentation
The global Internet of Things Insurance Market is highly contributed to the market segments, including various personal services, applications, and software solutions.
The current market has been classified into deployment, consulting, and support depending on the personal service segment. On the basis of the software solution segment, the global market is divided into network bandwidth management, real-time streaming analytics, remote monitoring, data management, and security solution.
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In terms of the application segment, the present market has been segregated into Home & Commercial Building, Automotive & Transportation, Business & Enterprise, Life & Health, Travel, and others. Among all, the automotive and transportation segment is registered to hold the largest market share for the year 2015 because of the rising adoption of telematics and usage-based insurance (UBI) in automobiles.
Regional Analysis
The global Internet of Things Insurance Market is spread out over different marketing regions, which includes North America, Europe, Latin America, Asia Pacific, and the rest of the world.
Among all, the North American region is holding the dominant position during the forecast period due to several factors, including the advancement of new advances like Big information, IoT, and others. Additionally, this region is expanding because of the presence of created economies of Canada and the United States.
Furthermore, the Asia-Pacific region is expected to show a higher growth rate in the assessment period due to the expanding number of robots, wearables, and others in the region. In addition to this, the increasing web of things entrance is also fueling the regional market growth in the forecast timeframe.
Industry news
In February 2017, a "Force IoT Ecosystem" was framed with the collaboration of Oracle with Huawei. This arrangement has been showcased to collaborate Huawei's AMI arrangement along with Oracle's Utilities Smart Grid Gateway (SGG), Utilities Meter Data Management (MDM), and other Utility items. For instance, this arrangement would help these two organizations to access one another's customer base.
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