The most current market research report from Emergen Research focuses on the global market for Internet of Things (IoT) Insurance and provides in-depth analysis of each of its major segments. The market size, revenue growth rate, industry statistics, revenue splits by regional markets, gross margins, production costs, and product portfolios are all included in reports on the worldwide Internet of Things (IoT) Insurance market. The most significant micro- and macroeconomic elements, such as drivers, opportunities, trends, restrictions, challenges, demand and supply ratios, production and consumption patterns, stringent regulatory frameworks, and a host of other factors, are also discussed in the research.
The global Internet of Things (IoT) insurance market is expected to reach a market size of USD 775.65 billion by 2028 and register a high revenue CAGR, according to the latest analysis by Emergen Research. Increasing demand for IoT devices in the insurance industry to enhance customer experience is the key factor driving the global Internet of Things (IoT) insurance market's growth during the forecast period. Besides, growing demand for value-added services is expected to propel global Internet of Things (IoT) insurance market growth during the forecast period. Furthermore, increasing adoption of Internet of Things (IoT) devices in developing and developed countries is expected to augment global Internet of Things (IoT) insurance market growth going ahead.
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Competitive Terrain:
The global Internet of Things (IoT) Insurance industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Leading Market Players Profiled in the Report:
Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Cisco Systems, Inc., SAP SE, Accenture PLC, Wipro Ltd., Damco International AS, Capgemini SE
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Key Highlights in Report
- Increasing usage of IoT-driven devices in property & casualty insurance to mitigate insurance costs and enhance risk management are some key factors driving revenue growth of the property & casualty insurance segment, which is expected to register a significantly high CAGR of 62.7% over the forecast period.
- In terms of revenue share, connected car segment is expected to lead during the forecast period due to increasing application of telematics and IoT-driven sensors in cars.
- In terms of market share, the automotive segment is expected to account for the largest market share during the forecast period due to increasing adoption of IoT driven V2X-connected vehicles, which generate IoT data flow and evaluate premium costs.
- Due to robust presence of international market players, including Microsoft Corporation, Google LLC, Oracle Corporation, and Cisco Systems, Inc., among others in countries in North America, the market in the region is expected to lead in terms of revenue share among other regional markets during the forecast period.
Key market aspects studied in the report:
Market Scope: The report explains the scope of various commercial possibilities in the global Internet of Things (IoT) Insurance market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.
Competitive Outlook: The leading companies operating in the Internet of Things (IoT) Insurance market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.
Report Objective: The primary objective of this report is to provide the manufacturers, distributors, suppliers, and buyers engaged in this sector with access to a deeper and improved understanding of the global Internet of Things (IoT) Insurance market.
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Market Overview:
The report bifurcates the Internet of Things (IoT) Insurance market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Insurance Type Outlook (Revenue, USD Billion; 2021–2028)
- Pension Insurance
- Warranty Insurance
- Cyber Insurance
- Life Insurance
- Property & Casualty Insurance
- Health Insurance
- Others
- Application Outlook (Revenue, USD Billion; 2021–2028)
- Connected Home
- Connected Car
- Connected Health
- Commercial Lines
- Others
- End-use Outlook (Revenue, USD Billion; 2021–2028)
- Automotive
- Retail
- Industrial
- Residential
- Healthcare
- Logistics
- Others
Regional Outlook:
- North America (the U.S., Canada, Mexico)
- Europe (the U.K., Germany, France, Italy)
- Asia Pacific (India, China, Japan, Korea)
- Latin America (Brazil, Argentina, Ecuador, Chile)
- Middle East & Africa (Egypt, Turkey, Saudi Arabia, Iran)
Key reasons to buy the Global Internet of Things (IoT) Insurance Market report:
- The latest report comprehensively studies the global Internet of Things (IoT) Insurance market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products & services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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