Friday 3 February 2017, Amsterdam
According to the new report, now available on ASDReports, "IoT Insurance Market by Type (P&C, Health, Life), Application (Automotive & Transportation, Home & Commercial Buildings, Life & Health, Business & Enterprise, Consumer Electronics, Travel, Agriculture), and Geography - Global Forecast to 2022", the global IoT insurance market is expected to be worth USD 42.76 Billion by 2022, growing at a CAGR of 65.89% between 2016 and 2022. Factors such as the growing adoption of Internet of Things (IoT) products in developed and developing economies, increase in the demand for cloud platforms and value-added services in insurance industries, and reduction in the cost of premium policies are the key drivers for the adoption of IoT solutions and services in insurance industries.
Automobile and transportation market held the largest market share in 2015
IoT has a huge impact on auto insurance industries. The growing adoption of IoT-enabled devices in Global Positioning Systems (GPS), in-built sensors, and other detectors would increase the need for new IoT-based technologies in the insurance industry to gather data such as speed, braking pattern, and other driving behavior. Also, the IoT platforms offer quick access to the underwriting process and claim management for the insurer. These benefits contribute to the growth of the market for automobile and transportation in the IoT insurance market.
IoT devices for agriculture insurance application protect farmers from environmental risks and help them protect their land and manage livestock
The market for the agriculture insurance application of the IoT insurance market is expected to grow at the highest CAGR during the forecast period. In the agriculture application, IoT insurance offers easy livestock monitoring and insurers can monitor environmental conditions and alert farmers about upcoming hazards such as hailstorms, floods, and earthquakes. The growing use of drones and Wi-Fi–enabled devices in developing economies such as China, Japan, and India increases the need for IoT insurance products for data analytics and big data platforms. This enables insurers to protect their crops and lands from damage and also manage claim process quickly.
North America held the largest share of the market in 2015 due to the presence of major IoT vendors in the region
Major IoT vendors such as IBM Corporation (U.S.), Cisco Systems Inc. (U.S.), Microsoft Corporation (U.S.), and Oracle Corporation (U.S.), among others have been developing IoT devices, software, and services for insurance industries. Hence, it would help in the growth of the North American IoT insurance market. The IoT insurance market for the automotive and transportation application held the largest market share in 2015. Additionally, auto insurance companies have adopted telematics in usage-based insurance, which is used to gather historical data of speed, distance travelled, braking pattern, and turning of vehicles. The data from various automobiles is analyzed by insurance industries to price the premiums.
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