Internet of Things in Insurance Market size was valued at USD 1.5 Billion in 2024 and is forecasted to grow at a CAGR of 18.5% from 2026 to 2033, reaching USD 7.2 Billion by 2033.
In 2022, the global Internet of Things (IoT) in insurance market witnessed substantial growth, with North America leading by holding approximately 36.9% of the market share. This dominance is attributed to the regions early adoption of IoT technologies, particularly in telematics for auto insurance and smart home monitoring systems. The United States, in particular, has seen significant integration of IoT devices by insurers to enhance risk assessment and offer personalized policies. Europe follows as a significant player, with countries like Germany and the UK embracing telematics based motor insurance and smart home applications. The Asia Pacific region is experiencing rapid growth, driven by increasing digital transformation initiatives in countries such as China, Japan, and India, where the adoption of connected devices is on the rise. The markets expansion is further fueled by the rising demand for personalized insurance solutions and improved risk management facilitated by real time data collection from IoT devices. This trend is evident across various insurance types, including life and health, property and casualty, and automotive insurance. The integration of IoT technologies enables insurers to offer usage based insurance models, proactive risk mitigation, and streamlined claims processing, thereby enhancing customer satisfaction and operational efficiency. As IoT adoption continues to grow globally, the insurance industry is poised to undergo significant transformation, with emerging markets presenting substantial opportunities for expansion.
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Accenture PLC
Cisco Systems Inc
IBM
Microsoft Corporation
Oracle Corporation
SAP SE
Verisk Analytics
Zonoff Inc.
Cognizant Technology Solutions
Lemonade Inc
Google LLC
LexisNexis Group
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Internet of Things in Insurance Market
Health Insurance
Property & Casualty Insurance
Life Insurance
Automobile Insurance
Travel Insurance
Wearable Technology
Smart Home Devices
Telematics Systems
Connected Vehicles
Blockchain Technology
Commercial Insurance
Personal Insurance
Specialty Insurance
Reinsurance
Microinsurance
Sensor Data
Wearable Data
Mobile Data
Social Media Data
Claims Data
Individual Policyholders
Small and Medium Enterprises (SMEs)
Large Enterprises
Government and Public Sector
Non-Profit Organizations
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Internet of Things in Insurance Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Internet of Things in Insurance Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Internet of Things in Insurance Market, By Type
6. Global Internet of Things in Insurance Market, By Application
7. Global Internet of Things in Insurance Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Internet of Things in Insurance Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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