The global IoT insurance market is predicted to be valued at $ 402,990.0 million by 2028, surging from $13,540.0 million in 2020 at a noteworthy CAGR of 54.4%.
Impact Analysis of COVID-19 on the IoT Insurance Market
The coronavirus outbreak impacted the IOT Insurance Market positively. Most of the places were shut down due to the spread of the coronavirus. The fear of coronavirus among the people increased the demand of insurance, which is predicted to boost the IoT insurance market at the time of pandemic. Most of the insurance organizations have also implemented cloud services to a huge extent to track customer health with the help of connected devices. All these factors are predicted to boost the IoT insurance market during the pandemic.
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Global IoT Insurance Market Analysis
Most of the businesses rely on IT and networks vastly. The funds required to maintain these networks cost too much for the organizations. At present, the organizations outsource the maintenance of these materials to stakeholders who work using cloud services. Developments in cloud services with the help of connected devices is predicted to be the major driving factor for the global IoT insurance market in the estimated period. Moreover, increase in the adoption of IoT in banking and finance sector is predicted to be the major driving factor for the global market in the estimated period.
However, the lack of skilled operators to monitor and manage IoT insurances is predicted to hinder the market in the projected timeframe. Moreover, cost factor is also considered as one of the major restraints for the global IoT insurance market in the estimated period.
Global IoT Insurance Market, Segmentation
The global IoT insurance market is segmented based on type, application, and region.
Insurance Type:
The insurance type segment is further classified into life insurance, property & casualty (P&C) insurance, health insurance and others. Among these, the life insurance sub-segment is anticipated to have the maximum growth rate in the forecast period. It has been estimated that the sub-segment will grow with a CAGR of 55.2% by generating a revenue of $99,950.6 million by 2028. Increasing demand of life insurance for securing the life and securing the family future is predicted to be the major driving factor for the sub-segment market in the estimated period.
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Application:
The application segment is further divided into automotive transportation & logistics, life & health, commercial & residential buildings, business & enterprise, agriculture, and others. The life & health sub-segment is anticipated to have the highest growth rate in the global market. It has been estimated that the market will grow with at a CAGR of 55.2% by generating a revenue of $ 96,821.8 million by 2028. Health and life insurance helps pay for medical expenses such as doctor's visits, hospital stays, medications, tests, and procedures.
Region:
The IoT insurance market for the Asia-Pacific region is projected to witness rapid growth. This market is projected to generate a revenue of $102,359.5 million by 2028 with a CAGR of 55.5% in the estimated period. Asia-Pacific region market is predicted to be the biggest market for the IoT insurance market in the forecast period. Shifting of majority of companies to Asia-Pacific region is predicted to drive the market in the estimated period. Moreover, low labor cost, highly skilled labor, and various government initiatives are predicted to boost the region market in the estimated period.
Key Players in the Global IoT Insurance Market
- SAP SE
- Cisco Systems Inc.
- Alphabet
- International Business Machines Corporation
- Accenture PLC
- Microsoft Corporation
- Oracle Corporation
- Aeris Group Ltd
- Concirrus
- Telit
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global IoT Insurance Market
Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Moreover, unpredictable demands in supplier pricing may impact company profitability. Hence, there will be low threat from the supplier side.Thus, the bargaining power of the suppliers is low.
Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of pepper sprays that are offered in low prices. The buyers can hence choose the IoT Insurance that best fits their preferences.Hence, the bargaining power of buyers is high.
Threat of New Entrants: Startups entering this market are providing innovative pepper sprays to the customers. However, companies that are in the IoT Insurance are much more globalized.Thus, the threat of the new entrants is moderate.
Threat of Substitutes: There are different types of self-defense products available for helping people against emergency. Thus, the threat of substitutes is high.
Competitive Rivalry in the Market: The ventures operating in the global IoT Insurance are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide. Therefore, competitive rivalry in the market is high.
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