IoT Insurance Market- Global Industry Analysis, Size and Forecast, 2018 to 2022
The global IoT insurance market is estimated to grow at a CAGR of 65.89% to reach USD 42.76 billion by 2022. The growing adoption of Internet of Things (IoT) products in developed and developing economies, growing demand for cloud platform and other value-added services in the insurance industry are the major drivers for this market. The IoT-enabled devices provide intelligent data for insurers to help them track health, detect abnormalities, and reduce risks for policyholders. The real-time assessment of data would increase the relationship between the insurers and policyholders.
The IoT insurance market is segmented on the basis of insurance type into P&C insurance, life insurance, health insurance, and others. The property and casualty insurance uses data from IoT-based sensors, actuators, and other smart devices that are connected via the Internet for proactive management of risks and reduction in policy costs. IoT-enabled wearables and fitness devices plays a significant role in providing health-related data to insurers, helping them to monetize health and accordingly offer premiums to policyholders.
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The APAC market is estimated to grow at the highest CAGR between 2016 and 2022. The development of IoT devices such as wearables, drones, Wi-Fi dongles, and inbuilt sensors that provide informative data to insurers would be the driving factor for the IoT insurance market in the APAC region.
IoT systems and software provide large amounts of real-time data that requires strong infrastructure offered by IoT vendors. These may lead to data loss and malfunctioning of the systems due to network failure and need to follow fixed communications standards for data transmission. Also, risks associated with the web of connected devices create privacy concerns, thus hindering the adoption of IoT by the insurers. These factors restrain the growth of IoT insurance in the market.
International Business Machines (IBM) Corporation (U.S.) is one of the major players in the IoT insurance market that offers IoT cloud platforms, IoT Watson, and other insurance services to insurance organizations. The company operates in five business segments, namely, Global Technology Services (GTS), Global Business Services (GBS), software, systems hardware, and global financing. IBM’s Watson IoT platform comprises data analytics software and solutions that help insurers to manage data from wearables, weather, and others in terms of insurance-specific analytics. These offerings provide easy and quick claims payments, monitoring, and risk management.
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