PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1579840
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1579840
Internet of Things (IoT) Insurance
Global Internet of Things (IoT) Insurance Market to Reach US$390.7 Billion by 2030
The global market for Internet of Things (IoT) Insurance estimated at US$44.8 Billion in the year 2023, is expected to reach US$390.7 Billion by 2030, growing at a CAGR of 36.3% over the analysis period 2023-2030. Automotive & Transportation Application, one of the segments analyzed in the report, is expected to record a 38.1% CAGR and reach US$153.2 Billion by the end of the analysis period. Growth in the Life & Health Application segment is estimated at 40.1% CAGR over the analysis period.
The U.S. Market is Estimated at US$13.5 Billion While China is Forecast to Grow at 34.5% CAGR
The Internet of Things (IoT) Insurance market in the U.S. is estimated at US$13.5 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$63.5 Billion by the year 2030 trailing a CAGR of 34.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 33.0% and 30.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 24.8% CAGR.
Global Internet of Things (IoT) Insurance Market - Key Trends and Drivers Summarized
How Is the Internet of Things (IoT) Reshaping the Insurance Industry?
The Internet of Things (IoT) is transforming the insurance industry by enabling more accurate risk assessments, improving customer engagement, and streamlining claims processing. IoT devices such as connected vehicles, wearable health monitors, and smart home systems provide insurers with real-time data on policyholders' behaviors and environments, allowing for more personalized and dynamic risk pricing. For example, telematics devices in vehicles track driving behavior, helping insurers offer usage-based insurance (UBI) policies that reward safe driving. In health insurance, wearables monitor physical activity and vital signs, enabling insurers to offer wellness incentives and preventative care plans. IoT solutions are also being used to automate claims processing, detect fraud, and improve customer service through real-time data collection and analysis.
How Are Technological Advancements Shaping IoT in Insurance?
Technological advancements in IoT sensors, AI, and data analytics are driving the adoption of IoT in the insurance sector. IoT sensors embedded in vehicles, homes, and wearable devices are becoming more accurate and energy-efficient, enabling continuous data collection on policyholder behavior and environmental conditions. AI-powered analytics platforms are being integrated with IoT systems to analyze vast amounts of data, providing insurers with predictive insights that help improve risk assessments, prevent fraud, and offer personalized policies. Blockchain technology is also emerging as a key innovation, offering secure, transparent data sharing between insurers and policyholders, enhancing trust and reducing fraud risks. These advancements are making IoT solutions more accessible and effective for insurers looking to improve their offerings and reduce operational costs.
How Do Market Segments Define the Growth of IoT in Insurance?
Applications include automotive insurance, health insurance, property insurance, and life insurance, with automotive insurance leading the market due to the widespread adoption of telematics and usage-based insurance policies. Components include hardware such as sensors and connected devices, software platforms for data management and analytics, and services such as system integration and support. Geographically, North America and Europe dominate the market, driven by early adoption of telematics and IoT-enabled insurance solutions, while Asia-Pacific is expected to see significant growth as insurers in the region embrace digital transformation and connected technologies.
What Factors Are Driving the Growth in the IoT Insurance Market?
The growth in the IoT insurance market is driven by several factors, including the increasing demand for personalized insurance policies, advancements in connected devices, and the need for more accurate risk assessment. As consumers seek more flexible and customized insurance options, insurers are adopting IoT solutions to offer usage-based policies that align with individual behaviors and preferences. Technological innovations in telematics, wearables, and AI-driven analytics are also fueling growth by enabling insurers to collect and analyze real-time data on policyholder behavior, improving risk assessments and preventing fraud. Additionally, the rising focus on digital transformation and the need to streamline claims processing and customer service are driving investments in IoT-enabled insurance solutions.
Select Competitors (Total 37 Featured) -
- Accenture
- Capgemini
- Cognizant
- Hippo Insurance
- IBM Corporation
- Lemonade Inc
- LexisNexis
- Oracle Corporation
- SAP SE
- Zonoff Inc
TABLE OF CONTENTS
I. METHODOLOGY
II. EXECUTIVE SUMMARY
- 1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Internet of Things (IoT) Insurance - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- 2. FOCUS ON SELECT PLAYERS
- 3. MARKET TRENDS & DRIVERS
- Rising Demand for Usage-Based Insurance (UBI) Models Drives IoT Adoption in Insurance
- Technological Advancements in IoT-Enabled Telematics and Connected Vehicles Strengthen Market Growth
- Growing Use of IoT in Fraud Detection and Prevention Expands Addressable Market for Insurance
- Focus on Real-Time Data Collection and Risk Assessment Fuels IoT Adoption in Insurance
- Rising Demand for Health and Wellness Monitoring Through IoT Wearables Expands Insurance Market Opportunities
- Technological Innovations in Smart Home Devices for Insurance Risk Management Propel IoT Growth
- Expansion of IoT in Commercial Insurance for Property and Asset Tracking Drives Adoption
- Growing Focus on Personalized Insurance Solutions Through IoT Data and Analytics Fuels Market Growth
- Increasing Use of IoT for Predictive Analytics and Risk Mitigation in Insurance Expands Opportunities
- Focus on Enhancing Customer Experience and Loyalty Through IoT-Driven Insurance Models Drives Growth
- Rising Adoption of IoT in Vehicle Insurance for Real-Time Monitoring and Claims Processing Fuels Market Growth
- Technological Advancements in AI and Machine Learning for IoT-Powered Insurance Solutions Propel Innovation
- 4. GLOBAL MARKET PERSPECTIVE
- TABLE 1: World Internet of Things (IoT) Insurance Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
- TABLE 2: World Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 3: World 7-Year Perspective for Internet of Things (IoT) Insurance by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2024 & 2030
- TABLE 4: World Recent Past, Current & Future Analysis for Automotive & Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 5: World 7-Year Perspective for Automotive & Transportation by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2024 & 2030
- TABLE 6: World Recent Past, Current & Future Analysis for Life & Health by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 7: World 7-Year Perspective for Life & Health by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2024 & 2030
- TABLE 8: World Recent Past, Current & Future Analysis for Home & Commercial Buildings by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 9: World 7-Year Perspective for Home & Commercial Buildings by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2024 & 2030
- TABLE 10: World Recent Past, Current & Future Analysis for Business & Enterprise by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 11: World 7-Year Perspective for Business & Enterprise by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2024 & 2030
- TABLE 12: World Recent Past, Current & Future Analysis for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 13: World 7-Year Perspective for Other Applications by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2024 & 2030
III. MARKET ANALYSIS
- UNITED STATES
- Internet of Things (IoT) Insurance Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
- TABLE 14: USA Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 15: USA 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- CANADA
- TABLE 16: Canada Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 17: Canada 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- JAPAN
- Internet of Things (IoT) Insurance Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
- TABLE 18: Japan Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 19: Japan 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- CHINA
- Internet of Things (IoT) Insurance Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
- TABLE 20: China Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 21: China 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- EUROPE
- Internet of Things (IoT) Insurance Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
- TABLE 22: Europe Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 23: Europe 7-Year Perspective for Internet of Things (IoT) Insurance by Geographic Region - Percentage Breakdown of Value Revenues for France, Germany, Italy, UK and Rest of Europe Markets for Years 2024 & 2030
- TABLE 24: Europe Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 25: Europe 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- FRANCE
- Internet of Things (IoT) Insurance Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
- TABLE 26: France Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 27: France 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- GERMANY
- Internet of Things (IoT) Insurance Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
- TABLE 28: Germany Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 29: Germany 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- ITALY
- TABLE 30: Italy Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 31: Italy 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- UNITED KINGDOM
- Internet of Things (IoT) Insurance Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
- TABLE 32: UK Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 33: UK 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- REST OF EUROPE
- TABLE 34: Rest of Europe Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 35: Rest of Europe 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- ASIA-PACIFIC
- Internet of Things (IoT) Insurance Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
- TABLE 36: Asia-Pacific Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 37: Asia-Pacific 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
- REST OF WORLD
- TABLE 38: Rest of World Recent Past, Current & Future Analysis for Internet of Things (IoT) Insurance by Application - Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications - Independent Analysis of Annual Revenues in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 39: Rest of World 7-Year Perspective for Internet of Things (IoT) Insurance by Application - Percentage Breakdown of Value Revenues for Automotive & Transportation, Life & Health, Home & Commercial Buildings, Business & Enterprise and Other Applications for the Years 2024 & 2030
IV. COMPETITION
