Market Size of IoT Insurance Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 49.40 Billion |
| Market Size (2029) | USD 76.73 Billion |
| CAGR (2024 - 2029) | 9.21 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Internet of Things (IoT) Insurance Market Analysis
The IoT Insurance Market size is estimated at USD 49.40 billion in 2024, and is expected to reach USD 76.73 billion by 2029, growing at a CAGR of 9.21% during the forecast period (2024-2029).
The growth of the insurance sector in parallel with innovative insurance models, with the growing usage of IoT to reduce premium and risk-related costs, further expand the studied market growth.
- Growth in data analytics, Big Data, sensors, and machine learning technologies further expands the studied market's growth. With smart grids envisioned to take over the entire energy industry, IoT utilities are expected to gain traction over the forecast period.
- Additionally, the global market for life and health insurance is predicted to grow significantly during the forecast period due to the rapid uptake of internet-connected medical devices like smartwatches, smartphones, and fitness trackers that are constantly used to gather user data and monitor their behavior or lifestyle.
- Increasing adoption of cutting-edge technologies in the insurance sector, such as machine learning and artificial intelligence, would present lucrative potential for the growth of the worldwide IoT insurance market.
- However, concerns about the security and privacy of customers' personal information and a need for worker proficiency with IoT devices limit the growth of the IoT insurance business.
- COVID-19 is anticipated to have a favorable effect on the expansion of the IoT insurance sector. This is due to an increase in insurance provider businesses' embrace of digital technologies to collect client data for claim management. To provide COVID-19 insurance services to clients, IoT technology assists the insurance sector during the current COVID-19 outbreak by securely collecting patient health information via mobile phones, wearable devices, and sensors.
