Please Wait.....
Report
IoT Insurance - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)
Market Report I 2025-04-28 I 120 Pages I Mordor Intelligence
The IoT Insurance Market size is estimated at USD 53.95 billion in 2025, and is expected to reach USD 83.81 billion by 2030, at a CAGR of 9.21% during the forecast period (2025-2030).
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.
Key Highlights
- 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.
Internet of Things (IoT) Insurance Market Trends
Retail and Commercial is Expected to Hold Significant Share
- Digital disruptions are expected to impact commercial insurers, as the industry has been preparing to witness some significant transformation. IoT technology is expected to be at the core of various new initiatives. Insurance firms are trying to utilize IoT data to assess customers, reduce premiums, and provide real-time warnings.
- Commercial property insurers are expected to witness multiple opportunities to redraw their relationships with their clients. Technological advancements, such as IoT and cloud, are significantly creating vast amounts of data that can be used to deliver value to commercial customers, primarily enabling closer partnerships and new sources of revenue.
- Due mainly to the rapid rise of the global e-commerce market over the past few years, the retail sector has also seen enormous growth. As a result, retailers use IoT solutions to boost the customer experience and operational efficiency to gain a competitive edge. As a result, the need from customers for an improved shopping experience, the growing acceptance of smart payment solutions, and the declining cost of IoT-based sensors and connectivity are some of the key drivers influencing the adoption of IoT technology in the researched segment.
- IoT has been significantly contributing to process automation and improving the operational effectiveness of retail establishments. It offers energy efficiency, security and surveillance, inventory and supply chain optimization, and labor management. Additionally, IoT is developing its capabilities in the area of cold chain monitoring for perishable food and pharmaceutical products.
North America is Expected to Hold Major Share
- North America is regarded as one of the significant regions for the IoT insurance market due to the growing awareness and the faster adoption of IoT across the region. Many companies, such as Liberty Mutual, Progressive, and State Farm, are leveraging the region's IoT technologies to enhance their risk assessment efficiency.
- John Hancock, a major insurance company in the United States, was one of the first to utilize the power of wearable devices by partnering with Vitality, distributing free Fitbits to customers, and tracking their well-being, making them less at risk of filing a claim. Moreover, the United States is regarded as the headquarters of some major players who offer their IoT solutions for various insurance companies.
- Additionally, it is projected that factors like the early adoption of the web of things (IoT) and a robust regional labor force will accelerate the regional market's growth.
- Some key factors driving the adoption of IoT insurance solutions across the region include the expansion of the insurance industry, the creation of creative insurance models, and the expanding use of IoT technology to lower premium and risk-related expenses.
Internet of Things (IoT) Insurance Industry Overview
The IoT insurance market is highly competitive, due to the market's large and small businesses' existence, which allows them to compete on both domestic and global marketplaces. Due to the presence of so many technology behemoths, the market seems to be fragmented. IBM Corporation, Microsoft Corporation, Intel Corporation, and SAP SE are a few of the market's main participants.
- July 2022 - SAP and NTT DATA announced Co-Innovation Solution Connected Product to Track Fragile and Sensitive Cargo Shipments and Facilitate Insurance Procedures, where By enabling end-to-end, real-time monitoring of the transportation conditions, the solution can monitor all variables that could affect a shipment, and automatically trigger and execute insurance policies if goods are not transported under certain pre-defined conditions. Utilizing SAP Business Network for Logistics helps improve accountability for each stakeholder and makes transport insurance management easier.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products and Services
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the COVID-19 Impact on the Industry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growth of Insurance Sector in Parallel with Innovative Insurance Models
5.1.2 Growing Usage of IoT to Reduce the Premium and Risk-related Costs
5.2 Market Restraint
5.2.1 High Risk for Privacy from the Collected Data
6 MARKET SEGMENTATION
6.1 By End-User Industry
6.1.1 Retail and Commercial
6.1.2 Residential (Smart homes)
6.1.3 Automotive
6.1.4 Industrial
6.1.5 Healthcare
6.1.6 Other End-user Industries (Public Infrastructure, Logistics and Navigation)
6.2 By Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia Pacific
6.2.4 Latin America
6.2.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 Microsoft Corporation
7.1.3 Intel Corporation
7.1.4 Oracle Corporation
7.1.5 Telit Communications PLC
7.1.6 Synechron Inc.
7.1.7 Verisk Analytics Inc.
7.1.8 Accenture PLC
7.1.9 Aeris Group
7.1.10 Concirrus Ltd
7.1.11 Allerin Pvt. Ltd
7.1.12 ForMotiv LLC
7.1.13 Wipro Corporation
7.1.14 Webfleet Solutions BV (Bridgestone Corp.)
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security