FACTS AT A GLANCE
Edition: 5; Released: April 2021
Executive Pool: 1093
Companies: 37 – Players covered include Accenture; Capgemini; Cognizant; Hippo Insurance; IBM Corporation; Lemonade Inc; LexisNexis; Oracle Corporation; SAP SE; Zonoff Inc and Others.
Coverage: All major geographies and key segments
Segments: Type (Property & Casualty (P&C) Insurance, Health Insurance, Life Insurance, Other Types); Application (Automotive & Transportation, Home & Commercial Buildings, Life & Health, Business & Enterprise, Consumer Electronics & Industrial Machines, Travel, Agriculture)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Internet of Things (IoT) Insurance Market to Reach $265.6 Billion by 2026
Amid the COVID-19 crisis, the global market for Internet of Things (IoT) Insurance estimated at US$15.1 Billion in the year 2020, is projected to reach a revised size of US$265.6 Billion by 2026, growing at a CAGR of 60.6% over the analysis period. Property & Casualty (P&C) Insurance, one of the segments analyzed in the report, is projected to record a 63.2% CAGR and reach US$180 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Health Insurance segment is readjusted to a revised 59.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $7.9 Billion in 2021, While China is Forecast to Reach $42.3 Billion by 2026
The Internet of Things (IoT) Insurance market in the U.S. is estimated at US$7.9 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$42.3 Billion by the year 2026 trailing a CAGR of 57.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 54.5% and 51.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 40.4% CAGR.
Life Insurance Segment to Reach US$53.2 Billion by the year 2026
In the global Life Insurance segment, USA, Canada, Japan, China and Europe will drive the 58.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.6 Billion in the year 2020 will reach a projected size of US$65.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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