Fintech PR
IoT Insurance Market to reach $686.9 Billion, Globally, by 2032 at 36.4% CAGR: Allied Market Research
The global IoT insurance market growth is driven by the rise in the adoption of IoT in developed and developing economies, an increase in demand for cloud platforms and other value-added services in the insurance industry, and a surge in investment in IoT by insurance companies.
PORTLAND, Ore., Sept. 7, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “IoT Insurance Market by Component (Solution and Service), Insurance Type (Life and Health Insurance, Property and Casualty Insurance, and Others), Application (Automotive, Transportation, and Logistics, Life and Health, Commercial and Residential Buildings, Business and Enterprise, Agriculture, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global IoT insurance industry generated $31.5 billion in 2022 and is estimated to reach $686.9 billion by 2032, witnessing a CAGR of 36.4% from 2023 to 2032.
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IoT insurance refers to the use of Internet of Things (IoT) devices by insurance companies to collect, transmit, and share essential information about insurers. Insurance service providers also benefit from the use of IoT devices to improve employee and organizational productivity and their knowledge of risk management. In addition, it provides many benefits to end users, including improved claim management services, faster risk management services, and reduced operating costs for the company during the claim settlement management service. With the growing trend of the Internet of Things (IoT) in health insurance and IoT marine insurance, it is being adopted across the world.
Prime Determinants of Growth:
The global IoT insurance market growth is driven by the rise in the adoption of IoT in developed and developing economies, an increase in demand for cloud platforms and other value-added services in the insurance industry, and a surge in investment in IoT by insurance companies. However, security and privacy issues regarding the personal information of customers and a lack of skills among workers regarding the use of IoT devices restrict the growth of the market. However, an increase in the adoption of advanced technologies such as machine learning and artificial intelligence in the insurance industry is expected to offer remunerative opportunities for expansion of the global market during the forecast period.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period  |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$31.5 Billion |
|
Market Size in 2032 |
$686.9 Billion |
|
CAGR |
36.4 % |
|
No. of Pages in Report |
344 |
|
Segments Covered |
Component, Insurance Type, Application, and Region |
|
Drivers |
Rise in adoption of IoT in developed and developing economies |
|
Growth in demand of cloud platform and other value-added services in insurance industry |
|
|
Surge in investment in IoT by insurance companies |
|
|
Opportunities |
Surge in need of insurance for various IoT enabled applications |
|
Restraints |
Security and privacy issues |
|
Lack of knowledge among workers |
COVID-19 Scenario:
- The COVID-19 pandemic had a significant impact on the global IoT insurance market. This is due to IoT devices, such as health monitoring wearables (smartwatches, fitness trackers) that gained prominence during the pandemic.
- The insurance sector has witnessed a significant surge in demand, especially in health and related segments. Therefore, many industries have increased their investment in IoT solutions, especially healthcare, which further expands the scope of study and market growth.
The solution segment to maintain its leadership status throughout the forecast period-
Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global IoT insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. Due to the rise in large number of IoT devices and the surge in the need for IoT technology solutions in various organizations to identify, monitor, evaluate, and access different types of risks before their occurrence is anticipated to boost businesses and organizations to adopt policy. However, the service segment is projected to manifest the highest CAGR of 39.1% from 2023 to 2032. This is because it helps insurers provide better policies to the end user throughout the life of the policy with improved risk management, cutting costs by lowering premiums, and improving insurance companies’ business processes.
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The life and health insurance segment to maintain its lead position throughout the forecast period-
Based on insurance type, the life and health insurance segment held the highest market share in 2022, accounting for more than two-thirds of the global IoT insurance market revenue, and is projected to maintain its lead position throughout the forecast period. Owing to the increase in adoption of internet-connected medical devices such as smartwatches, smartphones, and fitness trackers, which constantly collect user data and track their behavior or lifestyle. However, the property and casualty insurance segment is projected to manifest the highest CAGR of 39.5% from 2023 to 2032. This is due to an increase in the adoption of machine-to-machine (M2M) communication products, the implementation of anti-lock brake systems to attain faster communication with vehicle users, and an increase in awareness among policyholders.
The automotive, transportation, and logistics segment to rule the roost by 2032-
Based on application, the automotive, transportation, and logistics segment held the highest market share in 2022, contributing to nearly two-fifths of the global IoT insurance market revenue, and is projected to rule the roost by 2032. Owing to the integration of IoT technology with telematics devices to monitor all aspects of an automobile, such as general car condition, tire condition, brake condition, and car temperature with just a simple command on a screen. However, the business and enterprise segment is projected to manifest the highest CAGR of 41.4% from 2023 to 2032. Owing to the increase in the adoption of intelligent automation and smart building technologies, it boosts the IoT insurance market.
Asia-Pacific region to maintain its dominance by 2032-
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global IoT insurance market. Owing to the presence of many insurance companies across the U.S. and Canada and availability of technologically advanced IoT devices as well as high-speed Internet connection across the region. However, the Asia-Pacific region is expected to maintain its dominance during the forecast period. The same region would showcase the fastest CAGR of 40.1% from 2023 to 2032. This is due to an increase in the use of IoT devices such as drones, Wi-Fi dongles, wearables devices, and built-in sensors among end-users that provide informative data.
Leading Market Players: –
- International Business Machines Corporation
- Cisco Systems, Inc.
- Oracle Corporation
- SAP SE
- Microsoft Corporation
- Intel Corporation
- Google LLC
- Telit
- Accenture
- Synechron
The report provides a detailed analysis of these key players in the global IoT insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Want to Access the Statistical Data & Graphs, and Key Players’ Strategies: https://www.alliedmarketresearch.com/iot-insurance-market/purchase-options
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Fintech PR
CUBE COMPLETES ACQUISITION OF THOMSON REUTERS REGULATORY INTELLIGENCE AND ODEN BUSINESSES
- Acquisition delivers an expanded customer base with a deep global subject matter expertise network that further powers CUBE’s RegBrain AI across its industry proven SaaS RegPlatform™
- CUBE continues to see strong organic customer growth in its well-established enterprise sector whilst also accelerating growth across the mid-market sector
- 2024 was a year of strategic milestones for CUBE including the partnership with Hg, expanding its global footprint across six main hubs, the acquisition of Reg-Room and Thomson Reuters Regulatory Intelligence and Oden businesses, together with pivotal board and executive appointments
LONDON, Jan. 2, 2025 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), has today formally announced the completion of its acquisition of the Thomson Reuters Regulatory Intelligence and Oden businesses on 31 December 2024.
The acquisition of these global businesses is another step forward in CUBE’s growth plans as a leader in regulatory intelligence. It will supplement and enhance CUBE’s ability to deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s global customer base will expand to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s Founder and CEO, Ben Richmond, said: “The completion of this acquisition is a major milestone for CUBE in a year that has seen many important milestones including our strategic partnership with Hg, the acquisition of Reg-Room, and the acquisition of Thomson Reuters Regulatory Intelligence and Oden businesses.”
“Thomson Reuters is best known in the industry for providing regulatory analysis and subject matter expertise combined with world-leading journalism and news,” said Ben Richmond. “The powerful combination of CUBE’s AI and the years of human generated content curated by Thomson Reuters Regulatory Intelligence and Oden subject matter experts sets us apart in the industry. This new dimension at CUBE will accelerate innovation and drive further growth and opportunity in 2025 and beyond.”
Following the announcement of its strategic partnership with Hg in March 2024, CUBE has now completed two transformational US-based acquisitions across three businesses whilst continuing to assemble a highly experienced executive team. CUBE’s continued impressive growth saw its presence in the enterprise sector surpassing 200 customers and now represents around 40% of Tier 1 financial institutions globally. In the mid-market sector, serving small and medium sized enterprises, CUBE now has near 800 customers.
With this growth CUBE solidified its global footprint by establishing offices across its six main hubs focused on customer support and implementation; with the number of employees at CUBE doubling to near 700 and a comparable increase in the number of countries where CUBE’s employees are located, which now totals 15 countries.
Ben Richmond said: “We are excited to welcome all of our new colleagues to CUBE – 2025 promises to be yet another significant year for the business as we continue to deliver further innovation focused on automating regulatory compliance and risk management for our customers.”
The definitive agreement was originally announced in May 2024 and terms were not disclosed.
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View original content:https://www.prnewswire.co.uk/news-releases/cube-completes-acquisition-of-thomson-reuters-regulatory-intelligence-and-oden-businesses-302341226.html
VICTORIA, Seychelles, Jan. 2, 2025 /PRNewswire/ — In a significant leap forward for digital commerce, KuCoin has unveiled KuCoin Pay, a pioneering merchant solution designed to catalyze business growth by integrating crypto payments into the retail sector. This innovative system bridges the gap between traditional retail and crypto, offering contactless and borderless transactions. Leveraging KuCoin’s robust infrastructure—trusted globally and serving over 37 million+ users – KuCoin Pay is poised to open new opportunities for merchants and users to thrive in the evolving digital economy.
KuCoin Pay is committed to reducing transaction fees and facilitating immediate settlement of crypto payments, simplifying the process for businesses to manage transactions efficiently. The platform supports an extensive range of cryptocurrencies and blockchain networks, significantly broadening the global reach of payments.
The process for merchants is straightforward: integrate KuCoin Pay into their payment systems, allowing customers to complete purchases through KuCoin by scanning a QR code or via the KuCoin app. This integration ensures a frictionless checkout experience, fostering greater consumer confidence and satisfaction.
Additionally, KuCoin Pay is integrated within the KuCoin app, enabling businesses to tap into KuCoin’s extensive user base while simplifying the buying process for everyday items for users. Daily requests such as gift cards and mobile top-ups can be done seamlessly, further promoting widespread crypto adoption.
KuCoin Pay represents a major milestone in driving the mainstream adoption of crypto and marks a pivotal step in KuCoin’s ongoing commitment to enriching the blockchain ecosystem. For more information on KuCoin Pay and how it can transform your business, please visit the KuCoin Pay website.
About KuCoin
Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 37 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as “Best Crypto Apps & Exchanges” by Forbes and has been recognized among the “Top 50 Global Unicorns” by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.
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NASSAU, Bahamas, Jan. 2, 2025 /PRNewswire/ — On December 31, 2024, the “Menstrual Equity Project” , jointly initiated by KuCoin, Global CSR Foundation, and the American Medical Women’s Association (AMWA), has made new progress. The second batch of aid supplies has been successfully shipped to the Bahamas, providing urgently needed sanitary products for 4,000 local women and effectively improving their quality of life.
The “Menstrual Equity Project” aims to offer sustainable menstrual hygiene solutions to marginalized women and girls, aligning with the United Nations’ Sustainable Development Goals (SDGs). As the oldest multi-specialty medical organization promoting women’s advancement in the medical field and improving women’s health, AMWA’s mission is in perfect alignment with KuCoin’s commitment to social responsibility.
With the support of the Office of the First Lady of Commonwealth of Bahamas H. E. Ann Marie Davis, this round of donated materials focuses on disposable menstrual pads. This decision reflects the local challenges of water scarcity and high washing costs, while also providing essential emergency supplies for women during natural disasters such as hurricanes and typhoons.
Since KuCoin made a firm commitment to social welfare initiatives during the “KuCoin Green Future Gala” at the 28th United Nations Climate Change Conference (COP28) in 2023, the company has actively fulfilled its corporate social responsibilities. The “Menstrual Equity Project” has become a key initiative under this commitment.
In March 2024, the project’s first phase was implemented, distributing 1,000 menstrual kits—each containing 10 sanitary pads and 2 menstrual cups—to Suriname, St. Jude Children’s Research Hospital, and domestic violence shelters in New York and California.
The smooth delivery of the second batch of supplies to the Bahamas will benefit 4,000 women.
Jing Zhao Cesarone，President of Global CSR Foundation, commented:”KuCoin has set a remarkable example in addressing period poverty in underserved regions, demonstrating its enthusiasm and dedication to social responsibility.”
Nancy Cheung, KuCoin’s Chief Sustainability Officer (CSO), emphasized:”As a global leader in the digital economy, KuCoin is committed to advancing the UN’s Sustainable Development Goals (SDGs). Looking ahead, we will continue to focus on key areas such as climate change, health, and education, driving more philanthropic initiatives to fruition. We also plan to expand the scope of the ‘Menstrual Equity Project,’ collaborating with more international organizations to improve women’s living conditions and contribute to global sustainable development.”
About KuCoin
Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 37 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as “Best Crypto Apps & Exchanges” by Forbes and has been recognized among the “Top 50 Global Unicorns” by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.
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View original content:https://www.prnewswire.co.uk/news-releases/kucoin-advances-the-menstrual-equity-project-benefiting-4-000-women-in-the-bahamas-302341084.html
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