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IoT Insurance Market Size to Grow USD 686.9 Billion by 2032 at a CAGR of 36.4% | Valuates Reports
BANGALORE, India, Jan. 22, 2024 /PRNewswire/ — IoT Insurance Market By Component (Solution, Service), By Insurance Type (Life and Health Insurance, Property and Casualty Insurance, Others), By Application (Automotive, Transportation, and Logistics, Life and Health, Commercial and Residential Buildings, Business and Enterprise, Agriculture, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Global IoT insurance market was valued at USD 31.5 Billion in 2022, and is projected to reach USD 686.9 Billion by 2032, growing at a CAGR of 36.4% from 2023 to 2032.
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Major Factors Driving the Growth of IoT Insurance Market:
The use of revolutionary technologies like telematics, data analytics, and predictive modeling is driving the expansion of the IoT insurance industry. Usage-based insurance with telematics support and connected device risk reduction lead to more economical and customized plans.
Insurance companies may use machine learning algorithms to optimize pricing models, improve fraud detection, and engage clients proactively thanks to the copious amounts of real-time data from IoT devices.
The IoT insurance market is growing as a result of its expansion into the health insurance sector using IoT health monitoring devices, cooperative industry collaborations, legislative backing for innovation, and the development of dynamic business models. The insurance business is changing as a result of the confluence of technology, data, and creative thinking. This is creating a more connected, customer-focused, and data-driven sector.
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TRENDS INFLUENCING THE GROWTH OF IOT INSURANCE MARKET
IoT devices play a major role in the insurance industry’s risk reduction and prevention efforts. Insurers are able to proactively monitor and minimize risks related to property and health insurance using connected devices, such as wearables and sensors in smart homes. Smart sensors, for instance, may identify security breaches, fire threats, and leaks in houses. This enables insurers to provide incentives for taking preventive action and, in the end, lower the frequency and severity of claims.
The health insurance industry is seeing tremendous growth due to the proliferation of IoT in health monitoring devices. Insurers receive useful information about the lives and health conditions of their policyholders via wearables and health-tracking devices. With the use of this data, insurers may create individualized health insurance policies that will encourage policyholders to lead better lifestyles and lower their total risk of medical expenses.
The market for IoT insurance is expanding rapidly, mostly due to the use of telematics technology. Combining informatics and telecommunications, telematics uses sensors and communication devices in cars to gather and send real-time data. This technology makes usage-based insurance (UBI) possible in the insurance industry, where rates are based on real driving behavior. With the use of telematics data collection, insurers are able to analyze risk more precisely, which results in more affordable and customized insurance plans for customers. The insurance industry’s capacity to identify fraud is improved by the incorporation of IoT devices. Insurers can spot odd trends and possible fraudulent activity by continuously monitoring data streams from several sources.
Regulations designed to protect consumers and promote innovation have aided in the expansion of the IoT insurance sector. Regulatory agencies are aware of how the Internet of Things may enhance risk assessment and customer support. Insurers are encouraged to engage in IoT technology by clear standards and procedures that guarantee compliance with data privacy and security requirements. The Internet of Things is bringing new ideas to the insurance industry, such pay-as-you-go or on-demand insurance. IoT data gives insurers the freedom to customize coverage to certain events or situations, giving customers greater choice over the price and coverage of their insurance. The IoT insurance industry is continuing to expand and change as a result of this move towards dynamic and customized insurance arrangements.
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IOT INSURANCE MARKET SHARE ANALYSIS
The IoT insurance market is expected to grow at the fastest rate in the property and casualty insurance segment. This is because there is a growing trend in the adoption of machine-to-machine (M2M) communication products; anti-lock brake systems are being implemented to facilitate faster communication with vehicle users; and policyholders are becoming more aware of premiums.
Asia Pacific is anticipated to have substantial growth over the course of the projection period due to the rise in end-user adoption of IoT devices, such as wearables, drones, Wi-Fi dongles, and built-in sensors that offer useful data.
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Key Companies:
- International Business Machines Corporation
- CISCO SYSTEMS INC
- SAP SE
- Microsoft Corporation
- GOOGLE INC
- Accenture Plc
- Synechron
- ORACLE CORPORATION
- Intel Corporation
- Telit
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– In 2020, the global property insurance market revenue is USD 1613 Billion dollars; at a CAGR of 6.2% during the forecast period from 2021 to 2027. Besides, the United States accounts for about 40.48% Market share, which is 653 billion US dollars.
– AI in IoT market was valued at USD 4513.4 Million in 2022 and is anticipated to reach USD 10280 Million by 2029, witnessing a CAGR of 14.7% during the forecast period 2023-2029.
– Insurance Policy Administration Systems Software market is projected to reach USD 478.6 Million in 2029, increasing from USD 263 Million in 2022, with the CAGR of 7.8% during the period of 2023 to 2029.
– IoT in Banking & Financial Service market is projected to grow from USD 1380.6 Million in 2023 to USD 6781.7 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 30.4% during the forecast period.
– Internet of Things (IoT) Security market size is projected to reach USD 7722.1 Million by 2028, from USD 2087.8 Million in 2021, at a CAGR of 20.3% during 2022-2028.
– Insurance Billing Software market is projected to reach USD 491.9 Million in 2029, increasing from USD 286 Million in 2022, with the CAGR of 8.0% during the period of 2023 to 2029.
– Telematics Insurance Service market is projected to reach USD 9391.8 Million in 2029, increasing from USD 4913 Million in 2022, with the CAGR of 9.7% during the period of 2023 to 2029.
– The online insurance market was valued at USD 53.2 billion in 2021, and is estimated to reach USD 330.1 billion by 2031, growing at a CAGR of 20.2% from 2022 to 2031.
– The specialty insurance market was valued at USD 104.7 billion in 2021, and is estimated to reach USD 279 billion by 2031, growing at a CAGR of 10.6% from 2022 to 2031.
– The telecommunication insurance market was valued at USD 8.5 billion in 2021, and is estimated to reach USD 41.6 billion by 2031, growing at a CAGR of 17.5% from 2022 to 2031.
– Insurance Fraud Detection Market
– Business Travel Accident Insurance Market
– Juvenile Life Insurance market was valued at USD 74310 Million in 2022 and is anticipated to reach USD 157190 Million by 2029, witnessing a CAGR of 13.3% during the forecast period 2023-2029.
– Income Protection Insurance market was valued at USD 44450 Million in 2022 and is anticipated to reach USD 52760 Million by 2029, witnessing a CAGR of 2.9% during the forecast period 2023-2029.
– Game Developer Insurance market is projected to reach USD 1696.3 Million in 2029, increasing from USD 1348 Million in 2022, with the CAGR of 3.4% during the period of 2023 to 2029.
– Comprehensive Motorcycle Insurance Market
– Logistics Insurance market is projected to grow from USD 67340 Million in 2023 to USD 81830 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 3.3% during the forecast period.
– Cyber (Liability) Insurance Market
– Plastic Carrier Tape for Semiconductor market is projected to reach USD 773.2 Million in 2029, increasing from USD 458 Million in 2022, with the CAGR of 7.5% during the period of 2023 to 2029.
– Life Insurance Software Market revenue was USD 6566.9 Million in 2022 and is forecast to a readjusted size of USD 9724.6 Million by 2029 with a CAGR of 5.7% during the review period (2023-2029).
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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