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IoT Insurance Market Size to Grow USD 686.9 Billion by 2032 at a CAGR of 36.4% | Valuates Reports

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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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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

–  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.

–  Healthcare IoT Market

–  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.

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–  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.

–  FinTech in Insurance Market

–  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

–  Livestock Insurance Market

–  Business Travel Accident Insurance Market

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–  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.

–  Ancillary Insurance Market

–  Motorcycle Insurance Market

–  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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–  Insurtech Market

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JLL APAC Applauded by Frost & Sullivan for Enhancing Property Performance and Delivering Customer Value in Real Estate

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JLL APAC’s deep industry expertise, state-of-the-art capabilities, and customer-driven approach position it to redefine the FM industry and reinforce its leadership.

SAN ANTONIO, Jan. 8, 2025 /PRNewswire/ — Frost & Sullivan recently researched the facility management industry and, based on its analysis, recognizes Jones Lang LaSalle (JLL) Asia-Pacific (APAC) with the 2024 Asia-Pacific Company of the Year Award. The company is a global real estate leader that helps enterprises optimize real estate strategies to meet their operational needs and business goals. The company offers comprehensive solutions and services across the real estate spectrum, including integrated facility management (IFM). With its innovative, cutting-edge solution suite, JLL APAC enhances property performance, fosters ideal work experiences, and delivers value for clients spanning multiple industries, such as finance, government, information technology, and manufacturing. It integrates advanced technology, leverages scientific insights, and designs sustainable spaces to drive innovation and deliver significant customer value. The company goes beyond traditional FM practices, exploring neuroscientific principles to develop its innovative solutions.

JLL APAC’s Work Science initiative studies unique individual work patterns and diverse cognitive styles to power its human-centric workspace designs and create optimal work environments. It enhances workforce productivity, collaboration, and employee well-being and satisfaction. Aimed at helping C-suite executives and senior leaders tackle complex challenges and drive their organizations forward, the value-added JLL Future Labs service curates immersive, multi-sensory collaboration experiences that foster innovative thinking and synergy and accelerate decision-making. JLL APAC leverages artificial intelligence (AI) and machine learning to unify operations among diverse facility management stakeholders and eliminate data silos, enhancing collaboration and decision-making toward optimized building performance. Its comprehensive AI-enhanced JLL Serve FM application streamlines operations, automates processes, digitizes maintenance and reporting, and provides real-time visibility to optimize building usage, minimize costs, save time, and boost returns.

Janice Wung, industry principal at Frost & Sullivan, observed, “JLL APAC’s bold approach to exploring innovative insights beyond traditional FM scope, such as neuroscientific principles, enhance its solutions and deliver impactful results. Its foresight in technology integration is a key differentiator, empowering the company to remain at the forefront of the industry and capitalize on emerging market opportunities.”

JLL APAC’s Smart Building Platform helps clients enhance operational performance with real-time and remote asset monitoring, enabling continuous oversight, rapid problem detection, predictive maintenance, and improved occupant comfort. The platform drives cost optimization, enhances operational efficiency, and promotes sustainability while ensuring occupant comfort and safety. JLL APAC’s expert integration of the Internet of Things, big data, and intelligent technology enhances service excellence, promoting sustainability and propelling the FM industry into the future. Furthermore, its world’s first large language model specifically for the commercial real estate industry, the JLL Generative Pre-trained Transformer (JLL GPT) AI platform, performs comprehensive multi-source data analytics to provide clients with intelligent insights that drive informed strategies and enhance returns. JLL APAC’s customer-centric and collaborative approach, deep expertise, and reliability in addressing client pain points resulted in an impressive global Net Promoter Score of 100%, establishing a new regional record. Regardless of macroeconomic and business conditions, its steady growth momentum positions it to thrive and continue expanding its market presence.

“JLL APAC prioritizes mutual interests to drive value creation and sustainable growth for all stakeholders involved, redefining business partnerships in the FM industry. By adopting progressive, customer-centric strategies and fostering enduring relationships through collaboration, value creation, and service excellence, JLL APAC is well-positioned to lead the FM industry into the future,” added Rubini Kamal, best practices research analyst at Frost & Sullivan. With its strong overall performance, JLL APAC earns Frost & Sullivan’s 2024 Asia Pacific Company of the Year Award in the facility management industry.

Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.

Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.

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About JLL APAC
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit www.jll.com

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PostEra announces expansion to $610M in their AI drug discovery collaboration with Pfizer

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BOSTON, Jan. 7, 2025 /PRNewswire/ — PostEra, a biotechnology company specializing in machine learning for preclinical drug discovery, today announced an expansion of their partnership with Pfizer. The parties will launch a new Antibody-Drug-Conjugate (ADC) collaboration while also expanding their existing $260M AI Lab collaboration, which itself was built upon a successful Generative Chemistry partnership.

The teams will leverage PostEra’s AI platform, Proton, a pioneering innovation in generative chemistry and synthesis-aware design, to advance several programs. These new programs include small molecule therapeutics as well as ADCs, where PostEra will use Proton to optimize properties of payloads.

PostEra will receive an upfront payment of $12M and is eligible to receive additional milestone payments and tiered royalties on any approved products arising out of the collaboration.

Over the last 3 years, as part of the AI Lab, PostEra and Pfizer scientists have partnered closely to advance several small molecule programs. After Pfizer nominated the maximum number of programs, the teams have agreed to expand the collaboration to include additional targets with PostEra receiving additional upfront payment and eligibility for milestones and royalties.

“We’re pleased to significantly expand the use of PostEra’s Proton platform. This builds on peer-reviewed publications with Pfizer validating the real-world impact of AI-driven drug discovery in hitting preclinical milestones faster than anticipated,” said Alpha Lee, Chief Scientific Officer of PostEra. “This third partnership with our long-term collaborators at Pfizer underscores Proton’s depth and strength in making a meaningful impact on real-world drug discovery campaigns,” added Aaron Morris, CEO of PostEra.

About PostEra
PostEra is building a modern 21st century biopharma. We use Proton, our AI platform for medicinal chemistry, to accelerate the discovery of new medicines for patients. PostEra is advancing an internal pipeline while also advancing small molecule programs through partnerships with biopharma. We’ve closed over $1Bn in AI partnerships including 4 multi-year agreements with Pfizer and Amgen. PostEra is also leading an antiviral drug discovery center for pandemic preparedness, funded by one of the largest grants in NIH history.

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Radius Global Market Research Acquires Illuminas North America

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The partnership combines Radius’s strategic insights framework with Illuminas’s expertise in the technology and financial services sectors, thereby strengthening Radius’s capabilities across B2B and consumer markets.

NEW YORK, Jan. 7, 2025 /PRNewswire/ — Radius Global Market Research, a leading global insights and strategy firm, has announced its acquisition of Illuminas North America, a multidisciplinary research consultancy with headquarters in Austin, Texas. The acquisition strengthens Radius’s ability to deliver actionable insights for its global clients and enhances its expertise in supporting strategic insights needs of clients across industries.

Financial details were not disclosed.

Combining Expertise for Greater Insights
The acquisition integrates Radius’s Brand Growth Navigator framework with Illuminas’s strength in data science and deep expertise with technology and service-related industries. Illuminas is renowned for bridging gaps in customer understanding through tailored, data-driven solutions that illuminate optimal paths to success and drive growth for global brands.

“Illuminas’s proven capabilities in technology-focused research and their expertise in supporting B2B companies make them an ideal partner for Radius,” said Chip Lister, managing director of Radius Global Market Research. “This partnership enhances our ability to deliver insights that address critical business challenges for our clients, especially in industries where technology and innovation are key drivers of success.”

Expanding Capabilities for Clients Worldwide
Founded in 2002, Illuminas North America has built a reputation as a trusted partner for Fortune 500 companies and industry leaders. With deep expertise in technology, financial services, and dynamic global markets, Illuminas employs innovative and foundational research techniques, including quantitative and qualitative tools, to deliver insights that go beyond data to uncover compelling narratives.

“Our partnership with Radius will allow us to expand the reach and impact of our work,” said Jay Shutter, Principal and CEO of Illuminas. “By combining our customer-focused methodologies with Radius’s strategic insights framework, we’ll be better equipped to deliver actionable research that empowers our clients to make confident, informed decisions. This is a tremendous opportunity to enrich the value we provide to clients across the globe.”

Global Reach and Local Expertise
Illuminas North America’s offices in Austin, Texas, and Great Falls, Virginia, will enhance Radius’s ability to deliver insights worldwide. This acquisition follows Radius’s January 2025 acquisition of 7th Sense and its January 2024 acquisition of London-based Strive Insight, further extending the firm’s global footprint. Together, Radius and Illuminas will provide a seamless integration of advanced research tools and industry-specific expertise to support clients in achieving their goals.

About Radius Global Market Research
Founded in 1960, Radius is a full-service marketing research consultancy headquartered in New York City, with offices across the U.S. and globally. Radius supports brand growth through its Brand Growth Navigator framework, helping clients align insights with strategic priorities to maximize ROI. Its expertise spans industries, including technology, financial services, and consumer goods. Visit www.radiusinsights.com for more information.

About Illuminas North America
Illuminas is a strategic market research consultancy founded in 2002, specializing in bridging gaps in customer understanding. Headquartered in Austin, Texas, with an office in Great Falls, Virginia, Illuminas provides customized research solutions using proprietary methodologies to uncover insights for technology, financial services, and hospitality industries. The team combines quantitative and qualitative research methods to deliver insights that empower decision-making and drive business growth. Visit www.us.Illuminas.com for more information.

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