Global IoT Insurance Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Type;

Health Insurance, Property & Casualty Insurance, Agricultural Insurance, and Life Insurance.

By Application;

Agriculture, Automotive & Transportation, Business & Enterprise, Consumer Electronics & Industrial Machines, Home & Commercial Buildings, Life & Health, Travel, and Others

By End-User Industry;

Retail and Commercial, Residential, Automotive, Industrial, Healthcare, and Other.

By Geography;

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn658473239 Published Date: May, 2025 Updated Date: July, 2025

IoT Insurance Market Overview

IoT Insurance Market (USD Million)

IoT Insurance Market was valued at USD 66,240.52 million in the year 2024. The size of this market is expected to increase to USD 2,262,278.35 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 65.6%.


Global IoT Insurance Market Growth, Share, Size, Trends and Forecast

*Market size in USD million

CAGR 65.6 %


Study Period2025 - 2031
Base Year2024
CAGR (%)65.6 %
Market Size (2024)USD 66,240.52 Million
Market Size (2031)USD 2,262,278.35 Million
Market ConcentrationLow
Report Pages315
66,240.52
2024
2,262,278.35
2031

Major Players

  • IBM Corporation
  • Cisco Systems, Inc.
  • SAP SE
  • Microsoft Corporation
  • Oracle Corporation
  • Accenture plc

Market Concentration

Consolidated - Market dominated by 1 - 5 major players

Global IoT Insurance Market

Fragmented - Highly competitive market without dominant players


The IoT Insurance Market is experiencing rapid growth as insurers embrace real-time data for enhanced risk analysis. Approximately 62% of insurers now use IoT-enabled tools to customize policies and streamline claims. Devices like smart sensors and telematics are helping deliver more accurate, real-world policy management.

Telematics Driving Auto Insurance Transformation
In auto insurance, about 58% of providers use telematics to monitor driving behavior, offering customized premiums and reducing fraud. The real-time insights from connected vehicles are optimizing claims handling and customer satisfaction.

Smart Homes Empowering Property Insurance
The use of smart home tech is increasing in property insurance. Roughly 49% of insurers rely on IoT solutions such as smart locks and leak sensors for early-risk detection, helping reduce damage claims and ensure faster responses.

Cybersecurity and Data Privacy Concerns
However, 53% of insurers cite data privacy as a major challenge in IoT adoption. Protecting sensitive customer information has led to expanded investment in secure data systems and improved compliance measures to maintain trust and meet regulatory demands.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Type
    2. Market Snapshot, By Application

    3. Market Snapshot, By End-User Industry
    4. Market Snapshot, By Region
  4. IoT Insurance Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Data-driven Insights
        2. Risk Mitigation Strategies
        3. Personalized Policies
        4. Enhanced Customer Experience
        5. IoT Adoption Growth
      2. Restraints
        1. Data Privacy Concerns
        2. High Implementation Costs
        3. Security Vulnerabilities
        4. Complexity in Integration
        5. Limited IoT Infrastructure
      3. Opportunities
        1. Market Expansion Potential
        2. New Revenue Streams
        3. Customized Insurance Products
        4. Partnerships and Collaborations
        5. Real-time Risk Assessment
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. IoT Insurance Market, By Type, 2021 - 2031 (USD Million)
      1. Health Insurance
      2. Property & Casualty Insurance
      3. Agricultural Insurance
      4. Life Insurance
    2. IoT Insurance Market, By Application, 2021 - 2031 (USD Million)

      1. Agriculture

      2. Automotive & Transportation

      3. Business & Enterprise

      4. Consumer Electronics & Industrial Machines

      5. Home & Commercial Buildings

      6. Life & Health, Travel

      7. Others

    3. IoT Insurance Market, By End-User Industry, 2021 - 2031 (USD Million)
      1. Retail & Commercial
      2. Residential
      3. Automotive
      4. Industrial
      5. Healthcare
      6. Other
    4. IoT Insurance Market, By Geography, 2021 - 2031 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. IBM Corporation
      2. Cisco Systems, Inc.
      3. SAP SE
      4. Microsoft Corporation
      5. Oracle Corporation
      6. Accenture plc
  7. Analyst Views
  8. Future Outlook of the Market