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IoT Insurance Market Value Analysis: What Growth Is Expected Over The Forecast Period?
The iot insurance market has seen substantial growth in recent years. It is anticipated to increase from $152.99 billion in 2025 to $242.59 billion in 2026, exhibiting a compound annual growth rate (CAGR) of 58.6%. The expansion during the preceding period can be linked to the increasing availability of connected devices, the integration of telematics in insurance underwriting, advancements in data-driven risk assessment, a heightened focus on fraud reduction, and the proliferation of digital insurance platforms.
The iot insurance market size is projected to experience substantial growth over the next few years. It is expected to reach $1528.12 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 58.4%. This expansion during the forecast period is driven by factors such as the increasing demand for personalized insurance products, rising investments in AI-driven underwriting, the expansion of connected insurance ecosystems, a growing focus on proactive risk prevention, and the increasing use of real-time claims validation. Key trends for the forecast period include the rising adoption of telematics-based insurance models, increased use of real-time risk monitoring solutions, growing integration of data analytics platforms, the expansion of usage-based insurance programs, and an enhanced focus on automated claims processing.
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#IoT Insurance Market Demand Drivers Creating New Revenue Opportunities
The increasing adoption of the Internet of Things (IoT) is a significant factor in the future expansion of the IoT insurance market. IoT refers to a network of physical items equipped with sensors, software, and other technologies, designed to connect and exchange information with other hardware and software over the internet. These IoT technology solutions assist insurance companies in determining risks more precisely and establishing improved customer relationships. For instance, in November 2022, a report published by Ericsson, a Sweden-based telecommunication company, showed that broadband IoT (4G/5G), which connects the majority of cellular IoT devices, achieved 1.3 billion connections in 2022. It is anticipated that nearly 60% of cellular IoT connections will be broadband IoT connections by the end of 2028, with 4G connecting the bulk. Consequently, the growing utilization of the Internet of Things (IoT) will drive the IoT insurance market.
IoT Insurance Market Segment Performance And Strategic Opportunities
The iot insurance market covered in this report is segmented –
1) By Component: Solution, Service
2) By Insurance Type: Life And Health Insurance, Property And Casualty Insurance, Other Insurance Types
3) By Application: Automotive Transportation And Logistics, Life And Health, Commercial And Residential Buildings, Business And Enterprise, Agriculture, Other Applications
Subsegments:
1) By Solution: Telematics Solutions, Risk Assessment Tools, Data Analytics Platforms, Claims Management Systems, Smart Home Devices
2) By Service: Consulting Services, Implementation Services, Data Management Services, Support And Maintenance Services, Training And Education Services
IoT Insurance Market Trends Driving Strategic Industry Expansion
Major companies operating in the IoT insurance market are increasingly utilizing strategic partnership approaches to introduce innovative services. These strategic partnerships involve companies leveraging each other’s strengths and resources to achieve mutual benefits and success. For example, in May 2023, Sky, a US-based company, partnered with Zurich Insurance Group Ltd., to launch a smart home protection IoT service that combines comprehensive home insurance with smart home technology. This innovative offering, known as Sky Protect Smart Home Insurance, is underwritten by Zurich Insurance and encompasses a suite of smart home tech products such as video doorbells, indoor cameras, leak detectors, motion sensors, and contact sensors. Zurich Insurance Group Ltd. is an insurance company based in Switzerland that provides general insurance and life insurance solutions for its individual, small business, and corporate customers.
IoT Insurance Market Key Players: Which Companies Shape Industry Competition?
Major companies operating in the iot insurance market are SAP SE; Cisco Systems Inc.; Alphabet Inc.; International Business Machines Corporation; Accenture plc; Microsoft Corporation; Oracle Corporation; Aeris Group Ltd.; Concirrus Ltd.; Telit Communications plc; Verisk Analytics Inc.; Allerin Pvt. Ltd.; ForMotiv LLC; Wipro Limited; Webfleet Solutions BV; Intel Corporation; Capgemini SE; Allstate Insurance Company; Liberty Mutual Insurance Company; State Farm Mutual Automobile Insurance Company; Progressive Corporation; The Travelers Companies Inc.; Nationwide Mutual Insurance Company; American International Group Inc.; Zurich Insurance Group AG; Chubb Limited; The Hartford Financial Services Group Inc.; Farmers Insurance Group of Companies; Munich Re Group; Swiss Re AG; Berkshire Hathaway Inc.; AXA SA; Generali Group; Ping An Insurance (Group) Company of China Ltd.; China Life Insurance Company Limited; Samsung Fire & Marine Insurance Co Ltd.; Sompo Holdings Inc.
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IoT Insurance Market Geographic Distribution And Regional Opportunities
North America was the largest region in the IoT insurance market in 2025. The regions covered in the iot insurance market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.