The IoT Insurance Market size is estimated at USD 49.40 billion in 2024, and is expected to reach USD 76.73 billion by 2029, growing at a CAGR of 9.21% during the forecast period (2024-2029).
The growth of the insurance sector in parallel with innovative insurance models, with the growing usage of IoT to reduce premium and risk-related costs, further expand the studied market growth.
The IoT insurance market is highly competitive, due to the market's large and small businesses' existence, which allows them to compete on both domestic and global marketplaces. Due to the presence of so many technology behemoths, the market seems to be fragmented. IBM Corporation, Microsoft Corporation, Intel Corporation, and SAP SE are a few of the market's main participants.
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