Global Internet of Things Insurance Market Size study & Forecast, by Component, by Insurance Type and by End-use Industry and Regional Analysis, 2025-2035

PUBLISHED: November 5, 2025

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Description

The Global Internet of Things (IoT) Insurance Market is valued approximately at USD 19.57 billion in 2024 and is projected to grow at a CAGR of 29.70% over the forecast period 2025-2035. IoT insurance integrates connected devices, real-time analytics, and digital platforms to enhance risk assessment, streamline claim processes, and enable usage-based insurance models. By leveraging connected ecosystems-from smart homes and wearable health devices to telematics-enabled vehicles-insurers gain access to valuable data that improves underwriting accuracy and customer engagement. The exponential growth of IoT-enabled assets, combined with the insurance industry's accelerating digital transformation, has propelled this market's expansion. Rising awareness of personalized policies, regulatory encouragement for data-driven risk management, and increasing investments in smart infrastructure are further augmenting the global IoT insurance landscape.

As industries pivot toward digital-first risk management strategies, IoT-based insurance solutions are witnessing a surge in adoption across multiple verticals. The proliferation of connected devices, which surpassed 15 billion units globally in 2023, continues to reshape how insurers predict and mitigate risks. According to industry data, nearly 70% of global insurers have initiated IoT-driven data integration strategies to improve customer retention and policy customization. The shift toward predictive modeling-enabled through sensors, AI, and machine learning-has unlocked new value streams for both insurers and policyholders. However, issues such as cybersecurity threats, high implementation costs, and complex regulatory frameworks are hindering seamless adoption. Despite these challenges, emerging technologies such as blockchain-based data validation and edge analytics are expected to redefine operational resilience across the IoT insurance ecosystem.

The detailed segments and sub-segments included in the report are:

By Component:

Hardware
Software
Services

By Insurance Type:

Life & Health Insurance
Property & Casualty Insurance

By End-use Industry:

Automotive & Transportation
Healthcare

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa**
Automotive & Transportation Segment Expected to Dominate the Market
The automotive and transportation sector is anticipated to dominate the IoT insurance market throughout the forecast period, capturing the largest share. The surge in connected and autonomous vehicles, combined with advancements in telematics and vehicle-to-everything (V2X) communication, has revolutionized how insurers assess driving behavior, manage claims, and offer dynamic pricing models. Usage-based insurance (UBI) and pay-as-you-drive (PAYD) models have become pivotal in enhancing risk transparency and promoting safer driving habits. These intelligent insurance frameworks not only optimize operational costs but also deepen customer trust through personalized coverage. As connected mobility ecosystems continue to expand, the automotive sector remains a cornerstone for IoT-driven insurance innovation.
Property & Casualty Insurance Leads in Revenue Contribution
Among insurance types, property & casualty insurance leads the market in revenue contribution, driven by a rapid uptake of connected home technologies, industrial IoT, and predictive maintenance systems. IoT-enabled smart sensors in residential and commercial spaces help detect hazards such as fire, water leakage, and unauthorized access, enabling insurers to preempt claims and reduce loss ratios. Simultaneously, life & health insurance is emerging as the fastest-growing segment, supported by wearable devices that enable continuous health monitoring and proactive risk management. This dual-track growth underscores how IoT integration is simultaneously optimizing operational efficiency and enhancing consumer well-being.
The key regions analyzed in the Global Internet of Things (IoT) Insurance Market include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the market in 2025, owing to its advanced IoT ecosystem, early adoption of telematics-based insurance solutions, and growing focus on data-driven underwriting by major carriers. The U.S. stands as the global frontrunner due to strategic collaborations between insurance giants and technology providers. Meanwhile, Asia Pacific is expected to be the fastest-growing region during the forecast period, attributed to rapid urbanization, rising disposable incomes, and surging investments in smart city infrastructure across countries such as China, India, and Japan. Europe follows closely, backed by stringent data privacy regulations, a mature automotive sector, and widespread deployment of IoT-enabled risk management systems. Latin America and the Middle East & Africa are witnessing steady progress, with insurers adopting IoT solutions to strengthen policy compliance, enhance fraud detection, and streamline claims processing.

Major market players included in this report are:

Allianz SE
AXA S.A.
IBM Corporation
Cisco Systems, Inc.
Oracle Corporation
SAP SE
Google LLC (Alphabet Inc.)
Microsoft Corporation
Amazon Web Services, Inc.
Lemonade, Inc.
Zurich Insurance Group Ltd.
Swiss Re Ltd.
Intel Corporation
Ping An Insurance (Group) Company of China, Ltd.
Huawei Technologies Co., Ltd.

Global Internet of Things (IoT) Insurance Market Report Scope:

Historical Data - 2023, 2024
Base Year for Estimation - 2024
Forecast period - 2025-2035
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained below:

Key Takeaways:

Market Estimates & Forecast for 10 years from 2025 to 2035.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of the geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of the competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Internet of Things Insurance Market Report Scope & Methodology

1.1. Research Objective
1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study

Chapter 2. Executive Summary

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. key Findings

Chapter 3. Global Internet of Things Insurance Market Forces Analysis

3.1. Market Forces Shaping The Global Internet of Things Insurance Market (2024-2035)
3.2. Drivers
- 3.2.1. exponential growth of IoT-enabled assets
- 3.2.2. insurance industry's accelerating digital transformation
3.3. Restraints
- 3.3.1. cybersecurity threats
3.4. Opportunities
- 3.4.1. Rising awareness of personalized policies

Chapter 4. Global Internet of Things Insurance Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global Internet of Things Insurance Market Size & Forecasts by Component 2025-2035

5.1. Market Overview
5.2. Global Internet of Things Insurance Market Performance - Potential Analysis (2025)
5.3. Hardware
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market size analysis, by region, 2025-2035
5.4. Software
- 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.4.2. Market size analysis, by region, 2025-2035
5.5. Services
- 5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.5.2. Market size analysis, by region, 2025-2035

Chapter 6. Global Internet of Things Insurance Market Size & Forecasts by Insurance Type 2025-2035

6.1. Market Overview
6.2. Global Internet of Things Insurance Market Performance - Potential Analysis (2025)
6.3. Life & Health Insurance
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market size analysis, by region, 2025-2035
6.4. Property & Casualty Insurance
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market size analysis, by region, 2025-2035

Chapter 7. Global Internet of Things Insurance Market Size & Forecasts by End Use Industry 2025-2035

7.1. Market Overview
7.2. Global Internet of Things Insurance Market Performance - Potential Analysis (2025)
7.3. Automotive & Transportation
- 7.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.3.2. Market size analysis, by region, 2025-2035
7.4. Healthcare
- 7.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.4.2. Market size analysis, by region, 2025-2035

Chapter 8. Global Internet of Things Insurance Market Size & Forecasts by Region 2025-2035

8.1. Growth Internet of Things Insurance Market, Regional Market Snapshot
8.2. Top Leading & Emerging Countries
8.3. North America Internet of Things Insurance Market
- 8.3.1. U.S. Internet of Things Insurance Market
  - 8.3.1.1. Component breakdown size & forecasts, 2025-2035
  - 8.3.1.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.3.1.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.3.2. Canada Internet of Things Insurance Market
  - 8.3.2.1. Component breakdown size & forecasts, 2025-2035
  - 8.3.2.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.3.2.3. End Use Industry breakdown size & forecasts, 2025-2035
8.4. Europe Internet of Things Insurance Market
- 8.4.1. UK Internet of Things Insurance Market
  - 8.4.1.1. Component breakdown size & forecasts, 2025-2035
  - 8.4.1.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.4.1.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.4.2. Germany Internet of Things Insurance Market
  - 8.4.2.1. Component breakdown size & forecasts, 2025-2035
  - 8.4.2.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.4.2.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.4.3. France Internet of Things Insurance Market
  - 8.4.3.1. Component breakdown size & forecasts, 2025-2035
  - 8.4.3.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.4.3.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.4.4. Spain Internet of Things Insurance Market
  - 8.4.4.1. Component breakdown size & forecasts, 2025-2035
  - 8.4.4.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.4.4.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.4.5. Italy Internet of Things Insurance Market
  - 8.4.5.1. Component breakdown size & forecasts, 2025-2035
  - 8.4.5.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.4.5.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.4.6. Rest of Europe Internet of Things Insurance Market
  - 8.4.6.1. Component breakdown size & forecasts, 2025-2035
  - 8.4.6.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.4.6.3. End Use Industry breakdown size & forecasts, 2025-2035
8.5. Asia Pacific Internet of Things Insurance Market
- 8.5.1. China Internet of Things Insurance Market
  - 8.5.1.1. Component breakdown size & forecasts, 2025-2035
  - 8.5.1.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.5.1.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.5.2. India Internet of Things Insurance Market
  - 8.5.2.1. Component breakdown size & forecasts, 2025-2035
  - 8.5.2.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.5.2.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.5.3. Japan Internet of Things Insurance Market
  - 8.5.3.1. Component breakdown size & forecasts, 2025-2035
  - 8.5.3.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.5.3.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.5.4. Australia Internet of Things Insurance Market
  - 8.5.4.1. Component breakdown size & forecasts, 2025-2035
  - 8.5.4.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.5.4.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.5.5. South Korea Internet of Things Insurance Market
  - 8.5.5.1. Component breakdown size & forecasts, 2025-2035
  - 8.5.5.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.5.5.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.5.6. Rest of APAC Internet of Things Insurance Market
  - 8.5.6.1. Component breakdown size & forecasts, 2025-2035
  - 8.5.6.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.5.6.3. End Use Industry breakdown size & forecasts, 2025-2035
8.6. Latin America Internet of Things Insurance Market
- 8.6.1. Brazil Internet of Things Insurance Market
  - 8.6.1.1. Component breakdown size & forecasts, 2025-2035
  - 8.6.1.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.6.1.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.6.2. Mexico Internet of Things Insurance Market
  - 8.6.2.1. Component breakdown size & forecasts, 2025-2035
  - 8.6.2.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.6.2.3. End Use Industry breakdown size & forecasts, 2025-2035
8.7. Middle East and Africa Internet of Things Insurance Market
- 8.7.1. UAE Internet of Things Insurance Market
  - 8.7.1.1. Component breakdown size & forecasts, 2025-2035
  - 8.7.1.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.7.1.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.7.2. Saudi Arabia (KSA) Internet of Things Insurance Market
  - 8.7.2.1. Component breakdown size & forecasts, 2025-2035
  - 8.7.2.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.7.2.3. End Use Industry breakdown size & forecasts, 2025-2035
- 8.7.3. South Africa Internet of Things Insurance Market
  - 8.7.3.1. Component breakdown size & forecasts, 2025-2035
  - 8.7.3.2. Insurance Type breakdown size & forecasts, 2025-2035
  - 8.7.3.3. End Use Industry breakdown size & forecasts, 2025-2035

Chapter 9. Competitive Intelligence

9.1. Top Market Strategies
9.2. Allianz SE
- 9.2.1. Company Overview
- 9.2.2. Key Executives
- 9.2.3. Company Snapshot
- 9.2.4. Financial Performance (Subject to Data Availability)
- 9.2.5. Product/Services Port
- 9.2.6. Recent Development
- 9.2.7. Market Strategies
- 9.2.8. SWOT Analysis
9.3. AXA S.A.
9.4. IBM Corporation
9.5. Cisco Systems, Inc.
9.6. Oracle Corporation
9.7. SAP SE
9.8. Google LLC (Alphabet Inc.)
9.9. Microsoft Corporation
9.10. Amazon Web Services, Inc.
9.11. Lemonade, Inc.
9.12. Zurich Insurance Group Ltd.
9.13. Swiss Re Ltd.
9.14. Intel Corporation
9.15. Ping An Insurance (Group) Company of China, Ltd.
9.16. Huawei Technologies Co., Ltd.