The iot insurance market size has grown exponentially in recent years. It will grow from $152.99 billion in 2025 to $242.59 billion in 2026 at a compound annual growth rate (CAGR) of 58.6%. The growth in the historic period can be attributed to increasing availability of connected devices, adoption of telematics in insurance underwriting, growth in data-driven risk assessment, rising focus on fraud reduction, expansion of digital insurance platforms.
The iot insurance market size is expected to see exponential growth in the next few years. It will grow to $1.52 trillion in 2030 at a compound annual growth rate (CAGR) of 58.4%. The growth in the forecast period can be attributed to increasing demand for personalized insurance products, rising investments in ai-driven underwriting, expansion of connected insurance ecosystems, growing focus on proactive risk prevention, increasing use of real-time claims validation. Major trends in the forecast period include increasing adoption of telematics-based insurance models, rising use of real-time risk monitoring solutions, growing integration of data analytics platforms, expansion of usage-based insurance programs, enhanced focus on automated claims processing.
The increasing adoption of the Internet of Things (IoT) is playing a crucial role in the growth of the IoT insurance market in the future. The Internet of Things (IoT) refers to a network of physical objects equipped with sensors, software, and other technologies designed to connect and exchange information with other hardware and software over the internet. IoT technology solutions assist insurance companies in assessing risks more accurately and fostering better customer relationships. For example, in November 2022, a report from Ericsson, a Sweden-based telecommunications company, indicated that broadband IoT (4G/5G), which connects most cellular IoT devices, reached 1.3 billion connections in 2022. It is expected that by the end of 2028, nearly 60% of cellular IoT connections will be broadband IoT connections, predominantly through 4G. North East Asia currently leads in cellular IoT connections, with projections indicating it will exceed 2 billion connections in 2023. Consequently, the growing use of the Internet of Things (IoT) is anticipated to drive the IoT insurance market.
Strategic partnerships are a significant approach adopted by major companies in the IoT insurance market to introduce innovative services. In May 2023, Sky, a US-based company, collaborated with Zurich Insurance Group Ltd to launch a smart home protection IoT service called Sky Protect Smart Home Insurance. This offering combines comprehensive home insurance with smart home technology, including video doorbells, indoor cameras, leak detectors, motion sensors, and contact sensors. Zurich Insurance Group Ltd., a Switzerland-based insurance company, underwrites this innovative service, showcasing how strategic partnerships are driving the integration of IoT in insurance services.
In January 2024, Targa Telematics, an Italy-based provider of IoT and telematics platforms, acquired Drive-it for an undisclosed amount. Through this acquisition, Targa Telematics aims to strengthen its driver-behavior analytics and usage-based insurance (UBI) capabilities, enhancing its solutions for insurers looking to adopt IoT-powered risk assessment and pricing models. Drive-it is an Israel-based provider of IoT-based solutions for the insurance industry.
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.
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. The countries covered in the iot insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Tariffs are impacting the IoT insurance market by increasing costs of imported telematics devices, sensors, smart home equipment, and data acquisition hardware used across insurance applications. Insurance providers in North America and Europe are most affected due to reliance on imported connected devices, while Asia-Pacific faces cost pressure on hardware manufacturing. These tariffs are raising deployment costs and slowing adoption among price-sensitive customers. However, they are also encouraging local device manufacturing, regional data platform development, and innovation in software-centric IoT insurance solutions.
The iot insurance market research report is one of a series of new reports that provides iot insurance market statistics, including iot insurance industry global market size, regional shares, competitors with a iot insurance market share, detailed iot insurance market segments, market trends and opportunities, and any further data you may need to thrive in the iot insurance industry. This iot insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
IoT insurance involves the utilization of Internet of Things (IoT) devices to gather data on insurance policyholders, providing insights into specific risk factors that enable insurers to handle claims more effectively and accurately. IoT tools empower insurance service providers to enhance their understanding of risk management and improve both employee and organizational productivity.
The primary insurance types associated with IoT insurance include life and health insurance, property and casualty insurance, and other insurance categories. Life insurance entails a legal agreement between a policyholder and an insurance company, wherein the insurer commits to paying a specific amount upon the demise of a covered party or after a predetermined period, in exchange for premium payments. Health insurance involves an arrangement where an insurance provider covers some or all of the policyholder's medical costs in exchange for regular premium payments. Various components such as solutions and services are applicable in diverse applications, spanning automotive transportation and logistics, life and health, commercial and residential buildings, business and enterprise, agriculture, and other sectors.
The IoT insurance market includes revenues earned by entities by selling insurance policies monitored by IoT devices (e.g. fire insurance and flood insurance). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 1-3 business days.
The iot insurance market size is expected to see exponential growth in the next few years. It will grow to $1.52 trillion in 2030 at a compound annual growth rate (CAGR) of 58.4%. The growth in the forecast period can be attributed to increasing demand for personalized insurance products, rising investments in ai-driven underwriting, expansion of connected insurance ecosystems, growing focus on proactive risk prevention, increasing use of real-time claims validation. Major trends in the forecast period include increasing adoption of telematics-based insurance models, rising use of real-time risk monitoring solutions, growing integration of data analytics platforms, expansion of usage-based insurance programs, enhanced focus on automated claims processing.
The increasing adoption of the Internet of Things (IoT) is playing a crucial role in the growth of the IoT insurance market in the future. The Internet of Things (IoT) refers to a network of physical objects equipped with sensors, software, and other technologies designed to connect and exchange information with other hardware and software over the internet. IoT technology solutions assist insurance companies in assessing risks more accurately and fostering better customer relationships. For example, in November 2022, a report from Ericsson, a Sweden-based telecommunications company, indicated that broadband IoT (4G/5G), which connects most cellular IoT devices, reached 1.3 billion connections in 2022. It is expected that by the end of 2028, nearly 60% of cellular IoT connections will be broadband IoT connections, predominantly through 4G. North East Asia currently leads in cellular IoT connections, with projections indicating it will exceed 2 billion connections in 2023. Consequently, the growing use of the Internet of Things (IoT) is anticipated to drive the IoT insurance market.
Strategic partnerships are a significant approach adopted by major companies in the IoT insurance market to introduce innovative services. In May 2023, Sky, a US-based company, collaborated with Zurich Insurance Group Ltd to launch a smart home protection IoT service called Sky Protect Smart Home Insurance. This offering combines comprehensive home insurance with smart home technology, including video doorbells, indoor cameras, leak detectors, motion sensors, and contact sensors. Zurich Insurance Group Ltd., a Switzerland-based insurance company, underwrites this innovative service, showcasing how strategic partnerships are driving the integration of IoT in insurance services.
In January 2024, Targa Telematics, an Italy-based provider of IoT and telematics platforms, acquired Drive-it for an undisclosed amount. Through this acquisition, Targa Telematics aims to strengthen its driver-behavior analytics and usage-based insurance (UBI) capabilities, enhancing its solutions for insurers looking to adopt IoT-powered risk assessment and pricing models. Drive-it is an Israel-based provider of IoT-based solutions for the insurance industry.
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.
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. The countries covered in the iot insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Tariffs are impacting the IoT insurance market by increasing costs of imported telematics devices, sensors, smart home equipment, and data acquisition hardware used across insurance applications. Insurance providers in North America and Europe are most affected due to reliance on imported connected devices, while Asia-Pacific faces cost pressure on hardware manufacturing. These tariffs are raising deployment costs and slowing adoption among price-sensitive customers. However, they are also encouraging local device manufacturing, regional data platform development, and innovation in software-centric IoT insurance solutions.
The iot insurance market research report is one of a series of new reports that provides iot insurance market statistics, including iot insurance industry global market size, regional shares, competitors with a iot insurance market share, detailed iot insurance market segments, market trends and opportunities, and any further data you may need to thrive in the iot insurance industry. This iot insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
IoT insurance involves the utilization of Internet of Things (IoT) devices to gather data on insurance policyholders, providing insights into specific risk factors that enable insurers to handle claims more effectively and accurately. IoT tools empower insurance service providers to enhance their understanding of risk management and improve both employee and organizational productivity.
The primary insurance types associated with IoT insurance include life and health insurance, property and casualty insurance, and other insurance categories. Life insurance entails a legal agreement between a policyholder and an insurance company, wherein the insurer commits to paying a specific amount upon the demise of a covered party or after a predetermined period, in exchange for premium payments. Health insurance involves an arrangement where an insurance provider covers some or all of the policyholder's medical costs in exchange for regular premium payments. Various components such as solutions and services are applicable in diverse applications, spanning automotive transportation and logistics, life and health, commercial and residential buildings, business and enterprise, agriculture, and other sectors.
The IoT insurance market includes revenues earned by entities by selling insurance policies monitored by IoT devices (e.g. fire insurance and flood insurance). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 1-3 business days.
Table of Contents
1. Executive Summary
2. IoT Insurance Market Characteristics
3. IoT Insurance Market Supply Chain Analysis
4. Global IoT Insurance Market Trends and Strategies
5. IoT Insurance Market Analysis of End Use Industries
7. Global IoT Insurance Strategic Analysis Framework, Current Market Size, Market Comparisons and Growth Rate Analysis
8. Global IoT Insurance Total Addressable Market (TAM) Analysis for the Market
9. IoT Insurance Market Segmentation
10. IoT Insurance Market, Industry Metrics by Country
11. IoT Insurance Market Regional and Country Analysis
12. Asia-Pacific IoT Insurance Market
13. China IoT Insurance Market
14. India IoT Insurance Market
15. Japan IoT Insurance Market
16. Australia IoT Insurance Market
17. Indonesia IoT Insurance Market
18. South Korea IoT Insurance Market
19. Taiwan IoT Insurance Market
20. South East Asia IoT Insurance Market
21. Western Europe IoT Insurance Market
22. UK IoT Insurance Market
23. Germany IoT Insurance Market
24. France IoT Insurance Market
25. Italy IoT Insurance Market
26. Spain IoT Insurance Market
27. Eastern Europe IoT Insurance Market
28. Russia IoT Insurance Market
29. North America IoT Insurance Market
30. USA IoT Insurance Market
31. Canada IoT Insurance Market
32. South America IoT Insurance Market
33. Brazil IoT Insurance Market
34. Middle East IoT Insurance Market
35. Africa IoT Insurance Market
37. IoT Insurance Market Competitive Landscape and Company Profiles
38. IoT Insurance Market Other Major and Innovative Companies
41. IoT Insurance Market High Potential Countries, Segments and Strategies
42. Appendix
Executive Summary
IoT Insurance Market Global Report 2026 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses iot insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for iot insurance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The iot insurance market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
- The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
- The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
- The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
- The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
- The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
- Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.
Report Scope
Markets Covered:
1) By Component: Solution; Service2) 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 Devices2) By Service: Consulting Services; Implementation Services; Data Management Services; Support And Maintenance Services; Training And Education Services
Companies Mentioned: 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.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: Word, PDF or Interactive Report + Excel Dashboard
Added Benefits:
- Bi-Annual Data Update
- Customisation
- Expert Consultant Support
Companies Mentioned
The companies featured in this IoT Insurance market report include:- 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.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 250 |
| Published | February 2026 |
| Forecast Period | 2026 - 2030 |
| Estimated Market Value ( USD | $ 242.59 Billion |
| Forecasted Market Value ( USD | $ 1520 Billion |
| Compound Annual Growth Rate | 58.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 38 |
