IoT Insurance Market Report 2026

IoT Insurance Market Overview

• IoT Insurance market size has reached to $152.99 billion in 2025 • Expected to grow to $1528.12 billion in 2030 at a compound annual growth rate (CAGR) of 58.4% • Growth Driver: IOT Adoption Drives IoT insurance Market Growth • Market Trend: Strategic Partnership To Launch Innovative Service • North America was the largest region in 2025.

What Is Covered Under IoT Insurance Market?

IoT insurance refers to the use of Internet of Things (IoT) devices to track data on the insurance holder, which indicates certain risk factors for the insurer and customer due to which the insurer can handle claims in a better and more accurate way. IoT tools support insurance service providers in increasing their knowledge of risk management and enhancing employee and organizational productivity. The main insurance types for IoT insurance are life and health insurance, property and casualty insurance, and other insurance types. Life insurance refers to a legal agreement between an insurance policyholder and an insurance company whereby the insurer agrees to pay a specific amount at the demise of a covered party or after a specific amount of time in exchange for premiums. Health insurance refers to an arrangement whereby an insurance provider offers to cover all or a portion of your medical costs in return for a regular premium payment. There are components such as solution and service in various applications involving automotive transportation and logistics, life and health, commercial and residential buildings, business and enterprise, agriculture, and other applications.

What Is The IoT Insurance Market Growth Forecast?

The iot insurance market size is expected to see exponential growth in the next few years. It will grow to $1528.12 billion 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.

Global IoT Insurance Market Segmentation

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

What Is The Driver Of The IoT Insurance Market?

Growing usage of the Internet of Things (IoT) is significantly contributing to the growth of the IoT insurance market going forward. The Internet of Things (IoT) refers to a network of physical items having sensors, software, and other technologies installed with the purpose of connecting and exchanging information with other hardware and software over the internet. IoT technology solutions help insurance companies determine risks more precisely and establish better customer relationships. For instance, in November 2022, according to a report published by Ericsson, a Sweden-based telecommunication company, broadband IoT (4G/5G), which connects the majority of cellular IoT devices, reached 1.3 billion connections in 2022. Nearly 60% of cellular IoT connections are anticipated to be broadband IoT connections by the end of 2028, with 4G connecting the bulk. Therefore, growing usage of the Internet of Things (IoT) will drive the IoT insurance industry.

Key Players In The Global IoT Insurance Market

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.

Global IoT Insurance Market Trends and Insights

Major companies operating in the IoT insurance market are adopting a strategic partnership approach to launch innovative services. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in May 2023, Sky, a US-based company, collaborated with Zurich Insurance Group Ltd., to introduce 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 includes 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 a Switzerland-based insurance company that offers general insurance and life insurance solutions for its individual, small business, and corporate customers.

What Are Latest Mergers And Acquisitions In The IoT Insurance Market?

In January 2024, Targa Telematics, an Italy-based provider of IoT and telematics platforms, acquired Drive it for an undisclosed amount. With this acquisition, Targa Telematics aims to enhance its driver-behaviour analytics and usage-based insurance (UBI) capabilities, thereby strengthening its offerings for insurer customers seeking IoT-driven risk assessment and pricing. Drive-it is an Israel-based provider of IoT-based solutions for the insurance industry.

Regional Insights

North America was the largest region in the IoT insurance market in 2025. The regions covered in this market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain

What Defines the IoT Insurance Market?

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.

How is Market Value Defined and Measured?

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.

What Key Data and Analysis Are Included in the IoT Insurance Market Report 2026?

The iot insurance market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the iot insurance industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.