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IoT Insurance Market Worth 42.76 Billion USD by 2022PUNE, India, January 30, 2017 /PRNewswire/ -- According to the new report "IoT Insurance Market by Type (P&C, Health, Life), Application (Automotive and Transportation, Home and Commercial Buildings, Life and Health, Business and Enterprise, Consumer Electronics, Travel, Agriculture) and Geography - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to be worth USD 42.76 Billion by 2022, growing at a CAGR of 65.89% between 2016 and 2022. (Photo: http://photos.prnewswire.com/prnh/20160303/792302 ) http://www.marketsandmarkets.com/Market-Reports/iot-insurance-market-113821652.html Early buyers will receive 10% customization on this report. Factors such as the growing adoption of Internet of Things (IoT) products in developed and developing economies, increase in the demand for cloud platforms and value-added services in insurance industries, and reduction in the cost of premium policies are the key drivers for the adoption of IoT solutions and services in insurance industries. Automobile and transportation market held the largest market share in 2015 IoT has a huge impact on auto insurance industries. The growing adoption of IoT-enabled devices in Global Positioning Systems (GPS), in-built sensors, and other detectors would increase the need for new IoT-based technologies in the insurance industry to gather data such as speed, braking pattern, and other driving behavior. Also, the IoT platforms offer quick access to the underwriting process and claim management for the insurer. These benefits contribute to the growth of the market for automobile and transportation in the IoT insurance market. Download PDF Brochure @ http://www.marketsandmarkets.com/pdfdownload.asp?id=113821652 IoT devices for agriculture insurance application protect farmers from environmental risks and help them protect their land and manage livestock The market for the agriculture insurance application of the IoT insurance market is expected to gro at the highest CAGR during the forecast period. In the agriculture application, IoT insurance offers easy livestock monitoring and insurers can monitor environmental conditions and alert farmers about upcoming hazards such as hailstorms, floods, and earthquakes. The growing use of drones and Wi-Fi-enabled devices in developing economies such as China, Japan, and India increases the need for IoT insurance products for data analytics and big data platforms. This enables insurers to protect their crops and lands from damage and also manage claim process quickly. Inquiry Before Buy @ http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=113821652 North America held the largest share of the market in 2015 due to the presence of major IoT vendors in the region Major IoT vendors such as IBM Corporation (U.S.), Cisco Systems Inc. (U.S.), Microsoft Corporation (U.S.), and Oracle Corporation (U.S.), among others have been developing IoT devices, software, and services for insurance industries. Hence, it would help in the growth of the North American IoT insurance market. The IoT insurance market for the automotive and transportation application held the largest market share in 2015. Additionally, auto insurance companies have adopted telematics in usage-based insurance, which is used to gather historical data of speed, distance travelled, braking pattern, and turning of vehicles. The data from various automobiles is analyzed by insurance industries to price the premiums. Browse Related Reports IoT Monetization Market Case Studies, and Use Cases, by Application (Retail, Industrial, Automotive & Transportation, Building & Home Automation, Consumer Electronics, Energy, Agriculture, and Healthcare) and Geography - Global Forecast to 2022 Industrial IoT Market by Technology (Sensors, RFID, Industrial Robotics, 3D Printing, DCS, Condition Monitoring, Smart Meter, Autonomous Haulage System, Yield Monitors, Guidance & Steering, GPS/GNSS), Software, & Geography - Global Forecast to 2020 Subscribe Reports from Semiconductor Domain @ http://www.marketsandmarkets.com/Knowledgestore.asp About MarketsandMarkets MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical info graphics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers. 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