By now, we are all well aware of the enormous growth potential of the Internet of Things (IoT) industry.
From cell phones to televisions, watches and more, practically every device is connected in one way, shape or form. It should come as no surprise then that the IoT insurance market is set to see a significant uptick of a CAGR of 65.89 percent by 2022, equaling nearly $43 billion, as reported by Research and Markets’ latest study.
According to the report, the IoT insurance market is being driven by the adoption of IoT products in developed and developing economies and growing demand for cloud platforms and other services in the insurance industry.
Here are the numbers:
65.89 percent | Amount IoT insurance market will increase by 2022
$42.76 billion | Total IoT insurance market size by 2022
$4.97 billion | Amount IoT Identity Access Management market will reach by 2021
35.2 percent | CAGR of IoT Identity Access Management market from 2016 to 2021