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New data from analyst firm Research and Markets has revealed that the insurance market for the Internet of Things (IoT) will grow at an average of 66% annually until 2022 when it hits $43 billion in size.
According to data, adoption of IoT products, and the increasing demand for cloud platforms, is driving the growth of insurance in the area.
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A report by online trade publication PYMNTS.com on the research said that the technology, which involves connecting a myriad of devices to data networks for communication and data gathering, can be applied to track the health of, and reduce risk to, policyholders.
Quoting Research and Markets, the report said, “Most of the automotive insurance industries offer usage based insurance for drivers and car owners. The IoT based devices, such as vehicle sensors, global positioning systems and other on-board devices, generate informative data for (the) insurance industry.”
