#IoT Insurance Market

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IoT Insurance Market - Forecast (2022 - 2027)

The Global market for Iot Insurance is forecast to reach $3,123.3 million by 2026, growing at a CAGR of 18.7% from 2021 to 2026. IoT-Connected insurance uses the data from internet-connected devices and telematics to improve the understanding of risks. It is a new approach that is based on use of sensors and digital technologies to monitor the state of an insured risk transforming rough data in usable and actionable information. Advances in IoT insurance can improve the productivity, overall profitability of the business and the risk profile of the portfolio. Through IoT, insurers can better connect with customers adding important touch points in particularly sensitive phases like acquisitions and claims. It is observed that automation can cut the cost of the claims process by as much as 30% and IoT connected devices have helped some life insurance and health insurance companies lower their premiums by as much as 25%.

Report Coverage

The report: “Iot Insurance Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Iot Insurance market. By Type – Health Insurance, Life Insurance, Property and Casualty Insurance and Others. By Application – Life and Health Insurance, Home and Commercial Buildings, Automotive and Transportation, Business and Enterprise, Consumer Electronics and Industrial Machines, Travel, Agriculture and Others. By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa)

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Key Takeaways

Advances in IoT insurance can improve the productivity, overall profitability of the business and the risk profile of the portfolio.

IoT technology presents opportunities for insurers to reduce and mitigate losses, improve underwriting and enhance personalization of products and services.

Automation in insurance can cut the cost of claims process by as much as 30%

North-America is expected to hold a significant share in the IoT Insurance market due to growing awareness and faster adoption of IoT technology.

IoT Insurance Market Segment Analysis - By Type

The most important type of insurances are life insurance and health insurance which accounted for 44% share combined in 2020. Life insurance is something that pays out a sum of money either on the death of the insured person or after a set period. On the other hand health insurance covers the cost of hospitalization, visits to the doctor’s office and prescription medicines. The rising usage of digital technologies in this sector will drive market growth.

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IoT Insurance Market Segment Analysis - By Application

IoT insurance is applicable to almost all industries like automobile, manufacturing, agriculture, healthcare, hospitality, retail, finance, transportation and smart homes and buildings. Automotive industry is one of the industries most benefited after introduction of IoT. IoT devices such as in-car sensors, smartphones, and smart appliances can send insurers data on product usage and driving habits among other behaviours. In turn, this data will be fed into AI algorithms that allow insurers to offer risk based pricing and other popular services.

IoT Insurance Market Segment Analysis – By Geography

North America held the largest market share at 35% in 2020 among regional markets due to increasing awareness and rapid implementation of IoT in various industries in countries in this region. In addition, rising use of smart devices which deliver real-time insights to allow insurance companies in this region develop advanced insurance solutions. And also presence of international players in this region such as Google LLC, Microsoft Corporation, IBM and other drives the market in this region.

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Iot Insurance Market Drivers

Mitigation of risk

In traditional method, insurers have used proxy data to identify the risk of loss for an asset. Internet of things (IoT) gives insurers access to real-time, individual, observable data on an asset’s risk of loss. This data is directly actionable for risk pricing and mitigation. IoT sensors monitor the behavior and actions which are causative of risk so that insurers can create algorithms based on observed behavior directly to pricing models. In this way insurers can similarly leverage this data for risk mitigation by providing timely and specific feedback to customers.

Rising demand for cloud services

The insurance industries dealing with huge volumes of sensitive data and documents are ready to integrate cloud technology in to their digital eco system. It enables insurers to use their IT resources more efficiently, reducing the cost of acquiring and maintaining infrastructure. Cloud based applications change the way of creating and delivering their products and services, managing risks and claims, collaborating with channel members and partners and communicating with customers, agents and brokers. Thus, cloud services in the insurance industry helps drive the market growth.

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Iot Insurance Market Challenges

Data privacy and security

Data privacy and security is utmost important when it comes to technology. IoT comes along with cyber-risks, in fact, much more than any other technology. Meaningful customer engagement would require the insurer to collect and process data at each point, facilitated by IoT. Without establishing the trust it would be difficult to obtain personal data from customers. A significant amount of data is generated from the application of connected devices from wearable devices to connected homes and telematics devices in smart vehicles. Most of the customers are skeptical about their personal data remains secured and how it is utilized by insurers.

Iot Insurance Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Iot Insurance market. The Iot Insurance market is dominated by major companies such IBM Corporation, SAP SE, Oracle Corporation, Google Inc., Microsoft Corporation, Cisco Systems Inc., Accenture PLC, Verisk Analytics Inc., Concirrus, LexisNexis.

Acquisitions/Technology Launches/Partnerships

In Oct 2020, LexisNexis and Yonomi Smart Home have joined forces to develop an innovative turnkey home insurance internet of things (IoT) solution. It includes a smartphone app that participating policy holders can download the app which uses smartphone and device sensors to find common IoT devices in the home, which creates a data feed to LexisNexis risk sloutions.

In May 2019, Concirrus and willis Re, has entered in to strategic partnership to transform speciality re-insurance products by leveraging data from internet of things (IoT).

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Enhancing Customer Engagement: The Role of Medical IoT in Insurance Services

In the evolving landscape of insurance services, the integration of the Internet of Things (IoT) into the healthcare sector is reshaping how insurers engage with their customers. This convergence, known as Medical IoT, is playing a pivotal role in enhancing customer engagement by enabling insurers to provide personalized services, proactive wellness programs, and real-time interactions. This article explores the transformative potential of Medical IoT in redefining customer engagement strategies within the insurance industry.

The Power of Medical IoT in Insurance Market in Customer Engagement

Medical IoT is revolutionizing customer engagement strategies for insurers in several key ways:

Personalized Offerings: Through wearable devices and connected health tools, insurers can gather comprehensive data on policyholders' health behaviors. This data forms the basis for tailored insurance plans and pricing, ensuring customers receive coverage that aligns with their individual needs.

Proactive Wellness Programs: Medical IoT empowers insurers to offer proactive wellness initiatives. By analyzing real-time health data, insurers can provide personalized recommendations and incentives to policyholders for adopting healthier lifestyles, thereby reducing the risk of claims.

Early Intervention: Real-time monitoring of health conditions through IoT devices allows insurers to identify potential health issues early on. This enables timely interventions, potentially preventing health deterioration and costly medical treatments.

Data-Driven Engagement: Insurers can engage with customers using data-driven insights derived from Medical IoT. By offering personalized advice and recommendations, insurers foster a stronger sense of care and partnership.

Streamlined Claims Processing: IoT-enabled devices provide accurate and timely data, expediting claims processing and improving customer satisfaction.

Medical IoT in Insurance Market Benefits for Customers

Medical IoT brings tangible benefits for insurance customers:

Personalized Care: Policyholders receive insurance plans that align with their health profiles and preferences, leading to a more personalized and relevant experience.

Incentivized Well-being: Proactive wellness programs encourage healthier behaviors, resulting in improved well-being and potential cost savings.

Peace of Mind: Real-time monitoring and early intervention capabilities offer policyholders peace of mind, knowing that their health is being actively monitored.

Transparent Interactions: Data-sharing through IoT promotes transparency between insurers and customers, fostering trust and loyalty.

Medical IoT in Insurance Market Challenges and Considerations

Despite its potential, Medical IoT comes with challenges:

Privacy Concerns: Gathering and utilizing health data raises concerns about privacy and data security. Insurers must prioritize stringent security measures.

Ethical Considerations: The use of personal health data for pricing and coverage decisions may raise ethical questions about fairness and discrimination.

Regulatory Compliance: Insurers must navigate complex regulatory landscapes to ensure data collection and usage adhere to legal requirements.

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Alternative Data Market Size, Status and Forecast 2030

Alternative Data Industry Overview

The global alternative data market size was valued at USD 7.20 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 50.6% from 2024 to 2030. The key drivers attributed to market expansion include the significant increase in the types of alternative information sources over the last decade. While web scraping and financial transactions are the most common sources, the emerging sources, including mobile devices, social media, satellites, sensors, IoT-enabled devices, and others, are gaining wider popularity. As such, the companies are actively expanding their offering by gathering information from all such sources.

The rising demand from hedge funds is expected to boost market growth significantly. More than half of hedge fund managers are now using it to gain a competitive edge by generating outperformance and supporting the risk management processes. More than 400 companies are engaged in selling alternative data to hedge funds, thereby contributing significantly to market revenue. Alternative data refers to the undiscovered which is not within the traditional sources such as SEC filings, financial statements, press releases, and management presentations. It is compiled from various sources such as e-commerce portals, public records, social media, financial transactions, web traffic, mobile devices, sensors, satellites, etc.

Gather more insights about the market drivers, restrains and growth of theAlternative Data Market

Applying specific analytics to this compiled set yields additional insights that were previously unknown, and are used by investors to evaluate investment opportunities. As this new information is a crucial differentiator that contributes to the alpha (market outperformance), the buy-side entities, such as hedge funds, mutual funds, private equity funds, pension funds, unit trusts, and life insurance companies, are actively using it to build fundamental investment models to outperform the market.

Alternative data, compared to the usual financials gathered from traditional sources, is difficult to utilize in strategic plans. It is often unstructured, lacks specific patterns, and is collected very frequently. Thus, the investors need expert personnel and various technologies, including analytics platforms, fluid data architecture, data science, and testing tools, to leverage the meaningful information from it. Further, Artificial Intelligence (AI) tools, such as machine learning and Natural Language Processing (NLP) are gaining popularity for analysis. AI-enabled processing increases information generation and helps to extract hidden patterns. As such, AI-based analytics tools are anticipated to boost the growth of the market for alternative data over the forecast period.

While most companies utilize various sources and tools to gain insights and predictive capabilities, regulatory constraints are expected to be the primary challenges for the market players. The increasing emphasis on regulations such as California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR), along with other privacy regulations, pose threats to some of the alternative data sources. For instance, sources such as mobile devices, social media, and mobile application usage often conflict with consumer privacy issues. Any dataset that companies analyze needs to be completely free from Personal Identifiable Information (PII). Therefore, the providers’ compliance with privacy policies is a crucial factor for sustaining the market.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

The global natural language processing market size was valued at USD 27.73 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 40.4% from 2023 to 2030.

The global mobile application market size was valued at USD 252.89 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 14.3% from 2024 to 2030.

Key Companies profiled:

1010Data

Advan

Dataminr

Earnest Research

M Science

Preqin

RavenPack

Thinknum Alternative Data

UBS Evidence Lab

YipitData

Key Alternative Data Company Insights

Some of the key players operating in the market include UBS, M Science LLC, and RavenPack.

UBS provides data-driven insights by harvesting, cleansing, and connecting numerous data items across various specialized areas. The company provides insights for more than 1,000 companies of all sizes on a subscription basis to its Evidence Lab Innovations platform subscribers. UBS offers insightful datasets across more than 55 specialized products. The company’s various types of alternative data offerings include geospatial data, pricing data, sentimental data, social media data, and transaction data, among others.

M Science LLC is a data-driven research and analytics firm that provides critical customer insights to leading financial institutions and private & government corporations. The company integrates data science and technology, and financial models to transform raw data into actionable insights, enabling its customers to make smarter and more informed decisions. It caters to automotive, consumer durables, internet & telecommunication, and media industries.

Thinknum Alternative Data and Earnest are some of the emerging alternative data companies.

Thinknum Alternative Data organizes, processes, and analyzes public data from the web and offers over 300 companies (across the globe) unique real-time insights. The company’s clients include hedge funds, universities, internet companies, and investment firms. Its clients access these datasets via an Application Programming Interface (API) and User Interface (UI). A few critical datasets include job listing sites, LinkedIn profiles, and Facebook followers, among others.

Earnest is a data analytics company that provides critical information on consumer spending habits to government agencies, corporations, management consultants, and institutional investors by utilizing real-time data. The company uses tools for fundamental analytics of retail pricing, healthcare claims, consumer spending, and foot traffic to offer structured datasets with clear and correlated signals. These datasets are computed to understand national health trends and consumer habits.

Recent Developments

In April 2023, Thinknum Alternative Data launched new data fields to its employee sentiment datasets for people analytics teams and investors to use this as an 'employee NPS' proxy, and support highly-rated employers set up interviews through employee referrals.

In September 2022, Thinknum Alternative Data announced its plan to combine data Similarweb, SensorTower, Thinknum, Caplight, and Pathmatics with Lagoon, a sophisticated infrastructure platform to deliver an alternative data source for investment research, due diligence, deal sourcing and origination, and post-acquisition strategies in private markets.

Order a free sample PDF of the Alternative Data Market Intelligence Study, published by Grand View Research.

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Food Refrigerated Warehousing Market: Global Industry Analysis

Introduction to Food Refrigerated Warehousing Market

The Food Refrigerated Warehousing Market plays a critical role in ensuring the safety, quality, and longevity of perishable goods across the global food supply chain. These warehouses use advanced refrigeration technologies to store food products at optimal temperatures, preventing spoilage and maintaining freshness. The market is witnessing significant growth due to increasing consumer demand for frozen and refrigerated foods, technological innovations in cold storage facilities, and the expanding global food trade. Additionally, the rising focus on food safety regulations and sustainable storage solutions is driving the adoption of energy-efficient refrigeration systems.

The Food Refrigerated Warehousing Market is Valued USD 25.1 billion by 2024 and projected to reach USD 88.9921366690256 billion by 2032, growing at a CAGR of 15.1% During the Forecast period of 2024-2032.. Cold storage facilities serve as an essential component of the supply chain, particularly for perishable goods such as dairy, meat, fruits, and vegetables. The market has seen a strong surge, driven by advancements in cold chain logistics, increasing globalization of the food trade, and improved energy-efficient storage solutions. Growing urbanization and the expansion of e-commerce for grocery products further bolster this sector.

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Major Classifications are as follows:

By Type

Vapor Compression

Evaporative Cooling

Blast Freezing

Others

By Temperature Range

Chilled (0°C to 15°C)

Frozen (-18°C to -25°C)

Deep-frozen (Below -25°C)

By Application

Bread

Meat

Dairy

Beverages

Fruits & Vegetables

Seafood

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada,) ◘ Latin America (Brazil, Mexico, Argentina,) ◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) ◘ Europe (UK,Germany,France,Italy,Spain,Russia,) ◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South

Key Players of Food Refrigerated Warehousing Market

Trenton Cold Storage, Nichirei Logistics Group, Partner Logistics, Oxford Cold Storage, Kloosterboer, Nordic Logistics & Warehousing, Conestoga Cold Storage, Cloverleaf Cold Storage, Congebec, Burris Logistics, Hanson Logistics, Interstate Cold Storage, Henningsen Cold Storage, and Others.

Market Drivers in the Food Refrigerated Warehousing Market

Growing demand for frozen and perishable foods: Consumers are increasingly relying on frozen products, driving the need for enhanced cold storage infrastructure.

Technological innovations: Automation, IoT, and energy-efficient refrigeration systems are revolutionizing the sector.

Global food trade expansion: Increased export and import of perishable food items across the globe necessitate reliable cold storage facilities.

Market Opportunities in the Food Refrigerated Warehousing Market

Expansion of e-commerce for food delivery: The surge in online grocery shopping has increased demand for cold storage solutions.

Sustainability and green storage technologies: Companies focusing on energy-efficient and eco-friendly storage solutions can tap into a growing market of eco-conscious consumers.

Emerging markets: Countries in Asia-Pacific, Latin America, and Africa present lucrative opportunities as cold chain infrastructure develops in these regions.

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Market Opportunities of Video Telematics Market

Expansion in Emerging Markets: Increasing demand for fleet management solutions in emerging economies presents a significant growth opportunity.

AI-Powered Innovations: The integration of AI and predictive analytics can revolutionize fleet safety and efficiency, offering new business models.

Partnerships with Insurance Companies: Video telematics offers insurers a way to monitor driver behavior, reducing risk and allowing for dynamic pricing models.

Conclusion

The Food Refrigerated Warehousing Market is evolving rapidly, driven by increasing demand for frozen foods, technological innovations, and global trade expansion. While the industry faces challenges related to energy consumption and high infrastructure costs, the opportunities for growth, especially in emerging markets and e-commerce, are significant. Sustainable, efficient, and technology-driven solutions will likely define the future of this market.

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How Technology is Revolutionizing Fund Support Solutions 

Fund support solutions often include investor onboarding, managing shareholder relations, conducting financial audits, integrating digital commerce, market research, creating multimarket funds, and managing debt conversion. As the banking, financial services, and insurance (BFSI) sector rapidly expands, stakeholders are increasingly adopting the latest fintech innovations to optimize these processes. This post explores how technology is revolutionizing fund support solutions. 

Understanding the Scope of Fund Support Solutions 

Risk analysis and developing effective portfolio strategies require in-depth market research, company profiling, and rigorous due diligence. Consequently, the demand for fintech that facilitates automation is growing globally. Numerous fund support solutions have also emerged to simplify fund admissions, automate investment research, and provide comprehensive feasibility reports. 

To scale operations effectively, global bankers, financial advisors, and auditors must explore technological integrations while maintaining consistent accounting practices, round-the-clock fund management, and high data quality. Moreover, technologies that track evolving policies on taxation, sustainability disclosures, and wealth management are essential for minimizing compliance risks. 

How Technology is Revolutionizing Fund Support Solutions 

1| Forecasting Fund Performance 

Predictive analytics uses historical data combined with machine learning (ML) to predict a fund's future performance. These predictive tools help in risk assessments, enabling portfolio managers to make balanced investment decisions. As a result, financial professionals can enhance their screening and profiling processes, leading to more accurate reporting. 

Prescriptive analytics, an advanced stage of predictive technology, uses artificial intelligence (AI) to recommend risk management and portfolio diversification strategies. However, implementing such technologies requires robust fund data solutions, as high-quality datasets are critical for generating accurate AI recommendations. 

2| Real-Time Data Streaming and Edge Computing 

Real-time data streaming and edge computing technologies capture data near its source as soon as an event occurs, providing immediate insights to relevant devices for fund support solutions. This approach enables access to higher-quality datasets, as edge computing can filter data based on relevance or other criteria before dissemination. 

While related to the Internet of Things (IoT), these applications focus on tracking market trends, company activities, media coverage, and risk exposure. Enhanced decentralized processing capabilities also reduce the workload on central servers for financial advisory firms. 

Furthermore, companies need to collaborate with auditors, safety inspectors, and compliance assessors who may require instantaneous data delivery through custom streaming platforms. Real-time access to a company’s operations, accurate accounting, and legal compliance bolsters investor confidence. However, while implementing this technology in public companies is straightforward, it can be more challenging for private enterprises. 

3| Blockchain and Smart Contracts 

Technologies like blockchain and smart contracts create secure, unchangeable databases that record transactions, ownership, contracts, and partnerships. Blockchain technology can reduce transaction times by minimizing the need for extensive cross-verification, which typically delays high-value transactions through traditional banks. 

This shift promises a faster transition to transparent financial management. At the same time, blockchain can streamline fund operations and investment support, benefiting all BFSI stakeholders. By promptly reflecting fund changes, blockchain and smart contracts support informed wealth management decisions. 

Conclusion 

Regardless of the specific role within the financial sector—whether it’s investment research or sustainability auditing—modern technology enhances record-keeping, data sharing, and risk assessment, contributing to more effective fund support solutions. 

For example, Deloitte has demonstrated the benefits of integrating blockchain technology with private equity operations and tax evaluations, highlighting how limited partners (LPs) can gain from tokenized share ownership. 

Similar initiatives are gaining traction among regulators and private companies worldwide, pointing toward a promising future for fintech applications. 

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A Strategic Approach to Material Handling Equipments Procurement Intelligence

The global material handling equipments category is anticipated to grow at a CAGR of 5.85% from 2023 to 2030. Key factors driving the growth of the category include innovations in technology and the incorporation of Industry 4.0 into logistics infrastructure and warehouse management systems, growing need for expedited delivery, improved warehouse operations, and effective order fulfilment. In addition, the category is also being fuelled by rising e-commerce combined with shifting customer preferences is advancing last-mile delivery robot capabilities, and growing industrialization and the need for automation in material handling machinery. However, costly initial outlay for the purchase and upkeep of the product offered in the category places limitations on companies, especially small and medium-sized ones (SMEs). This may hinder the growth of the category during the forecasted timeframe.

Robotics & automation, internet of things (IoT) & data analytics, smart & connected systems, artificial intelligence (AI), digitization, and sensors & communication. Robotics & automation can improve speed, precision, flexibility, and quality while lowering labor expenses, human error, injuries, and downtime. For instance, automated guided vehicles (AGVs) integrated with navigations systems, cameras and sensorscan move goods and materials across the plant on their own. In addition, utilization of IoT & data analytics enables businesses in real-time optimizing, controlling and monitoring of technology and equipments. For instance, a business can use barcode scanners, GPS, and RFID tags to monitor the condition, status and location of its products and materials. Furthermore, a business can optimize and align the material handling process with its overall plant operations and company goals by utilizing smart & connected solutions.

The category for material handling equipments exhibits a moderately consolidated landscape, with majority of the share in the market being held by few of the global players who seek to maintain competition by implementing both organic and inorganic strategies as part of their core growth plan. The players are utilizing strategic activities like mergers, acquisitions, and new product launches to increase their competitive share and improve material handling operations through the quick adoption of cutting-edge technologies. For the purpose of making a significant market penetration, they regularly supply a range of specialist devices to their end users across nations. In addition, they are investing heaving in research & development to enhance their product lines. Despite intense competition, buyers in the category possess low negotiation capability as the market is ruled by few of the large players who leave less scope for switching to other options or let small regional players survive for long.

Order your copy of the Material Handling Equipments Procurement Intelligence Report, 2023 – 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Cost of equipment, financing, insurance, fuel expenses, and repairs & maintenance constitute the total cost of ownership for the products offered in the category. The factors that drive the prices of the equipments include demand & supply, manufacturer, model & safety features, and resale value.Prices of equipment are impacted by the laws of supply and demand. Prices decrease as a result of increased competition among firms for machinery. Purchasers benefit if a certain equipment is oversupplied in the market. In addition,there are many equipment manufacturers, but only a handful control the market. The annual sales of new and second-hand equipment around the world reflect the fact that many businesses only purchase one or two specific brands of machinery. In the U.S., the price of high-rise crawler excavator ranges between USD 99,500 to USD 124,500. The price of diesel forklift ranges between USD 5,900 to USD 9,500.

Asia-Pacific region dominates the global material handling equipments category, holding substantial share of revenue. Growth of the region is attributed to the continuous rise of food retail sector which aims to boost the speed and effectiveness of picking & sorting processes, hence, requiring the need for the products offered in the category. In addition, strong economic growth in China, India, and several ASEAN nations is responsible for the expansion of the Asian market, which in turn has contributed to the overall growth of the region. Selecting an equipment that doesn’t incurs high cost of maintenance, thoroughly observing the space where the equipment will be deployed in order to get the relevant machinery (i.e. not too big, nor too small), selecting a supplier that is reliable and offers the equipments which are safe and doesn’t compromise on the quality, and comparing multiple suppliers to get the best deal are some of the best sourcing practices considered in this category.

Material Handling Equipments Procurement Intelligence Report Scope

• Material Handling Equipments Category Growth Rate: CAGR of 5.85% from 2023 to 2030

• Pricing Growth Outlook: 4% - 8% increase (Annually)

• Pricing Models: Cost-plus pricing, Competition-based pricing

• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence

• Supplier Selection Criteria: Industries served, years in service, geographical service provision, types of equipments, power output, propulsion type, on-site assistance, regulatory compliance, and others.

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Browse through Grand View Research’s collection of procurement intelligence studies:

• Drilling Equipment & Consumables Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

• Heavy Mining Equipment Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Key Companies Profiled

• BEUMER Group GmbH & Co. KG

• Crown Equipment Corporation

• Daifuku Co., Ltd.

• Fritz SCHÄFER GmbH & Co KG

• Hyster-Yale Materials Handling, Inc.

• Jungheinrich AG

• Kardex Holding AG

• KION Group AG

• KUKA AG

• Liebherr-International Deutschland GmbH

• Mitsubishi Heavy Industries, Ltd.

• Toyota Industries Corporation

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends

• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

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Telematics Market | Current Insight with Future Aspect Analysis 2024–2030

The Telematics Market was valued at USD 9.8 billion in 2023-e and will surpass USD 21.3 billion by 2030; growing at a CAGR of 11.7% during 2024 - 2030. The report focuses on estimating the current market potential in terms of the total addressable market for all the segments, sub-segments, and regions. In the process, all the high-growth and upcoming technologies were identified and analyzed to measure their impact on the current and future market.

The report also identifies the key stakeholders, their business gaps, and their purchasing behavior. This information is essential for developing effective marketing strategies and creating products or services that meet the needs of the target market. The report also covers a detailed analysis of the competitive landscape which includes major players, their recent developments, growth strategies, product benchmarking, and manufacturing operations among others.

Understanding Telematics

Telematics involves the use of GPS technology, telecommunications, and informatics to transmit and store data from vehicles and other remote objects. This data is used to improve efficiency, safety, and productivity. Common applications include fleet management, navigation, vehicle tracking, and driver behavior monitoring.

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Current Trends in the Telematics Market

Increased Adoption in Fleet Management: Fleet management systems have become integral to logistics and transportation companies. Telematics helps in route optimization, fuel consumption monitoring, and predictive maintenance, leading to cost savings and increased operational efficiency.

Growth of Connected Vehicles: The rise of the Internet of Things (IoT) has paved the way for connected vehicles, which are equipped with telematics systems to provide real-time data. This connectivity enhances features like traffic updates, emergency services, and vehicle diagnostics.

Regulatory Compliance and Safety: Governments worldwide are implementing stringent regulations to enhance road safety and environmental protection. Telematics systems help companies comply with these regulations by providing detailed reports on vehicle emissions, driver hours, and maintenance schedules.

Insurance Telematics: Usage-based insurance (UBI) is gaining traction, with insurers using telematics data to offer personalized premiums based on driving behavior. This not only incentivizes safe driving but also helps in reducing the overall cost of insurance.

Integration with Autonomous Vehicles: Telematics plays a crucial role in the development and deployment of autonomous vehicles. It provides the necessary data for navigation, obstacle detection, and vehicle-to-vehicle (V2V) communication, making self-driving cars safer and more reliable.

Key Innovations Driving the Telematics Market

Advanced Data Analytics: With the explosion of data generated by telematics systems, advanced analytics and machine learning algorithms are being used to derive actionable insights. This helps in predictive maintenance, risk assessment, and improving overall vehicle performance.

Enhanced Connectivity: The rollout of 5G networks promises to enhance the capabilities of telematics systems. Faster data transmission and lower latency will enable real-time monitoring and control of vehicles, leading to improved safety and efficiency.

Integration with Smart City Initiatives: Telematics is becoming an integral part of smart city projects, helping in traffic management, pollution control, and efficient public transportation. Integration with urban infrastructure can lead to a more connected and sustainable urban environment.

Blockchain Technology: Blockchain is being explored to enhance the security and transparency of telematics data. It can provide a tamper-proof record of vehicle data, which is crucial for insurance claims, vehicle histories, and regulatory compliance.

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Future Prospects of the Telematics Market

Expansion in Emerging Markets: Developing countries are increasingly adopting telematics solutions to improve transportation infrastructure and logistics efficiency. This presents a huge opportunity for market players to expand their footprint.

Rising Demand for Electric Vehicles: The shift towards electric vehicles (EVs) is creating new opportunities for telematics. EVs require sophisticated telematics systems for battery management, charging station navigation, and energy optimization.

Collaboration and Partnerships: Strategic partnerships between telematics providers, automotive manufacturers, and technology companies are likely to drive innovation and market penetration. Collaborative efforts will result in more comprehensive and integrated telematics solutions.

Focus on Customer Experience: Enhancing customer experience through personalized services, such as in-car infotainment and tailored insurance products, will be a key differentiator. Companies that prioritize customer-centric innovations are likely to thrive in the competitive market.

Conclusion

The telematics market is on an exciting trajectory, with continuous advancements in technology and expanding applications across various sectors. As telematics systems become more sophisticated and integrated, they will play a pivotal role in shaping the future of transportation, logistics, and smart cities. Businesses and consumers alike stand to benefit from the enhanced efficiency, safety, and connectivity that telematics promises to deliver.

[nishajforjain]

Future of Commercial Insurance Software Solutions in India: What to Expect

The Indian commercial insurance market is undergoing a rapid transformation, driven by technological advancements and changing customer expectations. As businesses seek to streamline operations, enhance efficiency, and improve customer service, the demand for robust and innovative commercial insurance software solutions is on the rise. This blog explores the key trends shaping the future of commercial insurance software solutions in India and highlights the potential benefits that these solutions can offer.

The Growing Importance of Commercial Insurance Software Solutions in India

Commercial insurance software solutions play a crucial role in enabling insurance companies to manage their operations effectively. These solutions automate various processes, from policy issuance and underwriting to claims processing and customer service. By leveraging technology, insurers can reduce manual errors, improve accuracy, and enhance overall efficiency.

Key benefits of commercial insurance software solutions:

Streamlined Operations: Automation of repetitive tasks, such as policy administration and claims processing, leads to significant time and cost savings.

Enhanced Efficiency: Advanced analytics and reporting capabilities provide valuable insights into business performance, enabling insurers to identify areas for improvement.

Improved Customer Experience: Personalized customer service, faster claim settlements, and convenient digital channels contribute to a positive customer experience.

Regulatory Compliance: Insurance software solutions India can help insurers comply with complex regulatory requirements, reducing the risk of fines and penalties.

Emerging Trends in Commercial Insurance Software Solutions

Several trends are shaping the future of commercial insurance software solutions in India. These trends include:

1. Cloud-Based Solutions: The adoption of cloud-based insurance software solutions India is gaining momentum, offering scalability, flexibility, and cost-effectiveness. Cloud-based solutions eliminate the need for on-premises infrastructure, allowing insurers to focus on their core business.

2. Artificial Intelligence and Machine Learning: AI and ML are being leveraged to improve underwriting, claims processing, and fraud detection. Predictive analytics can help insurers identify potential risks and make more informed decisions.

3. Internet of Things (IoT): IoT devices are being integrated into commercial insurance policies to provide real-time data and enable risk-based pricing. For example, telematics devices can track driving behavior to determine insurance premiums.

4. Blockchain Technology: Blockchain offers the potential to streamline the insurance value chain by providing transparency, security, and efficiency. It can be used for smart contracts, claims processing, and reinsurance.

The Role of Technology in Transforming Commercial Insurance

Technology is playing a pivotal role in transforming the commercial insurance landscape in India. By embracing innovation, insurers can:

Improve Customer Satisfaction: Offer personalized products and services, faster claim settlements, and convenient digital channels.

Enhance Operational Efficiency: Automate processes, reduce costs, and improve decision-making.

Gain a Competitive Edge: Differentiate themselves from competitors by leveraging technology to provide superior value.

The Future Outlook for Commercial Insurance Software Solutions in India

The future of commercial insurance software solutions in India looks promising. As technology continues to evolve, insurers can expect to see even more innovative solutions that address the specific needs of the Indian market. By investing in technology, insurers can position themselves for long-term success and stay ahead of the competition.

Indicosmic Infotech Ltd. is a leading provider of commercial insurance software solutions in India. With our expertise and innovative approach, we help insurers modernize their operations, improve efficiency, and deliver exceptional customer experiences. Contact us today to learn how our solutions can benefit your business.

[musicinsurancecompany]

Insurance for Retailers - Trends and Innovations

The landscape of insurance is transforming fast. These changes can be attributed to new risks popping up, technological progressions, the way people buy insurance, and changing marking dynamics. Perhaps, you also feel the same. Right? Do you want to learn more about the important things happening in the insurance industry right now? Read on to find your answers!

What are the Emerging Risks?

Do you intend to buy Insurance for Retailers from a leading service provider? However, before that, you want to know what issues they may come across. You have come to the right place. The rise in emerging perils, aggravated by climate change and technological refinements, is posing significant challenges for insurance companies. Read on the pointers below -

Climate Change: As you can see - the occurrence and rigor of natural elements are on the rise. Probably, you also know how bad things can go after a natural disaster. Right? Similarly, insurers are dealing with a 'N' number of things, including increasing claims in line with hurricanes, floods, wildfires, and similar climate-related catastrophes. This has caused a hike in interest in parametric coverage. It offers compensation based on the occurrence of a typical event, rather than the actual losses incurred.

Cybercrime: Challenges insurers encounter have taken a new shape with technological advancements. Cyberattacks have become more sophisticated now. This refinement has exposed businesses to a plethora of threats. It includes ransomware, data breaches, and interruptions in operations. Hence, cyber liability coverage has come up as a vital part of risk management techniques for a lot of businesses.

How do Technological Advancements Help?

Needless to mention, just like everything has a good and a bad side, technological prowess has revolutionized the insurance fabric as well. It enables insurers to improve claim processing, and underwriting, and deliver a seamless customer experience. Here is a rundown for you -

Internet of Things (IoT): IoT-enabled tools can gather extensive amounts of data. This data can be used to evaluate risk, scrutinize assets, and detect possible claims. Here is an example for you. Telematics devices installed in vehicles can provide insights into many crucial things, including driving behavior and dynamics. It is likely to equip insurers to offer tailored pricing and risk management services.

Artificial Intelligence (AI): AI-powered algorithms can be used to introduce automation in routine chores like claims underwriting and processing. Apart from that, AI can also help Insurance for Retailers service providers recognize specific patterns in data and detect fraud. Sounds interesting. Right?

Blockchain: Blockchain technology offers the prospect of streamlining insurance processes. It presents a secure and transparent ledger of transactions while reducing administrative costs and improving efficiency.

What are the Insurance Market Trends?

The insurance market is also undergoing significant changes. It is mainly driven by factors, including economic situations, regulatory changes, and consumer preferences. Here's a look at the current trends -

Rising Premiums: With the rise in increasing claims costs due to economic uncertainty and emerging threats, premiums are likely to be on the higher end of the price range. This entire scenario has led to a growing demand for pocket-friendly insurance products. This, in turn, has encouraged insurance service providers to innovate and develop new pricing models.

Expanding Coverage Options: Insurers are expanding their product offerings to meet the changing needs of customers. It includes products such as cyber liability insurance, parametric insurance, and insurance for emerging technologies like musical instruments, drones, and autonomous vehicles.

Industry Consolidation: The insurance industry is undergoing consolidation, with larger insurers acquiring smaller players to gain market share and achieve economies of scale. This trend is expected to continue as insurers seek to strengthen their financial position and enhance their competitive advantage.

The Final Words

The insurance industry is at a crossroads. On one hand, there are challenges, while on the other opportunities are waiting to be discovered. By embracing emerging risks, leveraging technological advancements, and adapting to changing market dynamics, insurers can position themselves for long-term success.

[theintellify]

Mobile App Development Trends to Watch in [2024]

As we step into 2024, the mobile app development landscape continues to evolve at a rapid pace. With advancements in technology and changing consumer preferences, businesses must stay updated with the latest trends to remain competitive. Whether you're a startup or an established enterprise, understanding these trends can help you leverage mobile apps effectively for growth and customer engagement. In this article, we'll explore the key mobile app development trends to watch in 2024.

1. The Rise of 5G Technology

The rollout of 5G technology is set to revolutionize mobile app development. With faster download and upload speeds, lower latency, and improved connectivity, 5G will enable developers to create more complex and feature-rich applications. This technology will enhance the performance of mobile apps, particularly those that require real-time data processing, such as augmented reality (AR) and virtual reality (VR) apps, live streaming, and gaming. As 5G becomes more widespread, businesses will have the opportunity to develop apps that offer more immersive and responsive user experiences.

2. Growth of AI and Machine Learning Integration

Artificial Intelligence (AI) and Machine Learning (ML) are no longer just buzzwords in the tech industry; they are becoming essential components of mobile app development. In 2024, we can expect to see more apps leveraging AI and ML to provide personalized experiences, predictive analytics, and intelligent automation. For example, insurance mobile app development is increasingly incorporating AI to offer customized policy recommendations, automated claim processing, and risk assessments.

3. Focus on User Privacy and Data Security

With the growing concern over data privacy, mobile app developers are prioritizing security features in their applications. In 2024, we will see an increased emphasis on implementing robust security measures, such as end-to-end encryption, biometric authentication, and secure cloud storage.

4. The Expansion of AR and VR Applications

Augmented Reality (AR) and Virtual Reality (VR) technologies are gaining traction across various industries, and their integration into mobile apps is expected to expand in 2024. AR and VR will be particularly useful in sectors such as retail, healthcare, and real estate, where they can enhance customer experiences and provide innovative solutions. For instance, an AR-enabled insurance app could allow users to visualize damage assessments in real-time, improving the claims process. Businesses partnering with a mobile app development company in Austin can explore these technologies to create unique and interactive mobile applications.

5. Cross-Platform App Development

As businesses aim to reach a broader audience, cross-platform app development is becoming increasingly popular. In 2024, more developers will adopt frameworks like Flutter and React Native, which allow them to create apps that run seamlessly on both iOS and Android platforms. Cross-platform development reduces costs and development time, making it an attractive option for companies looking to enter the mobile market quickly. For instance, a mobile app development company in USA might use these frameworks to deliver apps that cater to diverse user bases while maintaining consistent performance across devices.

6. The Internet of Things (IoT) Integration

The Internet of Things (IoT) continues to grow, with more devices becoming interconnected and smart. Mobile apps are playing a crucial role in managing and controlling IoT devices, from smart home systems to wearable technology. In 2024, we can expect to see more apps integrating IoT functionalities, enabling users to control their devices remotely and monitor real-time data.

7. Emphasis on UX/UI Design

User experience (UX) and user interface (UI) ui ux design will remain a top priority in mobile app development in 2024. With the increasing number of mobile apps available, users have become more selective, favoring apps that offer intuitive and aesthetically pleasing designs.

Conclusion

The mobile app development landscape in 2024 is set to be exciting, with numerous trends that promise to shape the future of technology. From the widespread adoption of 5G to the growing importance of AI and cross-platform development, businesses have a wealth of opportunities to innovate and enhance their mobile presence.