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Internet of things, a 40% increase of smart cars in Italy

IoT is worth 2.8 billion, 20% of which depends on the smart cars, according to the data of Osservatorio of Politecnico di Milano. The time has come to think about new services and policy models: a challenge and a great opportunity for insurance carriers

15 May 2017

Italy accelerates on the internet of things and Smart Car. According to the latest report of the IoT Osservatorio of Politecnico di Milano, 2016 sales did better than previous year by 40%, reaching 2.8 billion euros in turnover, 14.1 million items connected via mobile network, over half of which are cars.

Smart Car is, after Smart Metering, the most challenging segment: it accounts for 20% of total revenue, grown of 15%, reaching 550 million. The drop in GPS / GPRS box prices has slowed down the growth in market value, but smart cars have risen by 40% and now are 7.5 million, about a fifth of the fleet circulating in Italy.

“It is time to go beyond the connection of the objects, shifting towards services. Smart cars will enable new services for security, maintenance, navigation, energy saving, shared mobility”, said Angela Tumino, Director of Internet of Things Osservatorio, on Digital4Executive.

Consequences for companies are important: car insurance segment is one of the most renewing ones in the insurance sector. Excluding the driverless car, some years hence, the smart car will represent a challenge and an innovation opportunity as well for insurance industry, as smart car means “data” and the data provides new elements for the definition of risk, prices and business models. It is no accident some of the leading successful insurtech startup cases, such as Metromile and Cuvva, are just car insurance disruptors.

IoT market, research data

The largest segment of the IoT market (34% for the aggregate) is Smart Metering and Smart Asset Management in utilities, which is almost doubled for regulatory compliance, ranging from 500 million euros in 2015 to 950 million in 2016 (+ 90% ). Much of this is the law-enforcing effect that enforces utilities to put at least 11 million smart meters by 2018 (Smart Metering gas).

Second place (20% for the aggregate) is for Smart Car, as aready said, grown by 15% to reach 550 million.

Next comes the Smart Building (€ 510 million, 18% of the market), up 45% over 2015, mainly thanks to security solutions in buildings and the stepwise involvement of small offices and shops after the main industrial facilities. Then Smart Logistics solutions (250 million, 9% for the aggregate) for fleet management and stolen vehicle recovery system: By the end of 2016 over 800,000 freight vehicles were connected via SIM. Smart Home is worth 185 million and 7% for the aggregate (+ 23%), with a strong prevalence of security applications.

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