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$350+ Billion Worldwide Insurance Brokers & Agents Industry to 2030 – Identify Growth Segments for Investment

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Dublin, March 25, 2022 (GLOBE NEWSWIRE) — The “Insurance Brokers & Agents Global Market Opportunities And Strategies To 2030, By Type, Mode, Insurance, End-User” report has been added to ResearchAndMarkets.com’s offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global insurance brokers & agents market as it emerges from the COVID 19 shut down.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 48+ geographies.
  • Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market research findings.
  • Benchmark performance against key competitors.
  • Utilize the relationships between key data sets for superior strategizing.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis.

This report describes and explains the insurance brokers and agents market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.

To take advantage of the opportunities, the publisher recommends the insurance brokers & agents companies to focus on technologies to aid automation of insurance, focus on cybersecurity as top priority, focus on providing exemplary customer services, focus on cover for pandemics, adoption of automated reinsurance platforms, expand operations in emerging markets, set up automated reinsurance platforms, scale up through merger and acquisition activity, provide competitively priced offerings, increase visibility through business websites, increase partnerships with banks, leverage social media to maximize reach, focus on younger population, and increasing influx of alternative capital.

The insurance brokers and agents market reached a value of nearly $350.24 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.7% since 2015. The market is expected to grow from $350.24 billion in 2020 to $457.31 billion in 2025 at a rate of 5.5%. The market is then expected to grow at a CAGR of 5.1% from 2025 and reach $585.50 billion in 2030.

Growth in the historic period resulted from strong economic growth in emerging markets, increasing healthcare costs, and government led insurance reforms. Factors that hindered the growth of the insurance brokers and agents market during the historic period include self-insuring, low insurance penetration, falling life insurance penetration rates, and lack of awareness.

Going forward, increase in chronic diseases and disabilities, impact of covid-19, and growth of the middle-class in emerging markets will drive the growth. Factors that could hinder the growth of the insurance brokers and agents market in the future include direct sales by insurance providers, additional charges, and non-investment grade.

The insurance brokers and agents market is segmented by type into insurance agencies, insurance brokers, bancassurance, and other intermediaries. The insurance agencies market was the largest segment of the insurance brokers and agents market segmented by type, accounting for 39.4% of the total in 2020. Going forward, the bancassurance market is expected to be the fastest growing segment in the insurance brokers and agents market segmented by type, at a CAGR of 6.6% during 2020-2025.

The insurance brokers and agents market is also segmented by mode into online and offline. The offline market was the largest segment of the insurance brokers and agents market segmented by mode, accounting for 79.8% of the total in 2020. Going forward, the online segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by mode, at a CAGR of 9.3% during 2020-2025

The insurance brokers and agents market is also segmented by end-user into corporate and individual. The corporate market was the largest segment of the insurance brokers and agents market segmented by end-user, accounting for 57.8% of the total in 2020. Going forward, the individual segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by end-user, at a CAGR of 5.6% during 2020-2025.

The insurance brokers and agents market is also segmented by insurance into life insurance, property & casualty insurance and health & medical insurance. The life insurance market was the largest segment of the insurance brokers and agents market segmented by insurance, accounting for 55.3% of the total in 2020. Going forward, the health & medical insurance segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by insurance, at a CAGR of 9.2% during 2020-2025.

North America was the largest region in the insurance brokers and agents market, accounting for 43.5% of the total in 2020. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the insurance brokers and agents market will be Middle East and South America where growth will be at CAGRs of 10.7% and 9.7% respectively. These will be followed by Africa, and Eastern Europe, where the markets are expected to grow at CAGRs of 9.3% and 8.0% respectively.

The coronavirus pandemic that has swept the world is affecting every industry, in more ways than one. The insurance brokers and agents market is experiencing its fair share of the impact of COVID-19 on players in this market. People around the world have faced a severe shock with an increase in demand for life insurance. The virus can be widely spread through human contact, and governments worldwide are urging people to minimize this contact in efforts to contain the spread of the disease. Due to this, the insurance brokerage firms and agencies are trying to digitalize the process, to allow buying and disbursements of life insurance to continue as usual. The pandemic has taken a toll on new premiums on certain business lines, such as travel, events, and trade credit insurance, and losses from these lines of business may become significant.

The global insurance brokers and agents market is fragmented, with a large number of top players and small players. The top ten competitors in the market made up to 9.01% of the total market in 2020. Major players in the market include Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, and Brown & Brown Inc.

Market-trend-based strategies for the insurance brokers and agents industry include adoption of artificial intelligence digital insurance portal and distribution channels, strategic collaborations with baking organizations, mergers and acquisitions . Player-adopted strategies in the insurance brokers and agents industry include strategic acquisition of emerging and established companies and investments in development of digital technologies to strengthen their business and operational presence in insurance brokers and agents market across the globe.

Key Topics Covered:

1. Insurance Brokers & Agents Market Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction
6.1. Segmentation By Geography
6.2. Segmentation By Type
6.3. Segmentation By End User
6.4. Segmentation By Mode
6.5. Segmentation By Insurance

7. Insurance Brokers & Agents Market Characteristics
7.1. Market Definition
7.2. Market Segmentation By Type
7.2.1. Insurance Agencies
7.2.2. Insurance Brokers
7.2.3. Bancassurance
7.2.4. Other Intermediaries
7.3. Market Segmentation By Mode
7.3.1. Online
7.3.2. Offline
7.4. Market Segmentation By End User
7.4.1. Individuals
7.4.2. Corporate
7.5. Market Segmentation By Insurance
7.5.1. Life Insurance
7.5.2. Property & Casualty Insurance
7.5.3. Health & Medical Insurance

8. Insurance Brokers & Agents Market, Supply Chain Analysis
8.1. Resources
8.2. Service Providers
8.2.1. Insurance Providers
8.2.2. Insurance Agents and Brokers
8.3. End-Users
8.3.1. Corporate/Businesses
8.3.2. Individuals

9. Insurance Brokers & Agents Market Product Analysis – Product Examples

10. Insurance Brokers & Agents Market Customer Information
10.1. Post Pandemic Effects On Insurers And Agents
10.2. Lack Of Awareness Of Telematics (Usage-Based) Products
10.3. Use Of Technology To Drive Competition
10.4. The Increasing Use Of Sales Representatives
10.5. Independent Insurance Agent Satisfaction

11. Insurance Brokers & Agents Market Trends and Strategies
11.1. Increasing Application Of Artificial Intelligence
11.2. Adaption Of Insurance Portals And Digital Distribution Channels For Efficiency
11.3. Entrance Of Non-traditional Firms In The Insurance Brokers And Agents Market
11.4. Significant Growth Opportunities For Bancassurance
11.5. Increasing Mergers And Acquisitions

12. Impact Of COVID-19 On The Insurance Brokers & Agents Market
12.1. Introduction
12.2. Growing Demand For Life Insurance
12.3. The Wave Of Digitalization
12.4. Impact Of COVID-19 On Independent Brokers And Agents
12.5. Future Outlook

13. Global Insurance Brokers & Agents Market Size And Growth
13.1. Market Size
13.2. Historic Market Growth, 2015 – 2020, Value ($ Billion)
13.2.1. Drivers Of The Market 2015 – 2020
13.2.2. Restraints On The Market 2015 – 2020
13.3. Forecast Market Growth, 2020 – 2025, 2030F, Value ($ Billion)
13.3.1. Drivers Of The Market 2020 – 2025
13.3.2. Restraints On The Market 2020 – 2025

14. Insurance Brokers & Agents Market, Regional Analysis
14.1. Global Insurance Brokers & Agents Market, By Region, Historic and Forecast, 2015 – 2020, 2025F, 2030F, Value ($ Billion)
14.2. Global Insurance Brokers & Agents Market, 2015 – 2025, Historic And Forecast, By Region
14.3. Global Insurance Brokers & Agents Market, 2020 – 2025, Growth And Market Share Comparison, By Region

15. Global Insurance Brokers & Agents Market Segmentation
15.1. Global Insurance Brokers & Agents Market, Segmentation By Type, Historic And Forecast, 2015 – 2020, 2025F, 2030F, Value ($ Billion)
15.2. Global Insurance Brokers & Agents Market, Segmentation By End User, Historic And Forecast, 2015 – 2020, 2025F, 2030F, Value ($ Billion)
15.3. Global Insurance Brokers & Agents Market, Segmentation By Mode, Historic And Forecast, 2015 – 2020, 2025F, 2030F, Value ($ Billion)
15.4. Global Insurance Brokers & Agents Market, Segmentation By Insurance, Historic And Forecast, 2015 – 2020, 2025F, 2030F, Value ($ Billion)

16. Global Insurance Brokers & Agents Market Comparison with Macro Economic Factors
16.1. Insurance Brokers & Agents Market Size, Percentage Of GDP, Global
16.2. Per Capita Average Insurance Brokers & Agents Market Expenditure, Global

For more information about this report visit https://www.researchandmarkets.com/r/k7fery

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Artificial Intelligence

Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT

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HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.

Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
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Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’

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– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.

The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
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IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.

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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports: 
IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Growth Driver and Industry Forecast to 2026
Internet of Robotic Things Market (IoRT) by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application – Global Forecast to 2022
MulteFire Market by Device (Small Cells, Switches, Controllers), Application (Industrial Manufacturing, Commercial, Transportation, Public Venues, Healthcare, Oil & Gas and Mining, Power Generation, Hospitality), and Geography – Global forecast 2025
Smart Robots Market Size, Share by Component (Sensors, Actuators, Control Systems), Type, Operating Environment, Mobility, Application (Domestic, Field/Agricultural, Public Relations, Industrial), and Region – Global Forecast to 2025
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/iot-gateway-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/iot-gateway.asp
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