By the year 2015, the global annual rate of data creation will double to a projected 5.6 zettabytes from 2.8 zettabytes in 2012, according to an analysis by IDC Go-to-Market Services, a market intelligence and advisory firm. And, much of that increase will be driven by the expanding number and sophistication of sensors and nearly ubiquitous connectivity in consumer goods, a phenomenon we now refer to as the internet of things.
Insurance telematics represents just part of the first wave of the internet of things (IOT), says Mark Breading, a partner at insurance research and consulting firm Strategy Meets Action. He describes the IOT as a multidimensional trend that could affect all aspects of insurance.
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