USD 10.65 billion
Report ID:
SQMIG45M2011 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
59 |
Figures:
77
Global Insurance Analytics Market size was valued at USD 10.65 billion in 2022 and is poised to grow from USD 11.92 billion in 2023 to USD 29.30 billion by 2031, at a CAGR of 11.9% during the forecast period (2024-2031).
The adoption of these technologies is encouraged by the necessity for their use, their deployment, and the supply of integrated and value-added services to clients. Additionally, customers are more likely to seek online quotes and personalised insurance solutions from many providers around-the-clock, which is increasing competition among businesses in the sector. The market for insurance analytics is encouraged to expand as a result of this. According to recent research of 68 EMEA insurance companies, 85 to 90% of the companies struggle to see a compelling economic case for data analytics solutions. Insurance firms encounter a number of obstacles that keep them from utilising the full potential of data analytics solutions. Insurers feel pressured to act quickly in order to stay ahead of the competition or Ensures companies, but in order to benefit from these technologies, they will first require a strong Data Analytics competence. Additionally, to make purchasing life insurance online simpler and more affordable, life insurers in the US have increased their automated and streamlined underwriting procedures during the past several years. Such elements are promoting market growth trend acceptance.
US Insurance Analytics Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 10.65 billion
Largest Segment
Solution
Fastest Growth
Service
Growth Rate
11.9% CAGR
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Global Insurance Analytics Market is segmented on the basis of component, deployment, enterprise size, end use and region. By component, the market is segmented into solution and service. By deployment, the market is segmented into on-premise and cloud. By enterprise size, the market is segmented into large and small & medium enterprise. By end use, the market is segmented into insurance companies, government agencies, third party administrators, brokers & consultancies. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Insurance Analytics Market Analysis by Component
The market's largest contributor, the solution sector, is anticipated to expand at a CAGR of 13.7% over the course of the projected period. The use of predictive analytics to optimize performance, improve customer satisfaction, better risk management, lower claim costs, and assure long-term business growth are all benefits of insurance analytics solutions. The growth of the global insurance analytics market is consequently aided by these factors.
The market for services is the one that is expanding most quickly. Analytical services assist in fostering the claims process because it is essential to achieving high operational efficiency and giving customers a better user experience. Additionally, it is predicted that in the following years, the industry would experience tremendous growth due to a rise in demand for insurance analytics services like customer analytics, which aid in early fraud detection.
Insurance Analytics Market Analysis by Deployment
On-premise was the market category that contributed the most, and it is anticipated that it would expand at a CAGR of 10.8% over the coming years. Insurance firms, governmental organizations, third-party administrators, brokers, and consultancies can keep and use data on-site, where it is safe and only accessed by authorized staff. This is known as on-premise deployment. The on-premise segment's growth is therefore fueled by these factors.
The market for cloud services is expanding the fastest. With the use of cloud-based solutions, insurance policy providers can successfully decrease a variety of risks related to business operations and integrate risk assessment reports within its framework to assist secure data from numerous thefts and breaches. The cloud segment of the global insurance analytics market is thus encouraged by these considerations to grow.
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During the projection period, North America is expected to increase at a CAGR of 13%, contributing the most revenue. Aiming to decrease possible hazards for policyholders, insurers are adopting analytical techniques to provide early insights. Furthermore, in order to produce correct results for decision-making, these sophisticated analytical tools necessitate thorough processing and intensive data investigation. Because of these reasons, the market in the area is growing quickly. Additionally, the market for insurance analytics is expected to increase significantly as a result of technical developments and investments in advanced analytics in the insurance industry. In North America, however, there is a chance for the insurance analytics business to expand due to national and regional rules that regulate insurers and general data use.
The region that is expanding the fastest is Asia-Pacific. In addition, numerous governments in the Asia-Pacific region are promoting & aiding the insurance sector by putting in place cutting-edge analytical tools & increasing the profitability of their company operations. The Asia-Pacific is also expected to expand quicker due to its quick use of insurance technologies. Aside from that, the region's robust economic development, quick digitalization, and widespread use of cloud services present numerous potentials for market expansion.
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Insurance Analytics Market Drivers
Increasing demand for data-driven decision-making
Growing volumes of data
Insurance Analytics Market Restraints
Data quality and integration challenges
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For the purpose of creating new products and improving existing ones, industry participants increase their R&D spending. In order to improve their position in the market, businesses are also implementing methods like mergers and acquisitions, concordances, and partnerships. By making the acquisition, the former business was able to increase its market share.
Insurance Analytics Market Top Player’s Company Profiles
Insurance Analytics Market Recent Developments
Adoption of advanced analytics techniques
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global insurance analytics market is experiencing significant growth and transformation driven by various factors such as the increasing demand for data-driven decision-making, growing volumes of data, the need for effective risk management, customer-centricity, the rise in fraudulent activities, technological advancements, and regulatory compliance requirements. Insurance analytics solutions enable insurers to leverage advanced analytics techniques, including machine learning, artificial intelligence, predictive modelling, and data visualization, to extract insights from diverse data sources. By analysing customer data, claims data, underwriting data, and market data, insurers can gain valuable insights to enhance risk assessment, improve underwriting processes, personalize offerings, detect and prevent fraud, and optimize pricing strategies.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 10.65 billion |
Market size value in 2031 | USD 29.30 billion |
Growth Rate | 11.9% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Insurance Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Insurance Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Insurance Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Insurance Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG45M2011