Insurance Analytics Market Size, Share, Growth Analysis, By Component(Solution and Service), By Deployment(On premise and Cloud) - Industry Forecast 2024-2031

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.