FEATURED COMPANIES
- Applied Systems (U.S.)
- IBM Corporation (U.S.)
- Oracle Corporation (U.S.)
- Pegasystems Inc. (U.S.)
- Salesforce.SE (U.S.)
- SAP SE (U.S.)
The research report titled “Insurance Analytics Market by Component, Business Application (Claims Management, Pricing & Risk Management, Customer Management & Personalization), Deployment, Organization Size, End-User (Agencies, Brokers), and Region - Global Forecast to 2027” provides in-depth analysis of the insurance analytics market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2027. The insurance analytics market is expected to reach $18.5 billion by 2027, growing at a CAGR of 12.2% during the forecast period of 2020 to 2027. The growth of this market is mainly driven by growing digitalization in the insurance industry and the rising adoption of advanced analytics and data-driven decision-making techniques. In addition, the increasing adoption of IoT technology in the insurance industry and the growing acceptance of insurance analytics among small and medium-sized enterprises are expected to create tremendous opportunities for the growth of the insurance analytics market during the forecast period.
The study offers a comprehensive analysis of the insurance analytics market with respect to component, deployment type, application, organization size, end user, and geography. The insurance analytics market is segmented based on component (solutions and services), application (claims management, pricing & risk management, customer management & personalization, process optimization, and others), deployment (cloud-based and on-premise), organization size (small and medium-sized enterprises and large enterprises), end user (insurance companies, government agencies, third-party administrators, brokers, and consultancies), and region. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the insurance analytics market is segmented into solutions and services. In 2020, the solutions segment is expected to command the largest share of the insurance analytics market, owing to the high need for ensuring the quality & safety of products. This segment is also expected to record the highest CAGR during the forecast period, which can be attributed to the increasing technological developments that enhance the possibilities of easy integration of new technologies with the existing software.
Based on organization size, the insurance analytics market is broadly segmented into large enterprises and small & medium enterprises (SMEs). In 2020, the large enterprises segment is expected to command the largest share of the insurance analytics market, owing to the high spending capacity of large enterprises on advanced technologies and the growing significance of making data-driven decisions to increase profitability. However, the growing number of insure-tech start-ups and the rising awareness among companies regarding the benefits of implementing insurance analytics solutions in the organization are expected to drive the growth of the SMEs segment at the highest CAGR during the forecast period.
Based on end user, the insurance analytics market is segmented into insurance companies, government agencies, and third-party administrators, brokers, and consultancies. In 2020, the insurance companies segment is expected to account for the largest share of the insurance analytics market. This share can be attributed to the power of privatization in making effective business decisions that encourage the high use of modern technologies to attract and serve large numbers of customers. However, the government agencies segment is expected to record the highest CAGR over the forecast period owing to growing awareness amongst the agencies about the benefits of implementing insurance analytics solutions for policymaking and reducing costs.
Based on geography, the insurance analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America is expected to account for the largest share of the insurance analytics market. North America’s large share is attributed to the availability of sensor-driven data in the region, greater adoption of advanced technologies, a growing sense of safety and security among consumers, increased need for energy-efficient products and systems, rising innovation in the field of analytics, and the presence of major players in this region.
The key players profiled in the insurance analytics market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Salesforce.SE (U.S.), MicroStrategy Incorporate (U.S.), TIBCO Software Inc. (U.S.), SAP SE (U.S.), and Tableau Software LLC. (U.S.), Applied Systems (U.S.), Open Text Corporation (Canada), Pegasystems, Inc. (U.S.), Verisk Analytics, Inc. (U.S.), Hexaware Technologies Limited (India), Palantir Technologies (U.S.), Sapiens International Corporation (Israel), Guidewire Software Inc., (U.S.), LexisNexis Risk Solutions (U.S.), and Vertafore, Inc. (U.S.).
The study offers a comprehensive analysis of the insurance analytics market with respect to component, deployment type, application, organization size, end user, and geography. The insurance analytics market is segmented based on component (solutions and services), application (claims management, pricing & risk management, customer management & personalization, process optimization, and others), deployment (cloud-based and on-premise), organization size (small and medium-sized enterprises and large enterprises), end user (insurance companies, government agencies, third-party administrators, brokers, and consultancies), and region. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the insurance analytics market is segmented into solutions and services. In 2020, the solutions segment is expected to command the largest share of the insurance analytics market, owing to the high need for ensuring the quality & safety of products. This segment is also expected to record the highest CAGR during the forecast period, which can be attributed to the increasing technological developments that enhance the possibilities of easy integration of new technologies with the existing software.
Based on organization size, the insurance analytics market is broadly segmented into large enterprises and small & medium enterprises (SMEs). In 2020, the large enterprises segment is expected to command the largest share of the insurance analytics market, owing to the high spending capacity of large enterprises on advanced technologies and the growing significance of making data-driven decisions to increase profitability. However, the growing number of insure-tech start-ups and the rising awareness among companies regarding the benefits of implementing insurance analytics solutions in the organization are expected to drive the growth of the SMEs segment at the highest CAGR during the forecast period.
Based on end user, the insurance analytics market is segmented into insurance companies, government agencies, and third-party administrators, brokers, and consultancies. In 2020, the insurance companies segment is expected to account for the largest share of the insurance analytics market. This share can be attributed to the power of privatization in making effective business decisions that encourage the high use of modern technologies to attract and serve large numbers of customers. However, the government agencies segment is expected to record the highest CAGR over the forecast period owing to growing awareness amongst the agencies about the benefits of implementing insurance analytics solutions for policymaking and reducing costs.
Based on geography, the insurance analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America is expected to account for the largest share of the insurance analytics market. North America’s large share is attributed to the availability of sensor-driven data in the region, greater adoption of advanced technologies, a growing sense of safety and security among consumers, increased need for energy-efficient products and systems, rising innovation in the field of analytics, and the presence of major players in this region.
The key players profiled in the insurance analytics market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Salesforce.SE (U.S.), MicroStrategy Incorporate (U.S.), TIBCO Software Inc. (U.S.), SAP SE (U.S.), and Tableau Software LLC. (U.S.), Applied Systems (U.S.), Open Text Corporation (Canada), Pegasystems, Inc. (U.S.), Verisk Analytics, Inc. (U.S.), Hexaware Technologies Limited (India), Palantir Technologies (U.S.), Sapiens International Corporation (Israel), Guidewire Software Inc., (U.S.), LexisNexis Risk Solutions (U.S.), and Vertafore, Inc. (U.S.).
Key questions answered in the report:
- Which are the high growth market segments in terms of the component, deployment type, application, end user, and countries?
- What is the historical market for insurance analytics across the globe?
- What are the market forecasts and estimates for 2019-2027?
- Who are the major players in various countries, and what share of the market do they hold?
- What are the recent developments in the insurance analytics market?
- What are the different strategies adopted by the major players in the insurance analytics market?
- What are the geographical trends and high growth countries?
- Who are the local emerging players in the insurance analytics market, and how do they compete with the other players?
Scope of the report
Insurance analytics Market, by Component
- Solutions
- Services
- Managed Services
- Professional Services
- Consulting
- Deployment and Integration
- Support and Maintenance
Insurance analytics Market, by Business application
- Claims Management
- Pricing and Risk Management
- Customer Management and Personalization
- Process Optimization
- Others
Insurance analytics Market, by Deployment type
- Cloud
- On-Premises
Insurance analytics Market, by Organization size
- Small & Medium Enterprises (SME)
- Large Enterprises
Insurance analytics Market, by End-users
- Insurance Companies
- Government Agencies
- Third-Party Administrators, Brokers, and Consultancies
Insurance analytics Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- The Middle East and Africa
- UAE
- South Africa
- Rest of MEA
FEATURED COMPANIES
- Applied Systems (U.S.)
- IBM Corporation (U.S.)
- Oracle Corporation (U.S.)
- Pegasystems Inc. (U.S.)
- Salesforce.SE (U.S.)
- SAP SE (U.S.)
1 Introduction
2 Research Methodology
3 Executive Summary
4 Market Insights
5 Insurance Analytics Market, by Component
6 Insurance Analytics Market, by Application
7 Insurance Analytics Market, by Deployment Type
8 Insurance Analytics Market, by Organization Size
9 Insurance Analytics Market, by End User
10 Insurance Analytics Market, by Geography
11 Competitive Landscape
12 Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
13 Appendix
List of Tables
List of Figures
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- Applied Systems (U.S.)
- Guidewire Software Inc. (U.S.)
- Hexaware Technologies Limited (India)
- IBM Corporation (U.S.)
- LexisNexis Risk Solutions (U.S.)
- MicroStrategy Incorporate (U.S.)
- Microsoft Corporation (U.S.)
- Open Text Corporation (Canada)
- Oracle Corporation (U.S.)
- Palantir Technologies (U.S.)
- Pegasystems Inc. (U.S.)
- SAP SE (U.S.)
- SAS Institute Inc. (U.S.)
- Salesforce.SE (U.S.)
- Sapiens International Corporation (Israel)
- TIBCO Software Inc. (U.S.)
- Verisk Analytics Inc. (U.S.)
- Vertafore Inc. (U.S.)
- Tableau Software LLC. (U.S.)
