Increasing popularity and demand for cloud computing as well as IoT-powered systems in insurance sector is a key factor driving market revenue growth.
Market Size - USD 8,783.4 Million in 2020, Market Growth - CAGR of 14.5%, Market Trends - Rapid globalization, digitalization, and industrialization.
The global insurance analytics market size is expected to reach USD 26.38 Billion in 2028, and register a CAGR of 14.5% during the forecast period. Increasing adoption of analytical tools by the insurance sector globally for both, general and life insurances, for various purposes such as understanding customer needs and enhancing customer experiences, targeting the right customers with the right products using tools such as customer retention analytics, cross-sell propensity models, and customer management using Customer Lifetime Value (CLTV) models is a major factor driving market growth.
However, security breaches and low-skilled workforce are factors that could hamper growth of the global insurance analytics market to some extent.
Some Key Findings From the Report:
For the purpose of this report, the global insurance analytics market is segmented on the basis of deployment Mode, organization size, application, end use, and region:
Deployment Mode Outlook (Revenue, USD Billion; 2018 - 2028)
Organization Size Outlook (Revenue, USD Billion; 2018 - 2028)
Application Outlook (Revenue, USD Billion; 2018 - 2028)
End Use Outlook (Revenue, USD Billion; 2018 - 2028)
Region Outlook (Revenue, USD Billion; 2018 - 2028)
Reasons to Buy the Report
Market Size - USD 8,783.4 Million in 2020, Market Growth - CAGR of 14.5%, Market Trends - Rapid globalization, digitalization, and industrialization.
The global insurance analytics market size is expected to reach USD 26.38 Billion in 2028, and register a CAGR of 14.5% during the forecast period. Increasing adoption of analytical tools by the insurance sector globally for both, general and life insurances, for various purposes such as understanding customer needs and enhancing customer experiences, targeting the right customers with the right products using tools such as customer retention analytics, cross-sell propensity models, and customer management using Customer Lifetime Value (CLTV) models is a major factor driving market growth.
However, security breaches and low-skilled workforce are factors that could hamper growth of the global insurance analytics market to some extent.
Some Key Findings From the Report:
- Among the deployment segments, the cloud deployment segment accounted for the largest revenue share of 67.5% in 2020.
- North America market accounted for major revenue share in 2020, and is expected to continue with its dominance over the forecast period. This is due to increasing adoption of various advanced technologies such as Big Data analytics, AI (Artificial Intelligence), automation, and IoT-powered systems by end use industries. In addition, increasing demand for digitalization, predictive and prescriptive analysis, coupled with heavy capital investments are other factors driving market growth in the region.
- The Asia Pacific market USD 2,108.0 Million in 2020, due to rapidly growing adoption of analytics by various end use industries.
- Key players profiled in the report include IBM Corporation, SAP SE, Oracle Corporation, SAS Institute, Salesforce.com, Inc., Verisk Analytics Inc., OpenText Corporation, Pegasystems Inc., Tableau Software, Guidewire Software, Inc., Hexaware Technologies, Sapiens International Corporation, MicroStrategy Incorporated, Palantir Technologies, LexisNexis, Applied Systems Inc., TIBCO Software, Board International S.A., Infor Birst, QlikTech, Mitchell International Inc., PrADS Inc., Vertafore Inc., and BRIDGEi2i Analytics Solutions Private Limited. The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.
For the purpose of this report, the global insurance analytics market is segmented on the basis of deployment Mode, organization size, application, end use, and region:
Deployment Mode Outlook (Revenue, USD Billion; 2018 - 2028)
- Cloud Deployment
- On Premise Deployment
Organization Size Outlook (Revenue, USD Billion; 2018 - 2028)
- Small and Medium Sized Organizations (SMEs)
- Large Organizations
Application Outlook (Revenue, USD Billion; 2018 - 2028)
- Claim Management
- Fraud Analysis
- Risk Management
- Process Optimization
- Subrogation Analysis
- Customer Management and Personalization
- Others
End Use Outlook (Revenue, USD Billion; 2018 - 2028)
- Insurance Providers
- IT and Telecommunication
- Government Agencies
- Consultants and Advisory Firms
- Others
Region Outlook (Revenue, USD Billion; 2018 - 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
Reasons to Buy the Report
- A robust analysis and estimation of the Insurance Analytics Market with four levels of quality check - in-house database, expert interviews, governmental regulation, and a forecast specifically done through time series analysis
- A holistic competitive landscape of the all the major players in the Insurance Analytics Market. The report covers their market shares, strategic initiatives, new product launches, R&D expenditure, M&As, Joint ventures, expansionary plans, product wise metric space analysis and key developments
- Go-to-market strategies specifically formulated in line with location analysis which takes into the factors such as government regulations, supplier mapping, supply chain obstacles, and feedback from local vendors
- Most deep dive segmental bifurcation available currently in the market. Our stellar methodology helps us understand the overall gamut of the supply chain and will help you explain the current market dynamics
- Special focus given on vendor landscape, supplier portfolio, customer mapping, production capacity, and yearly capacity utilization
Table of Contents
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 4. Insurance Analytics Market Segmentation & Impact Analysis
Chapter 5. Insurance Analytics Market By Application Insights & Trends
Chapter 6. Insurance Analytics Market By Organization Size Insights & Trends
Chapter 7. Insurance Analytics Market By Deployment Mode Insights & Trends
Chapter 8. Insurance Analytics Market By End User Insights & Trends
Chapter 9. Insurance Analytics Market Regional Outlook
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
Companies Mentioned
- Microsoft
- IBM
- SAP SE
- Oracle
- SAS Institute
- Salesforce
- Verisk Analytics
- OpenText
- Pegasystems
- Tableau Software
- Guidewire
- Hexaware
- Sapiens International
- MicroStrategy
- Palantir
- LexisNexis
- Applied Systems
- TIBCO Software
- BOARD International
- Birst
- QlikTech
- Mitchell International
- PrADS Inc.
- Vertafore
- BRIDGEi2i
