Insurance Analytics Market Forecasts to 2028 – Global Analysis By Organization Size (SMEs, Large Enterprises), Application (Claims Management, Process Optimization), End User (BFSI, Insurance Companies) and By Geography
According to Stratistics MRC, the Global Insurance Analytics Market is accounted for $8.94 billion in 2020 and is expected to reach $31.62 billion by 2028 growing at a CAGR of 17.1% during the forecast period. Rise in adoption of IoT products, increasing adoption of advanced analytics techniques and data-driven decision-making techniques in insurance are driving the market growth. However, stringent government regulations and security & data privacy concerns are hampering the growth of the market.
Insurance analytics is the use of data analytics in an insurance company. It transforms the way businesses operate due to the generation of leads, improving customer satisfaction, reduction in fraudulent cases, prediction of risk factors, and enabling business growth. In addition, this analytic solution helps insurance companies to manage risks & offer better insurance contracts in fields such as health, life, and property or casualty.
Based on the deployment mode, the cloud segment is going to have lucrative growth during the forecast period as cloud-based solutions are gaining a firm hold in the market owing to various benefits and also cloud deployment offers flexibility, scalability, and cost-effectiveness benefits. It enables an enterprise to have more control over the server, infrastructure, and systems that can be configured as per the business needs. By geography, Asia Pacific is going to have high growth during the forecast period owing to the increasing contribution toward the development of data analytics solutions and various end-users such as insurance companies and government agencies leading the race in terms of cloud adoption.
Some of the key players profiled in the Insurance Analytics Market include WNS, Vertafore, ReFocus AI, TIBCO , SAS Institute, Artivatic.ai, Habit Analytics, Salesforce, RiskVille, Board International, Qlik, Pentation Analytics, Hexaware Technologies, Oracle, InsuredMine, MicroStrategy, Sapiens, LexisNexis Risk Solutions, Verisk Analytics, IBM, OpenText, SAP, Guidewire Software, CyberCube, BRIDGEi2i, Pegasystems, Microsoft and Applied Systems.
Estimated Market Size in 2020:
USD 8.94 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 31.62 billion
Tables, Graphs& Figures
Organization Size, Component, Deployment Mode, Application, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
Organization Sizes Covered:
• Small and Medium-Sized Enterprises (SMEs)
• Large Enterprises
Deployment Modes Covered:
• Subrogation Analysis
• Claims Management
• Pricing and Risk Management
• Customer Management and Personalization
• Process Optimization
• Sales & Marketing
• Other Applications
End Users Covered:
• Travel & Hospitality
• Media & Entertainment
• Retail & Consumer Goods
• Telecommunications & IT
• Government Agencies & Public Sector
• Health & Life Sciences
• Banking, Financial Services and Insurance (BFSI)
• Insurance Companies
• Third-Party Administrators, Brokers and Consultancies
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Insurance Analytics Market is majorly driven by rising adoption of advanced analytics techniques and data-driven decision-making techniques in insurance, rising need of big data and predictive modeling capability and increasing adoption of IoT products.
The cloud segment is growing at a highest CAGR as the cloud deployment offers flexibility, scalability, and cost-effectiveness benefits and it also enables an enterprise to have more control over the server, infrastructure, and systems that can be configured as per the business needs.
North America dominated with a significant market share due to the rising adoption of insurance analytics tools and the strong presence of major companies, rapid advancements in data analytics software programs, cloud computing, and government initiatives to spread awareness about the need for insurance.
Asia Pacific region is growing at a highest CAGR owing to the increasing contribution towards the development of data analytics solutions and various end users such as insurance companies and government agencies leading the race in terms of cloud adoption in the Asia Pacific region.
Key players in Insurance Analytics Market include WNS, Vertafore, ReFocus AI, TIBCO, SAS Institute, Artivatic.ai, Habit Analytics, Salesforce, RiskVille, Board International, Qlik, Pentation Analytics, Hexaware Technologies, Oracle, InsuredMine, MicroStrategy, Sapiens, LexisNexis Risk Solutions, Verisk Analytics, IBM, OpenText, SAP, Guidewire Software, CyberCube, BRIDGEi2i, Pegasystems, Microsoft and Applied Systems.
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