SAN FRANCISCO, U.S., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Insurtech Market By Type (Health, Business, Auto, Home, Specialty, Travel, And Others), By Services (Consulting, Support & Maintenance, And Managed Services), By Technology (Cloud Computing, Blockchain, IoT, Robo Advisory, Machine Learning, And Others), And By Region: Global Industry Analysis, Size, Share, Price, Trends, And Forecast, 2023 - 2030” in its research database.
“According to the report published by Zion Market Research, the global Insurtech Market size was valued at USD 5.48 billion in 2023 and is predicted to reach USD 146.43 billion by the end of 2030. The market is expected to grow with a CAGR of 50.78% during the forecast period.”
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Insurtech Market Overview:
In the past few years, insurtechs have emerged in the insurance industry. Insurtech is a novel insurance technology that boosts competition, simplifies policy administration, and enhances the customer experience. The insurance industry makes use of a wide variety of technologies. Insurtech is a subset of fintech that has simplified and streamlined the purchasing of all forms of insurance, from consumer products to small business insurance.
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 5.48 Billion |
| Market Forecast in 2030 | USD 146.43 Billion |
| Growth Rate | CAGR of 50.78% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | DXC Technology Company, Damco Group, Majesco, Insurance Technology Services, Oscar Insurance, Quantemplate, Trov Inc., Shift Technology, Zhongan Insurance, and Wipro Limited among the others |
| Segments Covered | By Type, By Services, By Technology, And By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Key Insights from Primary Research
- Continuous advancement in the technologies in insurance industry including blockchain, machine learning, and artificial intelligence will result in beneficial opportunities for the growth of the global insurtech market over the forecast period.
- High initial cost required for insurtech may hinder the growth of the global insurtech market.
- Factors such as increasing awareness regarding the importance of insurance in health and business sectors, coupled with large number of insurance providers are propelling the growth of the market.
- On the basis of region, the “North America” will likely overtake the global market.
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Global Insurtech Market: Growth Factors
The major factors that are spurring the growth of the global insurtech market include rapid digital transformation in the insurance industry, growing use of smartphones & tablets, and growing distribution & marketing of insurance policies through digital technologies. Further, consumer empowerment, convenience, efficiency, and reduced costs are some of the benefits that the consumer can avail of insurtech. Additionally, there is a rise in adoption of insurtech from small and mid-sized enterprises.
This is because SMEs demand new & personalized products and insurtech provide them the required solutions with the help of artificial intelligence and easy access to open data. All such factors and the growing adoption of insurtech in the retail sector are fostering the growth of the global insurtech market. In addition to this, increase in the number of insurtech startups, strong presence of key vendors and financial sectors are also some of the factors that are propelling the growth of the global market. Moreover, rise in the emergence of insurtech across the lines of business & value chain with a concentration in distribution is also majorly contributing to the overall market growth.
In addition to this, advancement in the insurance sectors such as online or app-based insurance purchase and improved health insurance plans are expected to boost the market growth over the forecast period.
Insurtech Market: Segmentation Analysis
The global Insurtech market is bifurcated based on type, services, technology, and region.
Based on type, the insurtech market is categorized into health, business, auto, home, specialty, travel, and others. Different services such as consulting, support & maintenance, and managed services are considered in the report. Based on technology, the global Insurtech market is divided into cloud computing, blockchain, IoT, Robo advisory, machine learning, and others.
Browse the full “Insurtech Market :- By Type (Health, Business, Auto, Home, Specialty, Travel, And Others), By Services (Consulting, Support & Maintenance, And Managed Services), By Technology (Cloud Computing, Blockchain, IoT, Robo Advisory, Machine Learning, And Others), And By Region: - Global Industry Analysis, Size, Share, Price, Trends, And Forecast, 2023 - 2030” Report at https://www.zionmarketresearch.com/report/insurtech-market
Regional Analysis:
North America is expected to hold the maximum share in the Insurtech market over the forecast period. Some of the key factors contributing to the dominant share of the market in this region include increasing spending customers in the area of insurance-related products. In addition to this, technological advancement in the insurance sector is also propelling the growth of the market in North America.
Asia-Pacific is anticipated to be the most lucrative market for Insurtech over the forecast period. Increasing awareness of the importance of insurance in the health and business sectors, as well as the large number of insurance providers, are driving the market's expansion.
Competitive Players:
The report contains qualitative and quantitative research on the global insurtech market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global insurtech market include;
- DXC Technology Company
- Damco Group
- Majesco
- Insurance Technology Services
- Oscar Insurance
- Quantemplate
- Trov Inc.
- Shift Technology
- Zhongan Insurance
- Wipro Limited
- And others.
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The global insurtech market is segmented as follows:
By Type
- Health
- Business
- Auto
- Home
- Specialty
- Travel
- Others
By Services
- Consulting
- Support & Maintenance
- And Managed Services
By Technology
- Cloud Computing
- Blockchain
- IoT
- Robo Advisory
- Machine Learning
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Insurtech industry?
- What are the main driving factors propelling the Insurtech Market forward?
- What are the leading companies in the Insurtech Industry?
- What segments does the Insurtech Market cover?
- How can I receive a free copy of the Insurtech Market sample report and company profiles?
Key Offerings:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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