Portland,OR, Nov. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global digital insurance platform market generated $96.34 billion in 2020, and is projected to reach $279.51 billion by 2030, witnessing a CAGR of 11.3% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Surge in demand for cost effective platforms and personalization of insurance products drive the growth of the global digital insurance platform market. However, time consuming processes of digital transformation and privacy & security concerns restrain the market to some extent. On the other hand, increase in adoption of digital solutions presents new opportunities in the upcoming years.
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COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic has positively impacted the global digital insurance platform market, owing to massive progression of the digital insurance industry.
- Many insurance providers as well as policyholders started to opt for these platforms as providing insurance physically was not possible during the lockdown period.
The report offers detailed segmentation of the global digital insurance platform market based on service type, component, deployment model, enterprise size, application, and region.
Based on component, the solution segment held the highest market share in 2020, holding around two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the service segment is estimated to register the highest CAGR of 12.3% from 2021 to 2030.
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Based on deployment model, the on-premise segment held the largest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the cloud segment is projected to register the highest CAGR of 15.8% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 12.8% during the forecast period.
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List of companies profiled of the global digital insurance platform market analyzed in the research include DXC Technology Company, EIS Software Limited, Lemonade Insurance Company, Majesco, Oscar Insurance, OutSystems, Quantemplate, Shift Technology, Wipro Limited, and Zhongan Insurance.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
