Insurtech Market Size Worth $82.3 Billion by 2032 | CAGR: 28.9% by The Brainy Insights

According to The Brainy Insights, the global insurtech market size is projected to reach USD 82.3 billion by 2032 from its value of USD 6.5 billion in 2022, at a CAGR of 28.9% during the forecast period. North America emerged as the largest market for the global insurtech market, with a 55% market revenue share in 2022. Top companies listed in this report Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Wipro Limited, ZhongAn Insurance & others.


Newark, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 6.5 billion insurtech market will reach USD 82.3 billion by 2032. InsurTech (Insurance Technology) uses technology to design, distribute, and administer insurance products and services. Insurtech is developing solutions like offering ultra-customized policies, social insurance, and dynamic pricing premiums utilizing new data streams from Internet-enabled devices. Insurtech assists insurers in collecting and analyzing consumer data, which can then be utilized to target the proper customer with an affordable price quotation. Furthermore, by utilizing machine learning, artificial intelligence, and cloud computing, Insurtech aids in developing better projections of consumer wants, buy quantities, decision making and insurance planning.

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Key Insights of Insurtech Market

North America to account for the largest market size during the forecast period.

North America is expected to have the essential insurtech market share. Businesses increasingly resort to insurtech solutions due to considerable growth in the requirement for automation of insurance operations, prompt services, and enhanced efficiency. The region's established internet infrastructure, combined with the rising integration of modern technologies in the insurance sector, is fueling the expansion of the region's insurance business.

The health segment dominated the market with the most significant revenue of USD 2.27 billion.

The health segment dominated the market with the most significant revenue of USD 2.27 billion. Major considerations include a greater emphasis on personalized healthcare, the incorporation of wearable technologies, and the implementation of telemedicine. Insurtech makes health insurance more accessible and inexpensive by leveraging technology to expedite processes. The increased demand for effective health insurance administration, especially in the aftermath of global health disasters, is pushing innovation in this sector.

The cloud computing segment dominated the market with the most significant revenue of USD 2.6 billion.

The cloud computing segment dominated the market with the most significant revenue of USD 2.6 billion. Cloud computing is offering scalability, flexibility, and cost-effectiveness in the sector. Insurers use cloud platforms to store massive amounts of data, run complex algorithms, and deliver on-demand services. The change to cloud-native architectures and the increased demand for data-driven insights are fueling this segment's growth.

Report Scope and Segmentation -

Report CoverageDetails
Forecast Period2023-2032
Forecast CAGR28.9%
2032 Value ProjectionUSD 82.3 Billion
Market Size in 2022USD 6.5  Billion
Historical Data2019-2021
No. of Pages239
Report CoverageRevenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments CoveredType, Technology
Regions CoveredThe regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Insurtech Market Growth DriversRising Number of Connected Devices

Market Dynamics:

Drivers: Wearable Technology

Wearable technology use has expanded dramatically in recent years, resulting in the implementation of insurtech in the telemedicine sector. During the forecast period, the demand for insurance is expected to rise significantly in the healthcare sector. Implementing insurance allows carriers to collect data for risk mitigation and improving customer experience.

Restraint: Strict Regulations

Different norms and regulations governing the insurance sector, as well as privacy and security concerns, are some obstacles limiting market expansion.

Opportunity: Rising Technology

Integration of technology such as big data analytics, cloud computing, and IoT aids in the prevention of chronic health disorders while saving money on claims. The digitization of all healthcare data would create a healthy ecosystem for risk management and customer involvement. Growing market acceptance of genomic and epigenetic technology for biological age determination would change the price and implementation of life policies. Among the firms active in this section of the insurtech market are Babylon, Discovery Vitality, Good Doctor, and Wellthy Therapeutics.

Challenge: Limitation

Many governments and organizations have put stringent restrictions on insurance companies' use due to privacy concerns.

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Some of the major players operating in the insurtech market are:

● Damco Group
● DXC Technology Company
● Insurance Technology Services
● Majesco
● Oscar Insurance
● Quantemplate
● Shift Technology
● Wipro Limited
● ZhongAn Insurance

Key Segments cover in the market:

By Type:

● Auto
● Business
● Health
● Home
● Specialty
● Travel
● Others

By Technology:

● Blockchain
● Cloud Computing
● IoT
● Machine Learning
● Robo Advisory
● Others

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About the report:

The global insurtech market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.

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