Pune,India, Oct. 16, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Insurance Analytics Market Size was valued at USD 11.11 billion in 2022 and is projected to grow from USD 12.65 billion in 2023 to USD 35.00 billion by 2030, exhibiting a CAGR of 15.6% during the forecast period.
Insurance analytics use advanced data analysis and modeling techniques to extract valuable insights from large amounts of data. Insurance analytics includes collecting, interpreting, and processing data regarding policyholders, risk management, claims, and other processes.
Industry Development-
August 2023 – Planitor Inc., the developers of iGUIDE, and Veisk partner to integrate their technologies. This partnership will expedite the claims process within the insurance industry.
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Key Takeaways-
- Insurance Analytics Market is expected to flourish & reach USD 35.00 Billion in 2030
- The increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) in analytics is reshaping the insurance industry.
- The increasing need for data-driven decision-making in the insurance industry is a crucial market driver.
- The insurance industry generates massive amount of data, including customer information, claims data, market trends, and others.
- Insurance Analytics Market Size in North America was USD 4.49 Billion 2022
Discover the Leading Players Featured in the Report-
“IBM Corporation (U.S.), Tableau Software, LLC (U.S.), Wipro (India), LexisNexis Risk Solutions (U.S.), Vertafore, Inc. (U.S.), SAS Institute Inc. (U.S.), Verisk Analytics, Inc. (U.S.), ExlService Holdings, Inc. (U.S.), Altair Engineering Inc. (U.S.), Moody's Analytics, Inc. (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 15.6% |
| 2030 Value Projection | USD 35.00 Billion |
| Base Year | 2022 |
| Insurance Analytics Market Size in 2022 | USD 11.11 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment, Enterprise, Application End- User |
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Drivers & Restraints-
Growing Investments in Advanced Analytics Tools to Drive Market Growth
The growing investments by insurance companies in advanced analytics tools and platforms to harness the large amount of data generated by IoT devices, policyholders, and external sources drive market growth during the forecast period. For instance, according to industry experts, 90% of enterprise analytics and insurance professionals highlight the insurance analytics role in driving the digital transformation efforts of their organizations.
Extracting, processing, and managing large data with limited data analytics capabilities can be complex, further hampering market growth.
Leading Segments Covered in this Report-
By Deployment
- Cloud
- On-premise
By Enterprise Type
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By Application
- Claims Process Optimization
- Fraud Detection & Risk Assessment
- Customer Engagement & Retention
- Others (Data Visualization and others)
By End-user
- Insurance Firms
- Government Agencies
- Others (Third-party Administrators, Brokers, and Consultants)
Regional Insights-
Increasing Use of Insurance Analytical Tools to Drive Market Growth in North America
North America holds the largest market share during the forecast period. The growth is attributed to insurers' rising use of analytical tools to proactively access the risks and increase policyholder security. These tools mainly require extensive data research to deliver precision decision-making insights, boosting market growth in the region.
Asia Pacific is the fastest-growing region in the market during the forecast period. The growth is attributed to regional governments' rising investment in advanced analytical tools.
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Competitive Landscape-
Growing Key Players Focus to Launch New Products Propel Market Growth
The key players are launching new advanced insurance solutions to meet customer demands and strengthen their market position, driving market growth during the projected period. The key players also focus on expanding their existing product portfolio to deliver unique attributes and flexible solutions.
FAQs
How big is the Insurance Analytics Market?
Insurance Analytics Market size was USD 11.11 Billion in 2022. It is expected to reach USD 35.00 Billion by 2030.
How fast is the Insurance Analytics Market growing?
The Insurance Analytics Market will exhibit a CAGR of 15.6% during the forecast period, 2023-2030
Related Reports-
Fraud Detection and Prevention Market Share, Revenue Forecast and Opportunities
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Big Data Analytics Market Share, Revenue Forecast and Opportunities
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