New York, US, Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " AI in Insurance Market By System, By System By End-User Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 32.6% to attain a valuation of around USD 40.1 Billion by the end of 2030.
The global AI in insurance market is projected to garner vast traction in future years. The growing adoption of automation and digitization in insurance would drive market growth.
The overall financial industry is undergoing a massive digital transformation. AI helps streamline and transform various insurance processes. As this technology becomes increasingly embedded in insurance businesses, the need for governance of technologies to ensure safe operations with compliance will become common. The growing regulatory pressure leads to increased engagement in the governance of AI systems among insurance companies.
Increasing numbers of insurance companies are now implementing an AI governance platform to avoid the violation risk of privacy and data protection laws. Besides, the increasing demand for AI solutions in BFSI sectors worldwide and the growing need for digital transformations of insurance businesses, alongside the generation of a large amount of Big Data, escalate the market value.
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Major Players:
- Applied Systems
- Cape Analytics
- IBM Corporation
- Microsoft Corporation
- OpenText Corporation
- Oracle Corporation
- Pegasystems Inc
- Quantemplate
- Salesforce, Inc
- SAP SE
- SAS Institute Inc
- Shift Technology
- SimpleFinance
- Slice Insurance Technologies
- Vertafore, Inc
- Zego
- Zurich Insurance Group Ltd
AI in Insurance Market Report Scope:
| Report Metrics | Details |
| AI in Insurance Market Size by 2030 | USD 40.1 Billion (2030) |
| AI in Insurance Market CAGR 2022-2030 | 32.6% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Growing need to automate the operational process. Exponential growth of the insurance industry across the globe |
Browse In-depth Market Research Report (111 Pages) on AI in Insurance Market:
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Artificial Intelligence in Insurance Market - Segments
The market report is segmented into offerings, deployment modes, technologies, enterprise size, applications, and regions. The offering segment is sub-segmented into hardware, software, and services. The deployment mode segment is sub-segmented into on-premises and on-clouds. The technology segment is sub-segmented into deep learning & machine learning (ML), computer vision, natural language processing (NLP), and others.
The enterprise size segment is sub-segmented into large enterprises and SMEs. The application segment is sub-segmented into claims management, risk management & compliances, chatbots, and others. Further, the region segment is sub-segmented into the Asia-Pacific, Americas, Europe, and the Rest-of-the-World.
Artificial Intelligence in Insurance Market - Competitive Analysis
Highly competitive, the AI in insurance market appears fragmented, with several well-established players forming a competitive landscape. Mergers & acquisitions, innovation, and brand reinforcement remain key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.
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Global AI in Insurance Market - Regional Analysis
North America accounts for a key share of the global artificial intelligence in insurance market. Increasing investments in research and development of AI technologies and digital transformation in insurance businesses drive market growth. Besides, the increase in demand for intelligent fraud-detection solutions boosts the size of the regional market.
The presence of major technology providers equipped with advanced technologies in the region substantiates the market shares. Also, the increasing implementation of cutting-edge technology in the insurance sector escalates the region's market value. The North American AI in insurance market is projected to retain its dominance throughout the assessment period.
Industry/Innovation/Related News:
Feb. 09, 2023 --- ThetaRay, a leading provider of AI-powered transaction monitoring technology, announced a collaboration with Piie, Inc., an intelligent payment engine, InsurTech, provider to implement an advanced AML solution for insurance claim payments.
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The collaboration would enable the integration of Piie's payments intelligent integration engine into ThetaRay's AI-driven SONAR transaction monitoring AML solution that will allow monitoring and detecting anomalies and suspected financial crimes in the insurance sector using a payments-as-a-service platform supporting mobile applications.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
