Luton, Bedfordshire, United Kingdom, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Insurance Analytics Market.
Insurance Analytics Market Overview:
The global Insurance Analytics Market size is expected to grow from USD 9.20 Billion In 2022 to USD 28.09 billion by 2029, at a compound annual growth rate (CAGR) of 14.8% during the forecast period.
Insurance analytics is the process of analyzing and extracting insights from data in the insurance industry to improve decision-making, identify risks, and drive business growth. The insurance analytics market has been experiencing significant growth over the past few years, and it is expected to continue growing at a steady pace in the coming years.
According to a report by Exactitude Consultancy, the global Insurance Analytics Market size is expected to grow from USD 9.20 Billion In 2022 to USD 28.09 billion by 2029, at a compound annual growth rate (CAGR) of 14.8% during the forecast period. The growth of the insurance analytics market can be attributed to several factors, including the increasing adoption of advanced analytics and big data technologies, the need for better risk management and fraud detection, and the growing demand for personalized insurance products and services.
The insurance analytics market can be segmented into several types of analytics solutions, including descriptive analytics, predictive analytics, and prescriptive analytics. Descriptive analytics is used to analyze historical data to identify patterns and trends, while predictive analytics is used to forecast future events and outcomes. Prescriptive analytics is used to recommend actions based on the insights generated from descriptive and predictive analytics.
The insurance analytics market can also be segmented by application, including claims management, fraud detection and prevention, risk management, customer management, and product management. Claims management is the largest application segment, as it involves the processing and management of insurance claims. Fraud detection and prevention is another key application, as it involves identifying and preventing fraudulent claims, which can help insurers save millions of dollars in losses.
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Key Players Of Insurance Analytics Markets Are:
Hexaware Technologies, LexisNexis Risk Solutions, Microsoft Corporation, MicroStrategy Inc., OpenText, Oracle Corporation, PEGASYSTEMS INC., Sapiens International, Tableau Software, LLC, Verisk Analytics, Inc. & Others.
Recent Developments:
In September 2020, IBM launched a new risk-based service IBM Risk Analytics. IBM Risk Analytics is designed to help organizations apply the same analytics used for traditional business decisions to cybersecurity spending priorities.
In August 2020, WNS launched EXPIRIUS, AI, and analytics-driven customer experience solution.
In June 2020, Microsoft announced a new global skills initiative required for the COVID-19 scenario. The objective of the initiative is to provide extensive access to digital skills in improving economic recovery, particularly for the people hardest hit by job losses.
In March 2020, Board International released the latest version of its leading Board decision-making platform – Board 11.2. Already making business reporting, planning, and forecasting more effective with its unified approach, the Board platform is now even faster and more flexible. One of the most significant enhancements in the new version is the Deep Locker function, which enables users to lock data values at the cell or aggregate level along any hierarchy and across any dimension.
In February 2020, Oracle and Microsoft expanded their cloud collaboration with a new cloud interconnect location in Amsterdam, Netherlands. The new interconnect will enable these businesses to share data across applications running in Microsoft Azure and Oracle Cloud.
Insurance Analytics Market Report Highlights:
| Aspects | Details |
| BY COMPONENT |
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| BY DEPLOYMENT |
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| BY ENTERPRISE |
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| BY APPLICATION |
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| BY END USER |
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| BY REGION |
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| Key Market Players | Hexaware Technologies, LexisNexis Risk Solutions, Microsoft Corporation, MicroStrategy Inc., OpenText, Oracle Corporation, PEGASYSTEMS INC., Sapiens International, Tableau Software, LLC, Verisk Analytics, Inc. & Others |
Get A Full Reports Link of the Insurance Analytics Market:
https://exactitudeconsultancy.com/reports/2198/insurance-analytics-market/
Market Trends, Drivers, Restraints, and Opportunities:
- The market is expanding as a result of more small, medium, and big businesses using insurance analytics products and services.
- Rapid digitalization and rising fraudulent activity encourage insurance companies to use analytical techniques. These are the key elements predicted to fuel market growth over the projection period.
- The predicted timetable for market growth is being hampered by the lack of standard regulation of the insurance sector worldwide and changing financial policies.
- As the insurance analytics process involves gathering and storing customer personal information, there are growing data security concerns that may limit industry expansion.
- The industry is expected to experience considerable growth prospects with the integration of cutting-edge technologies like the Internet of Things with insurance analytics tools.
Regional Analysis:
North America is expected to dominate the insurance analytics market, due to the presence of large insurance companies and advanced technology infrastructure in the region. The United States is expected to be the largest market for insurance analytics in North America, driven by the increasing adoption of advanced analytics and big data technologies by insurance companies in the region. Canada is also expected to witness significant growth in the insurance analytics market due to the increasing adoption of analytics solutions by insurers.
Europe is also expected to witness significant growth in the insurance analytics market, due to the presence of a large number of insurance companies in the region and the increasing adoption of analytics and big data technologies in the insurance industry. The United Kingdom, Germany, and France are expected to be the largest markets for insurance analytics in Europe, driven by the increasing adoption of advanced analytics and big data technologies by insurers in the region.
The Asia Pacific region is expected to witness the fastest growth in the insurance analytics market, due to the increasing adoption of insurance analytics solutions by insurers in emerging economies such as China and India. The growth of the insurance industry in the Asia Pacific region, driven by rising incomes, increasing awareness of insurance products, and favorable government policies, is also expected to drive the growth of the insurance analytics market in the region.
Other regions, such as Latin America and the Middle East and Africa, are also expected to witness significant growth in the insurance analytics market, driven by the increasing adoption of analytics and big data technologies by insurers in these regions.
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