Wilmington, Delaware, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Insurtech Market by Offering (Solution and Service), Deployment Model (On-premise and Cloud), Technology (Artificial Intelligence, Cloud Computing, Blockchain, Big Data & Business Analytics, IoT, and Others), End User (Life & Health Insurance and Property and Casualty (P&C) Insurance), and Application (Product Development & Underwriting, Sales & Marketing, Policy Admin Collection & Disbursement, and Claims Management): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global Insurtech market is projected to garner $158.99 billion by 2030. The market garnered $9.41 billion in 2020 and is predicted to rise at a stunning CAGR of 32.7% from 2021 to 2030.
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235 – Tables
78 – Charts
210 – Pages
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2021–2030 |
| Base Year | 2020 |
| Market Size in 2020 | $9.41 billion |
| Market Size in 2030 | $158.99 billion |
| CAGR | 32.7 % |
| No. of Pages in Report | 210 |
| Segments Covered | Offering, Deployment Model, Technology, End User, Application, And Region. |
| Drivers | Rapid Digitalization of Business Models |
| Opportunities | Untapped potential of emerging economies |
| Restraints | Changes to the legal & regulatory framework |
Dynamics of the market:
The global Insurtech market is attributed to the rapid growth and integration of internet technologies, the saturation of the insurance industry, and the increase in the digitalization of business models. Furthermore, the spontaneous growth in the implementation of new technologies and the pioneering potential of developing nations are predicted to create immense growth opportunities for the market players in the estimated period. However, the vital changes in the legal & regulatory framework and privacy & transparency concerns may impede the market’s growth.
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The service segment to grow at the highest CAGR by 2028
Based on offering, the service segment is projected to rise at a noteworthy CAGR of 33.6% over the estimated timeframe owing to the improved effectiveness of the segment in meeting customers’ demand and conducting various insurance processes smoothly. On the other hand, the solution segment held the biggest share in 2020, contributing to nearly three-fourths of the global Insurtech market. This is mainly due to the growing implementation of top-notch solutions by leading insurance companies with unparalleled technological capabilities to scale up business operations.
The on-premise segment showcased the largest share in 2020
Based on deployment model, the on-premise segment generated the maximum market share in terms of revenue in 2020, accounting for about three-fifths of the global insurtech market. This is mainly because the segment provides complete control of the entire infrastructure comprising software as well as hardware. On the contrary, the cloud segment is predicted to manifest the highest CAGR of 34.5% over the analysis period from 2021 to 2030, owing to the increasing investment in cloud technology and the growing need for lessening infrastructure investment.
North America held the dominant market share in 2020
Based on region, the North America region of the global insurtech market held the highest market share in 2020, generating about three-fifths of the market share. This is mainly due to the rapid adoption of insurtech among leading insurance companies and the rise in partnership of insurtech companies with traditional insurers. On the contrary, the Asia-Pacific region is expected to showcase a remarkable CAGR of 36.7% over the estimated period, due to the lower compliance risk exposure, the improvement in the claim settlement process, and the rise in the adoption an investment in insurtech to enhance business efficiency across the region.
Leading market players:
- Zhongan Insurance
- Damco Group
- Trov Insurance Solutions, LLC
- Majesco
- Wipro Limited
- DXC Technology Company
- Quantemplate
- OutSystems
- Shift Technology
- Oscar Insurance
Key benefits for stakeholders
- The study provides in-depth analysis of the global Insurtech market share along with current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global insurance technology market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the Insurtech market.
- An extensive analysis of the key segments of the industry helps to understand the Insurtech market trends.
- The quantitative analysis of the global Insurtech market forecast from 2021 to 2030 is provided to determine the market growth potential.
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Key market segments
By Offering
- Solution
- Service
By Deployment Model
- On-premise
- Cloud
By Technology
- Artificial Intelligence
- Cloud Computing
- Blockchain
- Big Data & Business Analytics
- IoT
- Others
By End User
- Life & Health Insurance
- Property and Casualty (P&C) Insurance
- Auto Insurance
- Buildings Insurance
- Commercial Buildings Insurance
- Home Insurance
- Dwelling Coverage
- Contents Coverage
- Marine Insurance
- Liability Insurance
- Others
By Application
- Product Development & Underwriting
- Sales & Marketing
- Policy Admin Collection & Disbursement
- Claims Management
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
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