Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Insurance Analytics Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global insurance analytics market is projected to experience unprecedented growth, with a particular surge in the Asia-Pacific region. A new research publication has been added to our collection of market reports, providing a comprehensive analysis of this dynamic industry. This addition underscores the significance of data analytics in transforming insurance services and risk management solutions.
The recently added market research publication reveals that the insurance analytics market is poised for a remarkable expansion, growing from $13.07 billion in 2023 to a forecasted $15.03 billion in 2024, representing a compound annual growth rate of 15.0%. This robust increase is driven by the rising volume of data within the insurance sector, stricter regulatory compliance demands, the urgent need for fraud detection and prevention, the shift towards personalized insurance offerings, and heightened competitive pressures.
The industry's growth is anticipated to maintain momentum, reaching an estimated $27.5 billion by 2028 at a CAGR of 16.3%. This trajectory is fueled by advanced technologies, including predictive analytics, telematics, and the Internet of Things (IoT), which are revolutionizing insurance models and enhancing customer experience. Despite the challenges posed by the global pandemic, the pandemic has, in turn, accelerated the adoption of digital technologies, reshaping the industry landscape.
Key trends stimulating the insurance analytics market involve the integration of Artificial Intelligence (AI), utilization of real-time analytics, and blockchain adoption for improved transparency and transactional efficiency. Technological innovation stands as a cornerstone, with industry leaders leveraging big data, machine learning, and AI to automate and refine processes, from underwriting and claims management to fraud detection.
The Asia-Pacific region, in particular, has shown significant momentum, identified as the fastest-growing region throughout the forecast period. North America continues to hold the largest market share, with a solid foundation of insurance analytics services and solutions. This is reflected in strategic moves like Verisk's November 2021 acquisition, which served to bolster their auto insurance analytics capabilities.
Major companies operating within the global insurance analytics space are propelling the industry forward with innovative AI platforms and other cutting-edge technological advancements. These initiatives are critical in empowering insurers with enhanced decision-making tools and contributing to the overall optimization of product offerings and customer engagement strategies.
A selection of companies mentioned in this report includes
- Applied Systems Inc.
- Microsoft Corporation
- Open Text Corporation
- Oracle Corporation
- Pegasystems Inc.
- Verisk Analytics Inc.
- SAS Institute Inc.
- International Business Machines Corporation (IBM)
- Guidewide LLC
- Sapiens International Corporation N. V.
- Duck Creek Technologies LLC
- LexisNexis Risk Solutions Group Holdings Pty Ltd
- Munich Reinsurance America Inc.
- Fair Isaac Corporation (FICO)
- Insurity Inc.
- Xactware Solutions Inc.
- Salesforce. com Inc.
- Cognizant Technology Solutions Corporation
- Milliman Inc.
- Symbility Solutions Inc.
- RiskMatch LLC
- Tiger Analytics Inc.
- WNS Global Services Inc.
- Adeptia Inc.
- Shift Technology SAS
- Cover-All Technologies Inc.
- SAP SE
- Bluejay Management Limited
- Octo Telematics Ltd.
- EagleEye Analytics LLC
- Metromile Inc.
- Slice Labs Inc.
- Zesty. ai
For more information about this report visit https://www.researchandmarkets.com/r/ed7snn
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