Global Market for Insurance Analytics
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Global insurance analytics market expected to reach $29.7 billion by 2030
The global market for insurance analytics, estimated at USD 9.8 billion in 2022, is projected to reach an adjusted size of USD 29.7 billion by 2030, at a CAGR of 14.8% over the analysis period 2022-2030. grow in
Tools, one of the segments analyzed in the report, is expected to register a CAGR of 14.4% and reach USD 20 billion by the end of the analyzed period. Considering the continued recovery post-pandemic, the services sector growth is expected to be revised to a CAGR of 15.9% over the next eight years.
Influencer market insights and global market trajectory highlight the growing demand for digitization, advanced analytics, automation, and AI in the insurance sector, which is driving the growth of the insurance analytics market. On-demand insurance is also gaining mainstream acceptance, further accelerating market expansion. Competition in the insurance analytics market is fierce, with major insurance software vendors vying for market share. The global insurance market in 2019 saw a breakdown of the share of value sales by these major vendors.
The Insurance Analytics market in 2022 is characterized by competitive dynamics, with players across the globe being categorized as strong, active, niche, or small based on their market presence. The impact of COVID-19 and the looming global recession will further complicate the market environment and shape future strategies and market reactions.
The US market is estimated at $2.9 billion, while China is projected to grow at a CAGR of 13.8%
The US insurance analytics market is estimated to be worth USD 2.9 billion in 2022. China, the world's second largest economy, is expected to reach a projected market size of USD 5 billion by 2030, registering a CAGR of 13.8% year-on-year. The analysis period is from 2022 to 2030.
Other notable geographic markets include Japan and Canada, which are expected to grow by 13.6% and 12.7%, respectively, from 2022 to 2030. Among Europe, Germany is projected to grow at a CAGR of approximately 10.6%.
Key attributes:
|
report attributes |
detail |
|
number of pages |
161 |
|
Forecast period |
2022-2030 |
|
Estimated market value in 2022 (USD) |
$9.8 billion |
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Projected market value to 2030 (USD) |
$29.7 billion |
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compound annual growth rate |
14.9% |
|
Target area |
global |
Market overview
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Insights into the influencer market
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Global market trajectory
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Increasing demand for digitization, advanced analytics, automation, and AI in the insurance sector is driving the growth of the insurance analytics market
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On-demand insurance becomes mainstream
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competition
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Leading insurance software vendor in the global insurance analytics market
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Global Insurance Market in 2019: Breakdown of Percentage Share of Sales by Major Vendors
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Insurance Analysis – Market Share Percentage of Global Major Competitors in 2022 (E)
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The impact of the new coronavirus infection (Covid-19) and the looming global recession
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Competitive Market Presence – Strong/Active/Niche/Mediocre (E) for Players Worldwide in 2022
Market trends and drivers
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Rapid shift from report-driven strategies to data-driven decision-making in insurance sector drives growth in insurance analytics
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Global internet data generated per minute by different apps in 2018
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Rapid adoption of advanced insurance analytics technology: Opportunity indicators
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Global Big Data Market: Segment Revenue of USD 1 Billion in 2019 and 2025
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Growing demand for innovative insurance analytics tools and services drives growth
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Increasing adoption of AI and IoT in the insurance industry portends a boom in the insurance analytics market
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Global IoT Connected Devices Market: 2015, 2018, 2021, 2024 Installed Base Breakdown (in Billions)
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Global AI market: USD 1 billion in revenue in 2015, 2018, 2021, and 2024
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Consumer IoT presents significant growth opportunities for insurance analytics market
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Global IoT Market: Spending by Segment at USD 1 Billion in 2019
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IoT faces data management, security and ownership challenges in insurance analytics market
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Product overview
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Insurance Analytics: An Overview
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Insurance Analytics: Business Applications
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Process optimization
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crisis management
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Customer management and personalization
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Claims management
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Insurance analysis by type
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on-demand insurance
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On-premise insurance
Focus on carefully selected players
For more information on this report, please visit https://www.researchandmarkets.com/r/uk01uk.
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