The global insurance analytics market size is expected to reach USD 31.33 billion by 2030, registering a CAGR of 14.7% from 2025 to 2030. Rising use of big data and artificial intelligence (AI) by insurance organizations to automate decision-making process and customer targeting is anticipated to propel the market growth. Furthermore, increasing usage of smartphones and growing demand for digitalization across organizations to streamline their operations is expected to propel the demand for insurance analytics in the market.
Emergence of internet and social media along with increased affordability of storage systems has led to assimilation and generation of the large amount of unstructured data. Insurance companies today, are watching out for intends to effectively use the available information for better decision-making. The analytics solution helps the insurance organizations to predict the expected cost of insurance related with the coverage, enhance risk assessment process, and allow organization to prevent and detect fraudulent activities.
Rising adoption of machine learning and AI in developing insurance analytics tools is gaining popularity across the globe as it offers security control and real-time intelligence with enhanced user experience. Furthermore, increasing adoption of IoT insurance as it increases customer satisfaction, mitigate risks, and lower costs is expected to drive the market growth. Insurance organizations focus on prioritizing technology investments to analyze and gain new insights from customer data, which allow organizations to offer better services to their clients.
Vendors focus on expanding their capabilities in insurance offerings through merger & acquisitions and new product development. For instance, in January 2018, Sapiens International acquired KnowledgePrice, a provider of digital consulting services to insurers. The acquisition helped the former company to expand its capabilities in digital customer services for insurers.
This product will be delivered within 1-3 business days.
Emergence of internet and social media along with increased affordability of storage systems has led to assimilation and generation of the large amount of unstructured data. Insurance companies today, are watching out for intends to effectively use the available information for better decision-making. The analytics solution helps the insurance organizations to predict the expected cost of insurance related with the coverage, enhance risk assessment process, and allow organization to prevent and detect fraudulent activities.
Rising adoption of machine learning and AI in developing insurance analytics tools is gaining popularity across the globe as it offers security control and real-time intelligence with enhanced user experience. Furthermore, increasing adoption of IoT insurance as it increases customer satisfaction, mitigate risks, and lower costs is expected to drive the market growth. Insurance organizations focus on prioritizing technology investments to analyze and gain new insights from customer data, which allow organizations to offer better services to their clients.
Vendors focus on expanding their capabilities in insurance offerings through merger & acquisitions and new product development. For instance, in January 2018, Sapiens International acquired KnowledgePrice, a provider of digital consulting services to insurers. The acquisition helped the former company to expand its capabilities in digital customer services for insurers.
Insurance Analytics Market Report Highlights
- The service segment is expected to register the fastest growth from 2025 to 2030 due to rising demand for analysis and protection of critical data, and professional guidance for new technologies
- The customer management & personalization segment is anticipated to register the fastest CAGR over the forecast period on account of rising adoption of advanced analytics techniques and data-driven decision-making process
- Cloud deployment is anticipated to be the largest as well as the fastest segment from 2025 to 2030
- The Small & Medium Enterprises (SME) segment is expected to have the highest CAGR over the forecast period due to increasing number of SMEs and growing demand for customer-centric insurance policies
- The third-party administrators, brokers, & consultancies segment is expected to register fastest growth over the forecast period due to rising number of online channels and growing awareness about the investment market
- North America was the dominant region in 2024 and is anticipated to retain its leading position over the next eight years
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
This product will be delivered within 1-3 business days.
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Insurance Analytics Market Variables, Trends & Scope
Chapter 4. Insurance Analytics Market: Component Outlook Estimates & Forecasts
Chapter 5. Insurance Analytics Market: Application Outlook Estimates & Forecasts
Chapter 6. Insurance Analytics Market: Deployment Outlook Estimates & Forecasts
Chapter 7. Insurance Analytics Market: Enterprise Size Outlook Estimates & Forecasts
Chapter 8. Insurance Analytics Market: End-Use Outlook Estimates & Forecasts
Chapter 9. Insurance Analytics Regional Outlook Estimates & Forecasts
Chapter 10. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Hexaware Technologies Limited
- LexisNexis Risk Solutions
- Microsoft
- MicroStrategy Incorporated
- Open Text Corporation
- Oracle
- Pegasystems Inc.
- Sapiens International
- Tableau Software, LLC
- Verisk Analytics, Inc.
Methodology
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 120 |
Published | November 2024 |
Forecast Period | 2024 - 2030 |
Estimated Market Value ( USD | $ 13.84 Billion |
Forecasted Market Value ( USD | $ 31.33 Billion |
Compound Annual Growth Rate | 14.7% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |