AI in Insurance Market to Reach $45.74 Billion, Globally, by 2031 at 32.5% CAGR: Allied Market Research

Increase in investment by insurance companies in AI & machine learning and rise in preference for personalized insurance services boost the growth of the global AI in insurance market.

PORTLAND, Ore., Aug. 15, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "AI in Insurance Market by Offering (Hardware, Software, Service), by Deployment Model (On-premise, Cloud), by Technology (Machine Learning, Natural Language Processing, Computer Vision, Others), by Enterprise Size (Large Enterprises, SMEs), by End-user (Life and Health Insurance, Property and Casualty Insurance), by Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global AI in insurance industry generated $2.74 billion in 2021, and is anticipated to generate $45.74 billion by 2031, witnessing a CAGR of 32.5% from 2022 to 2031.

Download Sample Report (Get Full Insights in PDF - 250 Pages) @ https://www.alliedmarketresearch.com/request-sample/11980

Prime Determinants of growth

Increase in investment by insurance companies in AI & machine learning, surge in collaboration between insurance companies and AI & machine learning solution companies, and rise in preference for personalized insurance services boost the growth of the global AI in insurance market. However, high deployment cost of AI & advanced machine learning and lack of skilled labor hamper the market growth. On the contrary, increase in government initiatives and rise in investments to leverage the AI technology are expected to offer remunerative opportunities for expansion of the market during the forecast period.

Scope of the Report:

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a positive impact on the global AI in insurance market, owing to implementation of the global lockdown, due to which, various government, public, and other AI insurance organization adopted work from home culture for their employees.
• Furthermore, with rapid digital transformation, various governments introduced stringent regulations such as General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) to protect end user's data. Thus, governments in various countries have taken strict actions toward the policy limit, personal information of policy holder and coverage damages of COVID-19 regulations, and natural language processing technology. This is helping insurance companies scan their internal policies as well as claims documents to check their compliance with different regulatory policies.
• Moreover, insurance companies are expanding product offerings and services to make them widely available throughout the world. As a result, there is a rise in number of software-as-a-service (SaaS), cloud-based client interaction, remote connection, and fraud detection solutions during the COVID-19 pandemic. The trend is going to continue post-pandemic as well.

Interested to Procure the Data? Inquire Here @ https://www.alliedmarketresearch.com/purchase-enquiry/11980

The software segment to maintain its leadership status throughout the forecast period

Based on offerings, the software segment held the highest market share in 2021, accounting for more than two-thirds of the global AI in insurance market, and is estimated to maintain its leadership status throughout the forecast period, owing to management of the massive volume of data and generation of meaningful insights for better-informed decisions. However, the service segment is projected to manifest the highest CAGR of 34.8% from 2022 to 2031, due to rise in demand for software-as-a-service (SaaS) because of its numerous benefits such as scalability and one-time customer acquisition cost.

The on-premise Segment To Maintain its Lead Position During the Forecast Period

Based on deployment mode, the on-premise segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global AI in insurance market, and is projected to maintain its lead position during the forecast period. This is attributed to ability to gather, display, and organize important business data using company's own IT infrastructure, which allows companies to keep the data secure. However, the cloud segment is expected to portray the largest CAGR of 33.6% from 2022 to 2031, as it provides the IT team with a greater prospect to facilitate real business value to the organization through lower expected cost and an improved ability to focus on innovation and differentiation.

The Machine Learning Segment to maintain its Lead Position during the Forecast Period

Based on technology, the machine learning segment accounted for the largest share in 2021, contributing to more than half of the global AI in insurance market, and is projected to maintain its lead position during the forecast period. This is attributed to increase in adoption of AI to support AI software developed by various companies to improve their decisions while doing critical jobs. However, the natural language processing segment is expected to portray the largest CAGR of 36.2% from 2022 to 2031, as these services reduce time and costs associated with optimizing systems in the initial phase of deployment.

North America to Maintain its Dominance by 2031

Based on region, North America held the highest market share in terms of revenue 2021, accounting for nearly two-fifths of the global AI in insurance market, owing to high spending on data analytics and data processing solutions in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 35.4% from 2022 to 2031. This is attributed to the growing digital and economic transformation of the region.

Enquire for Customization with Detailed Analysis of COVID-19 Impact in Report @   https://www.alliedmarketresearch.com/request-for-customization/11980?reqfor=covid

Leading Market Players: -

• Applied Systems
• IBM Corporation
• Microsoft Corporation
• OpenText Corporation
• Oracle Corporation
• Pegasystems Inc.
• Quantemplate
• Salesforce, Inc.
• SAP SE
• SAS Institute Inc.
• Shift Technology
• SimpleFinance
• Slice Insurance Technologies
• Vertafore, Inc.
• Zego

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the AI in Insurance market analysis from 2021 to 2031 to identify the prevailing AI in Insurance market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the AI in Insurance market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global AI in Insurance market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

Offering

• Hardware
• Software
• Service

Deployment Model

• On-premise
• Cloud

Technology

• Machine Learning
• Natural Language Processing
• Computer Vision
• Others

Enterprise Size

• Large Enterprises
• SMEs

End-user

• Life and Health Insurance
• Property and Casualty Insurance

Application

• Fraud Detection and Credit Analysis
• Customer Profiling and Segmentation
• Product and Policy Design
• Underwriting and Claims Assessment

By Region

• North America
• U.S.
• Canada
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Netherlands
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Avenue Basic Plan | Library Access | 1 Year Subscription |

Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.

Request for 14 days free trial: https://www.alliedmarketresearch.com/avenue/trial/starter

"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."

Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):

Auto Insurance Market Estimated to Grow $1.06 Trillion By 2027

Two-Wheeler Insurance Market Expected to Reach $171.88 Billion by 2030

Mobile Phone Insurance Market Expected to Reach $76.10 Billion By 2030

IoT Insurance Market Expected to Reach $304.31 billion By 2027

Group Health Insurance Market Expected to Reach $1,800.08 Billion by 2031

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/semiconductor-and-electronics

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

SOURCE Allied Market Research