Global Digital Insurance Platform Market to Reach $247.4 Billion by 2030: Chatbots Emerge as Prominent Elements in Digital Insurance Model

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Jul 10, 2023, 21:15 ET

DUBLIN, July 10, 2023 /PRNewswire/ -- The "Digital Insurance Platform: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Digital Insurance Platform estimated at US$117.5 Billion in the year 2022, is projected to reach a revised size of US$247.4 Billion by 2030, growing at a CAGR of 9.8% over the analysis period 2022-2030.

Services, one of the segments analyzed in the report, is projected to record 10.1% CAGR and reach US$177.7 Billion by the end of the analysis period.

Taking into account the ongoing post pandemic recovery, growth in the Tools segment is readjusted to a revised 8.9% CAGR for the next 8-year period.

The U.S. Market is Estimated at $36.6 Billion, While China is Forecast to Grow at 12% CAGR

The Digital Insurance Platform market in the U.S. is estimated at US$36.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$33.1 Billion by the year 2030 trailing a CAGR of 12% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.2% and 8.5% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 9.3% CAGR.

Select Competitors (Total 125 Featured) -

Accenture plc
Appian Corporation
Cognizant Technology Solutions Corporation
Duck Creek Technologies
DXC Technology Company
EIS Group Inc.
IBM Corporation
Infosys Limited
Majesco
Microsoft Corporation
Mindtree Ltd.
Oracle Corporation
Pegasystems Inc.
Prima Solutions SA
SAP SE
Tata Consultancy Services Limited

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
COVID-19 Pandemic Accelerates Insurance Digitization
Challenges for Digital Acceleration
Pandemic Impact: Financial Challenges & Digital Opportunities for Insurance Industry
Rise of Insurtechs Threatens Technologically Inefficient, Traditional Insurance Companies
Digital Insurance Platform - Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
An Introduction to Digital Insurance Platform: Creating Value Ecosystems within Insurance Industry
Global Digital Insurance Platform Market by Component (2021 & 2027): Percentage Breakdown of Revenues for Services, and Tools
Digital Insurance Platform Market Charts an Ambitious Course with Positive Outlook: Global Market Prospects
Pandemic-Led Boost to Digitalization: A Bonus for Digital Insurance Platforms
Key Drivers & Restraints
Insurtech: Playing Key Role in Digital Innovation during Pandemic
Recent Market Activity
Analysis by Application: Automotive & Transportation to Remain Primary Application
Global Digital Insurance Platform Market by Application (2021 & 2027): Percentage Breakdown of Revenues for Automotive & Transportation, Home & Commercial Buildings, Life & Health, Business & Enterprise, Travel, and Other Applications
Analysis by End-Use
Global Digital Insurance Platform Market by End-Use (2021 & 2027): Percentage Breakdown of Revenues for Third-Party Administrators, Insurance Companies, and Other End-Uses
Regional Analysis
World Digital Insurance Platform Market by Region (2021 & 2027): Percentage Breakdown of Revenues for Developed and Developing Regions
World Digital Insurance Platform Market - Geographic Regions Ranked by CAGR (Value) for 2020-2027: China, Asia-Pacific, Latin America, Middle East, Africa, Europe, USA, Canada, and Japan
Impact of Pandemic on the Asian Insurance Digitalization Roadmap

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Insurance Sector & Technological Sophistication: The Evolution over Years
Prioritizing Digital Engagement: Adapting to a New Normal
Intervention of Advanced Technology & Digital Platforms to Reshape Insurance Sector
Rising Adoption of Digital Engagement Technologies in Insurance Augurs Well
Chatbots Emerge as Prominent Elements in Digital Insurance Model
Internet Penetration & Usage Patterns Encourage Adoption of Digital Insurance Model
Internet Penetration Rate (%) Worldwide: April 2020
Growing Lenience towards Digital Lifestyles Widens Prospects
Global Market for Smartphones in Billions: 2016-2021
Smartphone Penetration Rate as Share of Total Population: 2016-2021
Northbound Trajectory in eCommerce & mCommerce Enthuses the Digital Insurance Marketplace
Global B2C eCommerce Sales in US$ Trillion for the Years 2019, 2020, 2021, 2022, 2023, 2024, and 2025
Retail mCommerce Sales as % of Retail eCommerce Sales Worldwide for the Years 2016, 2018, 2020 & 2022
Growing Emphasis on Customer Self-Service & On-Demand Economy to Aid Wider Uptake
Cybersecurity & Fraud Prevention Assurances: Need of the Hour
Growing Focus on Eco-Friendly & Paper-Less Business Processes to Benefit the Market
AI & ML to Rev Up the Relevance of Digital Insurance Model
Digital Insurance Model to Gain Impetus from Blockchain Technology
FinTech & Big Data Trends Encourage Market Expansion
Issues & Challenges

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/9nj807

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