Global Insurance Analytics Strategic Business Report 2022-2024 and 2030 - Growth in Adoption of AI and IoT in Insurance Sector Augurs Well for Insurance Analytics Market

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Mar 01, 2024, 20:45 ET

DUBLIN, March 1, 2024 /PRNewswire/ -- The "Insurance Analytics: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

Global Insurance Analytics Market to Reach $29.7 Billion by 2030

The global market for Insurance Analytics estimated at US$9.8 Billion in the year 2022, is projected to reach a revised size of US$29.7 Billion by 2030, growing at a CAGR of 14.8% over the analysis period 2022-2030.

Tools, one of the segments analyzed in the report, is projected to record 14.4% CAGR and reach US$20 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Services segment is readjusted to a revised 15.9% CAGR for the next 8-year period.

Influencer market insights and world market trajectories highlight the increasing demand for digitalization, advanced analytics, automation, and AI in the insurance sector, which is driving growth for the insurance analytics market. On-demand insurance is also gaining mainstream acceptance, further fueling market expansion. Competition in the insurance analytics market is fierce, with leading insurance software vendors vying for market share. The global insurance market for 2019 saw a percentage share breakdown of value sales by these key vendors.

In 2022, the insurance analytics market is marked by competitive dynamics, with players worldwide categorized based on their market presence as strong, active, niche, or trivial. The impact of COVID-19 and a looming global recession adds another layer of complexity to the market landscape, shaping strategies and market responses moving forward.

The U.S. Market is Estimated at $2.9 Billion, While China is Forecast to Grow at 13.8% CAGR

The Insurance Analytics market in the U.S. is estimated at US$2.9 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$5 Billion by the year 2030 trailing a CAGR of 13.8% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.6% and 12.7% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 10.6% CAGR.

MARKET OVERVIEW

Influencer Market Insights
World Market Trajectories
Increasing Demand for Digitalization, Advanced Analytics, Automation and AI in Insurance Sector Drives Growth for Insurance Analytics Market
On-Demand Insurance Goes Mainstream
Competition
Leading Insurance Software Vendors in the Global Insurance Analytics Market
Global Insurance Market for the Year 2019: Percentage Share Breakdown of Value Sales by Leading Vendors
Insurance Analytics - Global Key Competitors Percentage Market Share in 2022 (E)
Impact of Covid-19 and a Looming Global Recession
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

MARKET TRENDS & DRIVERS

Rapid Shift from Report-Driven Strategy to Data-Driven Decision Making in the Insurance Sector Propels Growth for Insurance Analytics
Global Internet Data Generated Per Minute by Various Apps for the Year 2018
Fast Adoption of Advanced Insurance Analytics Techniques: An Opportunity Indicator
Global Big Data Market: Revenues in US$ Billion by Segment for the Years 2019 and 2025
Increasing Demand for Innovative Insurance Analytics Tools and Services Lead to Growth
Growth in Adoption of AI and IoT in Insurance Sector Augurs Well for Insurance Analytics Market
Global IoT Connected Devices Market: Breakdown of Installed Base in Billion for the Years from 2015, 2018, 2021, and 2024
Global AI Market: Revenues in US$ Billion for the Years 2015, 2018, 2021, 2024
Consumer IoT Offers Significant Growth Opportunities for Insurance Analytics Market
Global IoT Market: Spending in US$ Billion by Segment for the Year 2019
IoT Faces Data Management, Security and Ownership Challenges in Insurance Analytics Market
Product Overview
Insurance Analytics: An Introduction
Insurance Analytics: Business Applications
Process Optimization
Risk Management
Customer Management and Personalization
Claims Management
Insurance Analytics by Type
On-Demand Insurance
On-Premise Insurance

FOCUS ON SELECT PLAYERS

Applied Systems Inc.
Birst, Inc.
BOARD International
Bridgei2i Analytics Solutions
Guidewire Software, Inc.
Hexaware Technologies Ltd.
IBM Corporation
LexisNexis Group Inc.
Microsoft Corporation
MicroStrategy, Inc.
OpenText Corporation
Oracle Corporation
Palantir Technologies
Pegasystems, Inc.
Prads Inc.
Qlik Technologies, Inc.
Salesforce.com, Inc.
SAP SE
SAS Institute, Inc.
Tableau Software, Inc.
TIBCO Software, Inc.
Verisk Analytics, Inc.
Vertafore, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/c01uep

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