Dublin, March 01, 2024 (GLOBE NEWSWIRE) — 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 161 |
| Forecast Period | 2022 – 2030 |
| Estimated Market Value (USD) in 2022 | $9.8 Billion |
| Forecasted Market Value (USD) by 2030 | $29.7 Billion |
| Compound Annual Growth Rate | 14.9% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Increasing Demand for Digitalization, Advanced Analytics, Automation and AI in Insurance Sector Drives Growth for Insurance Analytics Market
- On-Demand Insurance Goes Mainstream
- Competition
- Leading Insurance Software Vendors in the Global Insurance Analytics Market
- Global Insurance Market for the Year 2019: Percentage Share Breakdown of Value Sales by Leading Vendors
- Insurance Analytics – Global Key Competitors Percentage Market Share in 2022 (E)
- Impact of Covid-19 and a Looming Global Recession
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
MARKET TRENDS & DRIVERS
- Rapid Shift from Report-Driven Strategy to Data-Driven Decision Making in the Insurance Sector Propels Growth for Insurance Analytics
- Global Internet Data Generated Per Minute by Various Apps for the Year 2018
- Fast Adoption of Advanced Insurance Analytics Techniques: An Opportunity Indicator
- Global Big Data Market: Revenues in US$ 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/uk01uk
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- Global Market for Insurance Analytics
