Insurance Analytics Market reached USD 9012 million in 2020 and growing at CAGR of 15.6% till 2028

The Insurance Analytics Market was projected around USD 9012 million in 2020 and is anticipated to expand at a CAGR of 15.6% over the forecast period (2021-2028).

The factors driving growth of the Insurance Analytics Market includes increasing application of insurance analytics solutions for controlling risks, pricing, and marketing, rising focus of companies on enhancing customer’s experience, emerging trend of digitalization, growing demand for mobile based insurance facilities and improvements in the living standards. Insurance analytics helps in identifying clients in danger of cancellation, smoothens the claim processes, allows companies to respond quickly in the changing risks environment, and provides in-depth revenue analysis, are some of the features pushing the market growth. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Cloud Computing and Internet of Things (IoT), rise in the launch of new products, Government programs spreading awareness about insurance and rapid urbanization, are some of the additional factors supplementing the Global Insurance Analytics Market. In addition, the increasing investments by major companies on research and development, strategic partnerships, and collaborations between companies, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Insurance Analytics Market is hindered due to rising concerns about cyber-attacks.

The major players operating in the Insurance Analytics Market includes Verisk Analytics, SAS Institute, WNS, IBM, Salesforce.com, Oracle, Vertafore, Microsoft Corporation, Opentext, and SAP SE, among others.

Based on Component, the Tools segment is predicted to grow at a significant CAGR during the forecast period

Rising focus of companies on complying the regulations set by Governments, is pushing growth of the segment.

Based on Application, the Risk Management segment is projected to expand at a remarkable CAGR over the forecast period

Insurance analytics solutions enhances decision making of businesses, maintain specific credit ratings, and managing capital, are propelling growth of the segment.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Presence of the leading players such as IBM, Salesforce.com, Oracle, and Microsoft Corporation, Government initiatives programs promoting the awareness about insurance, rapid urbanization, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the Insurance Analytics Market size in North America.

Key Developments

• In 2020, IBM launched a new risk-analytics based service known as IBM Risk Analytics. This service is helping the business to apply the same analytics that is used for traditional business decisions.
• In 2020, WNS launched EXPIRIUS, AI, and analytics-driven customer experience solution.

Market Segmentation

Segmentation by Component

• Tools
• Services

Segmentation by Application

• Claims Management
• Risk Management
• Customer Management and Personalization
• Process Optimization
• Others

Segmentation by Deployment Mode

• On-premises
• Cloud

Segmentation by Organization Size

• Small and Medium-Sized Enterprises
• Large Enterprises

Segmentation by End User

• Insurance Companies
• Government Agencies
• Third-Party Administrator, Brokers, and Consultancies

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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