Insurance Analytics Global Market Size, Insights Forecast, Trends 2024-2033
Insurance Analytics Global Market Size, Insights Forecast, Trends 2024-2033
LONDON, UNITED KINGDOM, October 31, 2024 /EINPresswire.com/ -- The insurance analytics market has experienced robust growth in recent years, expanding from the market is projected to grow from $13.07 billion in 2023 to $15.03 billion in 2024, reflecting a compound annual growth rate (CAGR) of 15.0%. This growth in the historic period can be attributed to several factors, including the rising volume of data within the insurance sector, the need for compliance with regulatory reporting requirements, an emphasis on fraud detection and prevention, a shift toward personalized insurance offerings, and competitive pressures within the market.
What Is The Estimated Market Size Of The Global Insurance Analytics Market And Its Annual Growth Rate?
The insurance analytics market is projected to continue its strong growth, reaching the market is expected to reach $27.5 billion by 2028, with a compound annual growth rate (CAGR) of 16.3%. This anticipated growth during the forecast period can be linked to several key factors, including the adoption of advanced predictive modeling techniques, an increase in usage-based insurance models, a growing emphasis on customer experience analytics, a heightened focus on cybersecurity and risk management analytics, and rising competition within the insurance industry.
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Growth Driver Of The Insurance Analytics Market
The rising digitalization of the insurance industry is playing a vital role in the expansion of the insurance analytics market. Digitalization facilitates automation, underwriting, risk scoring, and claims processing within this sector. It is essential for enhancing market penetration, expediting query resolution, and improving customer dashboards and overall experience. These factors significantly contribute to the growing trend of digitalization in the insurance industry.
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Who Are The Leading Competitors In The Insurance Analytics Market Share?
Key players in the market include Applied Systems Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Verisk Analytics Inc., SAS Institute Inc., International Business Machines Corporation (IBM), Guidewide LLC, Sapiens International Corporation N. V., Duck Creek Technologies LLC, LexisNexis Risk Solutions Group Holdings Pty Ltd, Munich Reinsurance America Inc., Fair Isaac Corporation (FICO), Insurity Inc., Xactware Solutions Inc., Salesforce. com Inc., Cognizant Technology Solutions Corporation, Milliman Inc., Symbility Solutions Inc., RiskMatch LLC, Tiger Analytics Inc., WNS Global Services Inc., Adeptia Inc., Shift Technology SAS, Cover-All Technologies Inc., SAP SE, Bluejay Management Limited, Octo Telematics Ltd., EagleEye Analytics LLC, Metromile Inc., Slice Labs Inc., Zesty. ai
What Are The Dominant Trends In Insurance Analytics Market Growth?
Key players in the event management software market are creating innovative AI platforms to meet the demand for advanced tools among insurers. This platform utilizes state-of-the-art AI technology to offer an automated and innovative system.
How Is The Global Insurance Analytics Market Segmented?
1) By Product: Single Chamber, Multi Chamber
Geographical Insights: North America Leading The Insurance Analytics Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Insurance Analytics Market Definition
Insurance analytics involves gathering, analyzing, and extracting valuable insights from diverse data sources to manage risks effectively and provide optimal insurance contracts across various sectors, including health, life, property, and casualty. This process is essential for generating leads, enhancing customer satisfaction, accurately assessing risks for underwriting, and facilitating business growth. Insurance analytics are employed to identify fraudulent claims, mitigate risks in real time, influence customer behavior, predict lifetime value, and more.
Insurance Analytics Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global insurance analytics market report covering trends, opportunities, strategies, and more
The Insurance Analytics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on insurance analytics market size, insurance analytics market drivers and trends, insurance analytics market major players and insurance analytics market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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