According to the latest report by IMARC Group, titled, “Insurance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global insurance analytics market size reached US$ 11.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.3 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028.
Market Overview:
Insurance analytics refers to the use of statistical models and machine learning (ML) techniques to generate insights and make real-time decisions in the insurance industry. It helps insurers in risk management, improving claims processes, identifying patterns, and providing more personalized products and services to customers. It also provides insurers with a competitive advantage by enabling them to better understand and respond to customer needs, optimize operations, and reduce costs. At present, it is employed by insurance companies, government agencies, third-party administrators, brokers, and consultancies across the globe.
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Insurance Analytics Market Trends and Drivers:
Rapid digitization and a significant rise in the volume of data generated in the insurance industry due to the growing number of devices represent one of the key factors positively influencing the market across the globe. In addition, the increasing focus of insurance companies on providing personalized products and services to customers and the rising need to develop more targeted and effective marketing and product development strategies are creating a favorable market outlook. Apart from this, the increasing demand for real-time insights into customer behavior, processing claims, and other key business areas is propelling the market growth. Furthermore, inflating disposable incomes and the increasing complexity of regulatory compliance are stimulating the growth of the market.
Insurance Analytics Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Applied Systems Inc.
- Hexaware Technologies Limited
- International Business Machines Corporation
- LexisNexis Risk Solutions (RELX PLC)
- Microsoft Corporation
- MicroStrategy Incorporated
- Open Text Corporation
- Oracle Corporation
- Pegasystems Inc.
- com inc.
- SAP SE
- Sapiens International Corporation.
The report has segmented the market based on component, deployment mode, enterprise size, application and end user.
Breakup by Component:
- Solution
- Service
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Claims Management
- Risk Management
- Customer Management
- Sales and Marketing
- Others
Breakup by End User:
- Insurance Companies
- Government Agencies
- Third-party Administrators, Brokers and Consultancies
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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