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 reached a value of US$
11.2 Billion in 2022. Insurance analytics includes various statistical methods that are generally adopted by insurance companies for managing offers and risks related to insurance policies. It involves the utilization of analytics tools that additionally assist in identifying business insights for an effective decision-making process. Some of the common insurance analytics software includes guidewire live, lemonade, V2verify, tractable, slice, scoredata and genesis engage. As a result, it aids in optimizing customer relationship processes and creating reliable reports for several product lines. Due to a considerable rise in data generation across the insurance sector, there has been an increase in the adoption of analytic solutions across the globe.
Global Insurance Analytics Market Trends:
The global market is primarily driven by significant growth in the insurance sector. Along with this, continual technological advancements across the sector are creating a positive market outlook. In line with this, the rising adoption of robotic process automation (RPA), application programming interfaces (APIs) and data analytics is acting as a major growth-inducing factor. In addition to this, rapid digitization across the globe has encouraged multiple businesses to heavily invest in the deployment of modern methods for providing integrated and value-added services to customers, which is further propelling the product demand. Moreover, the increasing incidences of fraudulent activities and data thefts have led to the implementation of stringent government policies, which, in turn, are providing a boost to the market. Other factors, including intensive business competition, continuous improvements in the information technology (IT) infrastructure, and extensive research and development (R&D) activities conducted by key players for introducing improved solutions, are also projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$
23.3 Billion by 2028, exhibiting a CAGR of
12.7% during 2023-2028.
- On the basis of the component, the market has been bifurcated into solutions and services.
- Based on the deployment mode, the market has been segmented into on-premises and cloud-based.
- On the basis of enterprise size, the market has been segregated into small and medium-sized and large enterprises.
- Based on the application, the market has been classified into claims management, risk management, customer management, sales and marketing and others.
- On the basis of the end-user, the market has been categorized into insurance companies, government agencies, and third-party administrators, brokers and consultancies.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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., Salesforce.com inc., SAP SE and Sapiens International Corporation.
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