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COVID-19
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Get detailed insights regarding the impact of COVID-19 on the market.

Insurance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global insurance analytics market reached a value of US$ 9.87 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 21.78 Billion by 2027, exhibiting at a CAGR of 13.30% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Insurance analytics refers to the process of collecting, analyzing and extracting insights from data sources for minimizing the risks associated with underwriting, pricing, rating, claims and marketing of insurance policies. It utilizes a software platform integrated with data analysis tools, artificial intelligence (AI) and big data solutions to generate leads and identify market trends. The software enables the organizations and individuals to track insurance payments, liquidity and other financial operations. Insurance analytics also aids in reducing the overall operational costs, preventing fraudulent activities, optimizing client relations and utilizing predictive analytics in insurance models. These solutions can be deployed on-premises or on the cloud and are widely used by insurance organizations, third-party administrators, brokers and consultants. 

Insurance Analytics Market Trends:

Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Large and medium-sized organizations are widely adopting insurance analytics tools integrated with cloud computing, application programming interfaces (APIs), data analytics, robotic process automation (RPA), chatbots and machine learning solutions for enhanced operational efficiency.  Insurance analytics aids in preventing internal frauds, rate evasions and underwriting and cybersecurity fraud committed by applicants, policyholders, third-party claimants and professionals. Moreover, the increasing number of fraudulent activities, such as insurance padding, inflated claims, staged accidents and submission of inaccurate information evidence, is also providing a thrust to the market growth. Additionally, the widespread adoption of big data and predictive modeling-integrated insurance analytics solutions is acting as another growth-inducing factor. These solutions can collect information from internal and external sources, such as telematics, agent and customer interactions and social media platforms and develop countermeasures to mitigate losses and risks. Other factors, including the implementation of stringent government policies to prevent cyberattacks, along with the increasing requirement to reduce claim management time, are anticipated to drive the market toward growth. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global insurance analytics market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized 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
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Component, Deployment Mode, Enterprise Size, Application, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Key Questions Answered in This Report:

  • How has the global insurance analytics market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global insurance analytics market?
  • What are the key regional markets?
  • What is the breakup of the market based on the component?
  • What is the breakup of the market based on the deployment mode?
  • What is the breakup of the market based on the enterprise size?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global insurance analytics market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Insurance Analytics Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Component
    6.1    Solution
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Service
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Deployment Mode
    7.1    On-premises
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Cloud-based
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by Enterprise Size
    8.1    Small and Medium-sized Enterprises
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Large Enterprises
        8.2.1 Market Trends
        8.2.2 Market Forecast
9    Market Breakup by Application
    9.1    Claims Management
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Risk Management
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Customer Management
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Sales and Marketing
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Others
        9.5.1 Market Trends
        9.5.2 Market Forecast
10    Market Breakup by End User
    10.1    Insurance Companies
        10.1.1 Market Trends
        10.1.2 Market Forecast
    10.2    Government Agencies
        10.2.1 Market Trends
        10.2.2 Market Forecast
    10.3    Third-party Administrators, Brokers and Consultancies
        10.3.1 Market Trends
        10.3.2 Market Forecast
11    Market Breakup by Region
    11.1    North America
        11.1.1 United States
           11.1.1.1 Market Trends
           11.1.1.2 Market Forecast
        11.1.2 Canada
           11.1.2.1 Market Trends
           11.1.2.2 Market Forecast
    11.2    Asia-Pacific
        11.2.1 China
           11.2.1.1 Market Trends
           11.2.1.2 Market Forecast
        11.2.2 Japan
           11.2.2.1 Market Trends
           11.2.2.2 Market Forecast
        11.2.3 India
           11.2.3.1 Market Trends
           11.2.3.2 Market Forecast
        11.2.4 South Korea
           11.2.4.1 Market Trends
           11.2.4.2 Market Forecast
        11.2.5 Australia
           11.2.5.1 Market Trends
           11.2.5.2 Market Forecast
        11.2.6 Indonesia
           11.2.6.1 Market Trends
           11.2.6.2 Market Forecast
        11.2.7 Others
           11.2.7.1 Market Trends
           11.2.7.2 Market Forecast
    11.3    Europe
        11.3.1 Germany
           11.3.1.1 Market Trends
           11.3.1.2 Market Forecast
        11.3.2 France
           11.3.2.1 Market Trends
           11.3.2.2 Market Forecast
        11.3.3 United Kingdom
           11.3.3.1 Market Trends
           11.3.3.2 Market Forecast
        11.3.4 Italy
           11.3.4.1 Market Trends
           11.3.4.2 Market Forecast
        11.3.5 Spain
           11.3.5.1 Market Trends
           11.3.5.2 Market Forecast
        11.3.6 Russia
           11.3.6.1 Market Trends
           11.3.6.2 Market Forecast
        11.3.7 Others
           11.3.7.1 Market Trends
           11.3.7.2 Market Forecast
    11.4    Latin America
        11.4.1 Brazil
           11.4.1.1 Market Trends
           11.4.1.2 Market Forecast
        11.4.2 Mexico
           11.4.2.1 Market Trends
           11.4.2.2 Market Forecast
        11.4.3 Others
           11.4.3.1 Market Trends
           11.4.3.2 Market Forecast
    11.5    Middle East and Africa
        11.5.1 Market Trends
        11.5.2 Market Breakup by Country
        11.5.3 Market Forecast
12    SWOT Analysis
    12.1    Overview
    12.2    Strengths
    12.3    Weaknesses
    12.4    Opportunities
    12.5    Threats
13    Value Chain Analysis
14    Porters Five Forces Analysis

    14.1    Overview
    14.2    Bargaining Power of Buyers
    14.3    Bargaining Power of Suppliers
    14.4    Degree of Competition
    14.5    Threat of New Entrants
    14.6    Threat of Substitutes
15    Price Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Key Players
    16.3    Profiles of Key Players
        16.3.1    Applied Systems Inc.
           16.3.1.1 Company Overview
           16.3.1.2 Product Portfolio
        16.3.2    Hexaware Technologies Limited
           16.3.2.1 Company Overview
           16.3.2.2 Product Portfolio
        16.3.3    International Business Machines Corporation
           16.3.3.1 Company Overview
           16.3.3.2 Product Portfolio
           16.3.3.3 Financials
           16.3.3.4 SWOT Analysis
        16.3.4    LexisNexis Risk Solutions (RELX PLC)
           16.3.4.1 Company Overview
           16.3.4.2 Product Portfolio
        16.3.5    Microsoft Corporation
           16.3.5.1 Company Overview
           16.3.5.2 Product Portfolio
           16.3.5.3 Financials
           16.3.5.4 SWOT Analysis
        16.3.6    MicroStrategy Incorporated
           16.3.6.1 Company Overview
           16.3.6.2 Product Portfolio
           16.3.6.3 Financials
           16.3.6.4 SWOT Analysis
        16.3.7    Open Text Corporation
           16.3.7.1 Company Overview
           16.3.7.2 Product Portfolio
           16.3.7.3 Financials
           16.3.7.4 SWOT Analysis
        16.3.8    Oracle Corporation
           16.3.8.1 Company Overview
           16.3.8.2 Product Portfolio
           16.3.8.3 Financials
           16.3.8.4 SWOT Analysis
        16.3.9    Pegasystems Inc.
           16.3.9.1 Company Overview
           16.3.9.2 Product Portfolio
           16.3.9.3 Financials
           16.3.9.4 SWOT Analysis
        16.3.10    Salesforce.com inc.
           16.3.10.1 Company Overview
           16.3.10.2 Product Portfolio
           16.3.10.3 Financials
           16.3.10.4 SWOT Analysis
        16.3.11    SAP SE
           16.3.11.1 Company Overview
           16.3.11.2 Product Portfolio
           16.3.11.3 Financials
           16.3.11.4 SWOT Analysis
        16.3.12    Sapiens International Corporation
           16.3.12.1 Company Overview
           16.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Insurance Analytics Market: Major Drivers and Challenges
Figure 2: Global: Insurance Analytics Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Insurance Analytics Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Insurance Analytics Market: Breakup by Component (in %), 2021
Figure 5: Global: Insurance Analytics Market: Breakup by Deployment Mode (in %), 2021
Figure 6: Global: Insurance Analytics Market: Breakup by Enterprise Size (in %), 2021
Figure 7: Global: Insurance Analytics Market: Breakup by Application (in %), 2021
Figure 8: Global: Insurance Analytics Market: Breakup by End User (in %), 2021
Figure 9: Global: Insurance Analytics Market: Breakup by Region (in %), 2021
Figure 10: Global: Insurance Analytics (Solution) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Insurance Analytics (Solution) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Insurance Analytics (Service) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Insurance Analytics (Service) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Insurance Analytics (On-premises) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Insurance Analytics (On-premises) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Insurance Analytics (Cloud-based) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Insurance Analytics (Cloud-based) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Insurance Analytics (Small and Medium-sized Enterprises) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Insurance Analytics (Small and Medium-sized Enterprises) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Insurance Analytics (Large Enterprises) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Insurance Analytics (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Insurance Analytics (Claims Management) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Insurance Analytics (Claims Management) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Insurance Analytics (Risk Management) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Insurance Analytics (Risk Management) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Insurance Analytics (Customer Management) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Insurance Analytics (Customer Management) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Insurance Analytics (Sales and Marketing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Insurance Analytics (Sales and Marketing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Insurance Analytics (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Insurance Analytics (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Insurance Analytics (Insurance Companies) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Insurance Analytics (Insurance Companies) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Insurance Analytics (Government Agencies) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Insurance Analytics (Government Agencies) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Insurance Analytics (Third-party Administrators, Brokers and Consultancies) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Insurance Analytics (Third-party Administrators, Brokers and Consultancies) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: North America: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: North America: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: United States: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: United States: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Canada: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Canada: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Asia-Pacific: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Asia-Pacific: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: China: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: China: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Japan: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Japan: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: India: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: India: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: South Korea: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: South Korea: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Australia: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Australia: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Indonesia: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Indonesia: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Others: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Others: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Europe: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Europe: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Germany: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Germany: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: France: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: France: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: United Kingdom: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: United Kingdom: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Italy: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Italy: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Spain: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Spain: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Russia: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Russia: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Others: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Others: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Latin America: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Latin America: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Brazil: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Brazil: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Mexico: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Mexico: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Others: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Others: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Middle East and Africa: Insurance Analytics Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Middle East and Africa: Insurance Analytics Market: Breakup by Country (in %), 2021
Figure 86: Middle East and Africa: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 87: Global: Insurance Analytics Industry: SWOT Analysis
Figure 88: Global: Insurance Analytics Industry: Value Chain Analysis
Figure 89: Global: Insurance Analytics Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Insurance Analytics Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Insurance Analytics Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 3: Global: Insurance Analytics Market Forecast: Breakup by Deployment Mode (in Million US$), 2022-2027
Table 4: Global: Insurance Analytics Market Forecast: Breakup by Enterprise Size (in Million US$), 2022-2027
Table 5: Global: Insurance Analytics Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 6: Global: Insurance Analytics Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 7: Global: Insurance Analytics Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 8: Global: Insurance Analytics Market: Competitive Structure
Table 9: Global: Insurance Analytics Market: Key Players


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