Insurtech Market to Garner $158.99 Billion by 2030 | At 32.7% CAGR
Rise in digitalization of business models, saturation of the insurance industry, and growth and consolidation of internet technologies have boosted the growth of the global insurtech market. However, privacy & transparency concerns and changes to legal & regulatory framework hinder the market growth. On the contrary, rapid growth in incorporation of new technologies and untapped potential of emerging economies are expected to open new opportunities for the market players in the future.
Allied Market Research recently published a report, titled, "Insurtech Market by Offering (Solution and Service), Deployment Model (On-premise and Cloud), Technology (Artificial Intelligence, Cloud Computing, Blockchain, Big Data & Business Analytics, IoT, and Others), End User (Life & Health Insurance and Property and Casualty (P&C) Insurance), and Application (Product Development & Underwriting, Sales & Marketing, Policy Admin Collection & Disbursement, and Claims Management): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global insurtech industry was pegged at $9.41 billion in 2020, and is estimated to generate $158.99 billion by 2030, growing at a CAGR of 32.7% from 2021 to 2030.
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The report analyses top Insurtech market players such as Damco Group, DXC Technology Company, Majesco, Oscar Insurance, OutSystems, Quantemplate, Shift Technology, Trov Insurance Solutions, LLC, Wipro Limited, and Zhongan Insurance. These players have adopted various strategies to increase their market penetration and strengthen their position in the Insurtech industry.
Key benefits for stakeholders
• The study provides in-depth analysis of the global Insurtech market share along with current & future trends to illustrate the imminent investment pockets.
• Information about key drivers, restrains, and opportunities and their impact analysis on the global insurance technology market size are provided in the report.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the Insurtech market.
• An extensive analysis of the key segments of the industry helps to understand the Insurtech market trends.
• The quantitative analysis of the global Insurtech market forecast from 2021 to 2030 is provided to determine the market growth potential.
By offering, the service segment would register the highest CAGR of 33.6% during the forecast period, as it processes and improves effectiveness to meet customers demand. However, the solution segment held the largest share in 2020, accounting for more than three-fourths of the global insurtech market, due to rise in implementation of solutions by insurance companies with excellent technology capabilities to enhance business operations.
Get detailed COVID-19 impact analysis on the Insurtech Market @ https://www.alliedmarketresearch.com/request-for-customization/12738?reqfor=covid
The Covid-19 pandemic positively affected the insurtech market due to sudden increase in need for insurance policies including health insurance, home insurance, and personal insurance among customers.
The utilization of advanced technological solutions among insurance carriers increased across the globe during the pandemic to offer advanced tech-based services to customers. This increased the demand for insurtech solutions.
The service segment to portray the highest CAGR through 2028
The on-premise segment held the lion's share
By deployment model, the on-premise segment dominated the market in terms of revenue in 2020, contributing nearly three-fifths of the global insurtech market, as it offers full control over the whole infrastructure, including software & hardware. However, the cloud segment is projected to register the highest CAGR of 34.5% from 2021 to 2030, due to the need to reduce infrastructure investment and rise in investment in cloud technology.
North America dominated the market in terms of revenue
By region, the global insurtech market across North America held the largest share in 2020, contributing to nearly three-fifths of the market, due to increased adoption of insurtech among insurance companies and surge in partnership of insurtech companies with traditional insurers. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 36.7% during the forecast period, owing to increase in adoption and investment in insurtech to boost business efficiency, lower compliance risk exposure, and improve claim settlement process in the region.
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Key market segments
By Deployment Model
• Artificial Intelligence
• Cloud Computing
• Big Data & Business Analytics
By End User
• Life & Health Insurance
• Property and Casualty (P&C) Insurance
o Auto Insurance
o Buildings Insurance
Commercial Buildings Insurance
o Marine Insurance
o Liability Insurance
• Product Development & Underwriting
• Sales & Marketing
• Policy Admin Collection & Disbursement
• Claims Management
• North America
o The Netherlands
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Latin America
o Middle East
Read More at https://www.alliedmarketresearch.com/insurtech-market-A12373
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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