Insurtech Market Growth, Trends, Industry Analysis, Key Players Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the market value of the Insurtech market size is expected to be valued at USD 9,415.28 million in 2022, expected to grow at a CAGR of 29.4% over 2022-2028. The primary factors that drive the market are growing demand for data analysis and AI-based solutions among insurance companies to increase their business internationally by offering services digitally, raising awareness of insurtech and digital solutions among insurance businesses, and growing acceptance of insurtech with innovative technologies such as machine learning, blockchain technology, and artificial intelligence.

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AI & Machine Learning to Dominate the Insurtech Market:
Based on material type, AI & machine learning holds the highest market share. The primary factor for this segment's rise is that AI permits insurers to create past experiences while still meeting the current customers' demand for high-speed. Moreover, machine learning can not only enhance but also mechanize claims processing. When files are digital and accessible via the cloud, pre-programmed algorithms can be used to estimate them, improving processing accuracy and speed and driving the global Insurtech market growth.

North America Insurtech Market:
North America leads the global Insurtech market growth due to a substantial rise in the necessity for automation of insurance processes, timely services, and enhanced efficacy. North America leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among vital international players have contributed to increasing the sales of Insurtech in this region. Apart from this, the primary factors that drive this region's market are well-known internet infrastructure and the increasing addition of advanced technologies in the insurance industry.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Insurtech market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share.

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The Insurtech market is segmented based on type, material type, service, end users, and region.
Based on the type, the market is segmented into the following:
• Auto
• Business
• Health
• Home
• Specialty
• Travel
• Others

Based on the material type, the market is segmented into the following:
• AI & Machine learning
• IoT
• Blockchain
• Cloud Computing
• Machine Learning
• Robo Advisory
• Others

Based on the services type, the market is segmented into the following:
• Consulting
• Support & Maintenance
• Managed Services

Based on the end users, the market is segmented into the following:
• Automotive
• BFSI
• Government
• Healthcare
• Manufacturing
• Retail
• Transportation
Others

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the insurtech market report are Damco Group, DXC Technology Company, Insurance Technology Service, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Wipro Limited, and ZhongAn Insurance.

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This release was published on openPR.