Insurance Analytics Market Research Report 2022: Growth, Size, Share and Forecast 2027

According to the latest report by IMARC Group, titled, "Insurance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", 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.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Market Overview:

In order to reduce the risks involved with insurance policy pricing, underwriting, rating, and marketing, insurance analytics is the process of evaluating, gathering, and extracting insights from numerous data sources. It utilizes software platforms that enable organizations to track liquidity, insurance payments, and several financial operations and indicators. Insurance analytics assists in reducing the overall operational costs, preventing fraudulent activities, optimizing client relations, etc. As a result, it is extensively used by third-party administrators, brokers, consultants, etc.

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Insurance Analytics Market Trends and Drivers:

One of the main drivers propelling the insurance analytics industry is the increase in fraudulent activities, such as insurance padding, exaggerated claims, staged accidents, etc. Moreover, insurance analytics aids in preventing rate evasions, internal frauds, and cybersecurity frauds committed by applicants, policyholders, third-party claimants, etc. This, in turn, is further catalyzing the market growth. In addition to this, the launch of favorable initiatives by government bodies to prevent cyberattacks and improve digital infrastructures is acting as another significant growth-inducing factor. Furthermore, the widespread adoption of these solutions to collect information from numerous internal and external sources, such as telematics, social media platforms, customer interactions, etc., is also augmenting the global market. Apart from this, the increasing integration of insurance analytics tools with application programming interfaces (APIs), cloud computing, data analytics, robotic process automation (RPA), chatbots, etc., for enhancing operational efficiency is anticipated to fuel the insurance analytics market over the forecasted period.

Insurance Analytics Market 2022-2027 Competitive Analysis and 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.

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.

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

Key Highlights of the Report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

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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.

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