Press release
Insurance Analytics Market Size to Reach US$ 23.3 Billion, Globally, by 2028 at 12.7% CAGR
Insurance Analytics Market Research & Forecast Report 2023-2028
What are the growth prospects of the insurance analytics industry?
The global insurance analytics market size reached US$ 11.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.3 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028.
What is a insurance analytics?
Insurance analytics is utilized by insurance organizations, third-party administrators, brokers, and consultants for collecting, analyzing, and identifying relevant insights from various data sources to manage risks effectively. It helps in offering improved insurance contracts in the health, life, property, and casualty fields. It also assists in reducing the overall operational costs, preventing fraudulent activities, optimizing client relations, creating reliable reports, and utilizing predictive analytics in insurance models. Besides this, it aids in tracking insurance payments, liquidity, and other financial operations. It relies on the software platform incorporated with data analysis tools, artificial intelligence (AI), and big data solutions to produce leads and detect market trends. At present, insurance analytics is gaining traction in the banking, financial services and insurance (BFSI) industry across the globe.
Impact of COVID-19:
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.
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What are the major market drivers in the insurance analytics market?
There is an increase in the adoption of insurance analytics in large and medium-sized organizations to prevent internal frauds, rate evasions, and underwriting and cybersecurity fraud committed by applicants, policyholders, third-party claimants, and professionals. This currently represents one of the major factors strengthening the market growth around the world. In line with this, the expanding number of cyber-attacks and anonymous security threats is bolstering the growth of the market. Moreover, the rising occurrence of insurance frauds like insurance padding, inflated claims, staged accidents, and submission of inaccurate information evidence across numerous industries is favoring the market growth. Along with this, due to a considerable rise in data generation in the insurance industry, there is an increase in the adoption of analytic solutions worldwide. In addition, the integration of cloud computing, the internet of things (IoT), application programming interfaces (APIs), data analytics, robotic process automation (RPA), chatbots, and machine learning solutions in insurance analytics for enhanced operational efficiency is contributing to the market growth. Apart from this, there is a rise in the adoption of predictive modeling-integrated insurance analytics solutions. They help gather information from internal and external sources, including telematics, agent and customer interactions, and social media platforms, and develop countermeasures to mitigate losses and risks. Furthermore, the growing requirement to reduce claim management time is creating a positive outlook for the market. Besides this, several businesses are highly financing the deployment of modern methods for providing integrated and value-added services to customers on account of rapid digitization, which is facilitating the market growth. Additionally, significant improvements in the information technology (IT) infrastructure are anticipated to impel the growth of the market.
Insurance Analytics Market 2023-2028 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 at the global, regional and country level from 2023-2028. 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
Asia-Pacific
Europe
Latin America
Middle East and Africa
List of Major Key Players:
The major players in the market are
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.
Key Highlights of the Report:
Market Performance (2016-2021)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
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If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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About Us
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.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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