Insurtech Market Size, Report, Overview, Demand, Share, Trends and Forecast 2031

"Final Report will add the analysis of the impact of COVID-19 on industry."

A comprehensive market research report has recently analyzed the worldwide "Insurtech Market" industry, employing segmentation based on Geographical Regions, Country, Company, Types, and Applications. Within the Beauty and Personal Care Packaging sector, numerous prominent Key Players[Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcery, Sureify, Insurance Technology Services], have emerged as leaders by implementing diverse strategies aimed at extending their market presence and strengthening their industry position. This report furnishes valuable insights to stakeholders and participants operating in the global market, equipping them with a competitive edge and offering a robust resource to fulfill their business needs effectively.

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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.

Global Insurtech Market Witnessing a Positive Shift: Forecast to Grow at a CAGR of 10.6% by 2030

The global Insurtech market is thriving as a growing number of insurers are turning to Insurtech for innovation and scalability. To learn more about the latest trends and drivers of the Insurtech industry

A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the global Insurtech market was worth USD 5.3 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 10.6%, earning revenue of around USD 10.7 billion by the end of 2027. The global Insurtech market is driven by the rapid digitization and growing adoption of advanced technologies, such as machine learning, the Internet of Things (IoT), cloud computing, etc. These technologies generate large volumes of data that help insurance companies track and analyze consumer behavior and remodel the insurance industry model to fill the scantiness of the market. Additionally, developing economies such as India, China, Singapore, China, etc., are emerging with growth potential due to the rising number of Insurtech startups. Data privacy and cyberattacks, however, may be a major constraint on the global Insurtech market.

Growing Adoption of Cloud Computing Driving the Global Insurtech Market

Cloud computing has revolutionized many industries with its ease of deployment, resiliency, and versatility, and the insurance industry is no exception. The rising adoption of cloud computing in various industry verticals, especially after the COVID-19 outbreak is significantly driving the growth of the Insurtech market. Insurance companies across the globe are deploying cloud computing to improve their business model. Cloud computing offers better internal and external data management with a higher level of security. It also provides rapid deployment and easy integration that does not hinder the workflow. Furthermore, the application of cloud computing also helps in risk management by integrating risk data and indicators, along with various assessment reports. Such benefits of cloud computing are driving the overall market growth.

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Rising demand for Managed Services Propelling the Global Insurtech Market

Based on services, the Insurtech market is segmented into consulting, support & maintenance, and managed services. The managed services segment accounts for the largest share in the Insurtech market. Managed service providers provide insurance companies with their expertise and knowledge of advanced technologies to improve business efficiency and bring out the best in their business models. On the other hand, the support & maintenance services are also projected to gain substantial growth during the forecast period due to the rising deployment of advanced technologies such as IoT, blockchain, etc., by insurance companies.

Global Insurtech Market - By End-User

Based on end-users, the Insurtech market is segmented into automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others. BFSI has dominated the market due to the expanding banking sector and the growing volume of data which can now be tapped into by Insurtech companies for better services, enabling businesses to improve efficiency and optimize overall costs. As a result of rapid digitization and the increasing use of data-generating devices such as wearable devices, the healthcare sector is also emerging as having great potential. This is further driving the demand for better management of data in the healthcare sector and propelling its overall growth.

Global Insurtech Market - Regional Insights

Geographically, the Insurtech market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Among these, North America dominates the Insurtech market. However, the Asia-Pacific region is projected to emerge with the highest CAGR during the forecast period. Economies such as Singapore, India, Hong Kong, are emerging as Insurtech hubs in the global market with an increasing number of potential Insurtech startups. Furthermore, rapid digitization in the banking, finance, and insurance sector and the rising adoption of technologies like cloud computing is significantly propelling the growth of the market.

Impact of COVID-19 on Insurtech Market

The COVID-19 pandemic offered lucrative growth opportunities to the global Insurtech market. The Insurtech companies registered significant growth through capital investment to meet the changing scenario of the industry. The pandemic has also boosted the adoption of technologies, such as cloud computing to boost customer engagement and virtual interaction. Furthermore, the insurance technologies provided a platform for the insurers to demonstrate their services among policy seekers which helped them boost their sales and keep their business floating during such unprecedented times.

Global Insurtech Market - Competitive Landscape

The leading players in the Insurtech market are Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcery, Sureify, Insurance Technology Services, and other prominent players.

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The market is highly consolidated and dominated by industry giants. However, the market is still in its infancy. Thus, several Insurtech startups are emerging and claiming their spots in the market by offering a new and wide range of services. They are also attracting significant investment which helps them in expansion. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Market Segment-

By Type (Auto, Business, Health, Home, Specialty, Travel, Others)

By Service (Consulting, Support & Maintenance, Managed Services)

By Technology (Blockchain, Cloud Computing, Iot, Machine Learning, Robo Advisory, Others)

By End-User (Automotive, Bfsi, Government, Healthcare, Manufacturing, Retail, Transportation, Others)

By Region (North America, Europe, Asia-Pacific (Apac)

Latin America (Latam), Middle-East & Africa (Mea)

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

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This release was published on openPR.