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Insurance Analytics Market Size, Share, Growth, Trends And Forecast 2023-2032
Insurance Analytics Market Report
The Business Research Company's Insurance Analytics Global Market Report 2023 identifies Increased digitalization of the insurance industry as the major driver for the insurance analytics market's growth in the forecast period. Digitalization is used in the insurance analytics market for automation, underwriting, risk scoring, claims to process, and so on. Digitalization is crucial for the insurance analytics market because it helps in greater market penetration, faster query resolution and customer dashboards, better customer experience, and so on. These were some of the key reasons for the increase of digitalization in the insurance industry.
The global insurance analytics market size grew from $11.66 billion in 2022 to $13.52 billion in 2023 at a compound annual growth rate (CAGR) of 16.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The insurance analytics market size is expected to grow to $24.46 billion in 2027 at a CAGR of 16.0%.
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Major competitors in the insurance analytics market are Applied Systems Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Vertafore Inc., Hexaware Technologies, LexisNexis Risk Solutions, MicroStrategy Inc., International Business Machines Corporation, Tableau Software LLC, and Verisk Analytics Inc.,
A key trend in the insurance analytics market includes technological innovation. Major players in the insurance analytics market are adopting big data, machine learning, and AI technologies to build insurance products and systems. AI stands for artificial intelligence and it is used in underwriting, claims management, and fraud detection. It is the replication by machines, particularly computer systems, of human intelligence processes. AI helps the insurance analytics market by automating all mundane tasks and solving complex problems.
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The insurance analytics market is segmented -
•By Component: Solution, Service
•By Deployment Model: On premises, Cloud
•By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
•By Application: Claims Management, Risk Management, Customer Management And Personalization, Process Optimization, Other Applications
•By End User: Insurance Companies, Government Agencies, Third Party Administrators, Brokers And Consultancies
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the insurance analytics market.
The Business Research Company's "Global Insurance Analytics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Insurance Analytics Market Include:
1. Executive Summary
2. Insurance Analytics Market Characteristics
3. Insurance Analytics Market Trends And Strategies
4. Insurance Analytics Market - Macro Economic Scenario
5. Insurance Analytics Market Size And Growth
……
26. Africa Insurance Analytics Market
27. Insurance Analytics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Insurance Analytics Market
29. Insurance Analytics Market Future Outlook and Potential Analysis
30. Appendix
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