Insurtech Market 2023 - By Size, Share Analysis, Growth Trends And Global Forecast To 2032

As per The Business Research Company's Insurtech Opportunities And Strategies Market Report 2023, The global insurtech market grew from $1,864.0 million in 2016 to $8,065.7 million in 2021 at a compound annual growth rate (CAGR) of 34.0%. The market is expected to grow from $8,065.7 million in 2021 to $29,745.4 million in 2026 at a CAGR of 29.8%, and to $144,636.3 million in 2031 at a CAGR of 37.2%.

The increase in insurance claims is expected to drive the growth of the insurtech market going forward. Insurtech is used to more effectively process claims, evaluate risk, process contracts or underwrite policies. The rise in the number of hospitalization cases during the Covid-19 pandemic has led to the increase in insurance claims. For example, in February 2022, according to The Print, an India-based online newspaper, in the first quarter of financial year 2021-22, 4,97,909 life insurance claims were settled, which increased to 9,56,846 in the second quarter. Additionally, according to a study by Digit Insurance, an India-based insurance company, health insurance claims surged over 3.5 times in 2021. Therefore, the increase in insurance claims is expected to drive the growth of the insurtech market during the forecast period.

View Complete Report @ https://www.thebusinessresearchcompany.com/report/insurtech-market

Artificial intelligence (AI) is increasingly being used in the insurtech industry to detect frauds. AI can help insurers assess risk, detect fraud and reduce human error in the application process. For example, in March 2022, Équité Association, a Canada-based independent organization aimed at reducing and preventing insurance fraud and crime, partnered with Shift Technology, a France-based provider of AI-driven decision automation and optimization technology. This partnership between Équité and Shift aims to use AI to build a national fraud detection system across Canada.

The top opportunities in the insurtech market by product will arise in the health insurance segment, which will gain $5,860.9 million of global annual sales by 2026. The top opportunities in the insurtech market by technology will arise in the cloud computing segment, which will gain $10,089.4 million of global annual sales by 2026. The top opportunities in the insurtech market by offering will arise in the solutions segment, which will gain $17,325.1 million of global annual sales by 2026. The top opportunities in the insurtech market by deployment will arise in the on-premise segment, which will gain $15,880.0 million of global annual sales by 2026. The top opportunities in the insurtech market by application will arise in the banking and financial services segment, which will gain $5,420.6 million of global annual sales by 2026. The insurtech market size will gain the most in the USA at $6,874.6 million.

Insurtech Market Segmentation:
The insurtech market is segmented by product, by technology, by offering, by deployment, and by application.

By Product -
a) Health Insurance
b) Life Insurance
c) Travel Insurance
d) Car Insurance
e) Business Insurance
f) Home Insurance
g) Other Products

By Technology-
a) Blockchain
b) Cloud Computing
c) IoT (Internet of Things)
d) Artificial Intelligence
e) Big Data and Business Analytics
f) Other Technologies

By Offering -
a) Solutions
b) Services

By Deployment -
a) On-Premises
b) Cloud

By Application -
a) Automotive Industry
b) Banking And Financial Services
c) Government Sector
d) Healthcare Industry
e) Manufacturing Industry
f) Retail Industry
g) Transportation
h) Other Applications

By Geography -
North America was the largest region in the insurtech market.

Major players in the Insurtech market include DXC Technology, Damco Group, Majesco, Shift Technology, Earnix

The regions covered in the global Insurtech market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Download FREE SAMPLE Report - https://www.thebusinessresearchcompany.com/sample_request?id=8673&type=smp

The latest report from The Business Research Company, 'Global Insurtech Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Insurtech Market Report Table Of Content :

1.Executive Summary
2.Table of Contents
3.List of Figures
4.List of Tables
5.Report Structure
6.Introduction and Market Characteristics
…………………………………………
19. Company Profiles
20. Key Mergers And Acquisitions
21. Global Insurtech Market Opportunities And Strategies
22.Insurtech Market, Conclusions And Recommendations
23.Appendix

PURCHASE the report @ https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=8673

Get to know us better:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info

LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/

This release was published on openPR.