AI in Insurance Market to Reach $45.74 Billion Globally by 2031, Booming at 32.56% CAGR - Revolutionizing the Industry

Artificial intelligence in insurance sector helps in accelerating claims processing, underwriting, fraud detection, and customer service. Artificial intelligence (AI) can help insurers assess risk, detect fraud, and reduce human error in the application process. Moreover, machine learning tools can rapidly determine what's involved in a claim and forecast the potential costs involved. They analyze images, sensors and the insurer's historical data. In addition, ai insurance organization helps insurer to look over the AI's results to verify them and settle the claim. Furthermore, the key ai in insurance market trends include increase in investment by insurance companies in AI & machine learning and rise in preference for personalized insurance services boosting the growth of the global AI in insurance market.

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In addition, increase in collaboration between insurance companies and AI & machine learning solution company positively impact growth of the AI in insurance market. However, higher deployment cost of AI, advanced machine learning, and lack of skilled labor hamper the market growth. On the contrary, surge in government initiatives and rise in investments to leverage the AI technology are expected to offer remunerative opportunities for expansion during the AI in insurance market forecast.

According to a new report published by Allied Market Research, titled, "AI in Insurance Market," The ai in insurance market was valued at $2.74 billion in 2021, and is estimated to reach $45.74 billion by 2031, growing at a CAGR of 32.56% from 2022 to 2031.

Prime Determinants of growth

Increase in investment by insurance companies in AI & machine learning, surge in collaboration between insurance companies and AI & machine learning solution companies, and rise in preference for personalized insurance services boost the growth of the global AI in insurance market. However, high deployment cost of AI & advanced machine learning and lack of skilled labor hamper the market growth. On the contrary, increase in government initiatives and rise in investments to leverage the AI technology are expected to offer remunerative opportunities for expansion of the market during the forecast period.

The software segment to maintain its leadership status throughout the forecast period

Based on offerings, the software segment held the highest market share in 2021, accounting for more than two-thirds of the global AI in insurance market, and is estimated to maintain its leadership status throughout the forecast period, owing to management of the massive volume of data and generation of meaningful insights for better-informed decisions. However, the service segment is projected to manifest the highest CAGR of 34.8% from 2022 to 2031, due to rise in demand for software-as-a-service (SaaS) because of its numerous benefits such as scalability and one-time customer acquisition cost.

The on-premise Segment To Maintain its Lead Position During the Forecast Period

Based on deployment mode, the on-premise segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global AI in insurance market, and is projected to maintain its lead position during the forecast period. This is attributed to ability to gather, display, and organize important business data using company's own IT infrastructure, which allows companies to keep the data secure. However, the cloud segment is expected to portray the largest CAGR of 33.6% from 2022 to 2031, as it provides the IT team with a greater prospect to facilitate real business value to the organization through lower expected cost and an improved ability to focus on innovation and differentiation.

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The Machine Learning Segment to maintain its Lead Position during the Forecast Period

Based on technology, the machine learning segment accounted for the largest share in 2021, contributing to more than half of the global AI in insurance market, and is projected to maintain its lead position during the forecast period. This is attributed to increase in adoption of AI to support AI software developed by various companies to improve their decisions while doing critical jobs. However, the natural language processing segment is expected to portray the largest CAGR of 36.2% from 2022 to 2031, as these services reduce time and costs associated with optimizing systems in the initial phase of deployment.

North America to Maintain its Dominance by 2031

Based on region, North America held the highest market share in terms of revenue 2021, accounting for nearly two-fifths of the global AI in insurance market, owing to high spending on data analytics and data processing solutions in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 35.4% from 2022 to 2031. This is attributed to the growing digital and economic transformation of the region.

Leading Market Players: -

Applied Systems
IBM Corporation
Microsoft Corporation
OpenText Corporation
Oracle Corporation
Pegasystems Inc.
Quantemplate
Salesforce, Inc.
SAP SE
SAS Institute Inc.
Shift Technology
SimpleFinance
Slice Insurance Technologies
Vertafore, Inc.
Zego

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the AI in Insurance market analysis from 2021 to 2031 to identify the prevailing AI in Insurance market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the AI in Insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global AI in Insurance market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

Offering

Hardware
Software
Service
Deployment Model

On-premise
Cloud

Technology
Machine Learning
Natural Language Processing
Computer Vision
Others

Enterprise Size
Large Enterprises
SMEs

End-user
Life and Health Insurance
Property and Casualty Insurance

Application
Fraud Detection and Credit Analysis
Customer Profiling and Segmentation
Product and Policy Design
Underwriting and Claims Assessment

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By Region
North America
U.S.
Canada
Europe
United Kingdom
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

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