Press release
Insurtech Market Set to Soar to $158.99 Billion by 2030, Growing at an Impressive 32.7% CAGR
Insurtech is the emergence of new technologies engages in transforming the insurance industry, reducing costs for consumers & insurance companies, and enhancing better customer experience. With an implementation of Insurtech, customers can research, compare policies, and make a purchase online without having to physically visit a local agent. Moreover, Insurtech companies have streamlined process of buying all types of insurance with easier & convenient options.Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/12738
According to a recent report published by Allied Market Research, titled, "Insurtech Market by Offering, Deployment Model, Technology, End User, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global Insurtech market size was valued at $9.41 billion in 2020, and is projected to reach $158.99 billion by 2030, growing at a CAGR of 32.7% from 2021 to 2030.
Dynamics of the market:
The global Insurtech market is attributed to the rapid growth and integration of internet technologies, the saturation of the insurance industry, and the increase in the digitalization of business models. Furthermore, the spontaneous growth in the implementation of new technologies and the pioneering potential of developing nations are predicted to create immense growth opportunities for the market players in the estimated period. However, the vital changes in the legal & regulatory framework and privacy & transparency concerns may impede the market's growth.
The service segment to grow at the highest CAGR by 2028
Based on offering, the service segment is projected to rise at a noteworthy CAGR of 33.6% over the estimated timeframe owing to the improved effectiveness of the segment in meeting customers' demand and conducting various insurance processes smoothly. On the other hand, the solution segment held the biggest share in 2020, contributing to nearly three-fourths of the global Insurtech market. This is mainly due to the growing implementation of top-notch solutions by leading insurance companies with unparalleled technological capabilities to scale up business operations.
The on-premise segment showcased the largest share in 2020
Based on deployment model, the on-premise segment generated the maximum market share in terms of revenue in 2020, accounting for about three-fifths of the global insurtech market. This is mainly because the segment provides complete control of the entire infrastructure comprising software as well as hardware. On the contrary, the cloud segment is predicted to manifest the highest CAGR of 34.5% over the analysis period from 2021 to 2030, owing to the increasing investment in cloud technology and the growing need for lessening infrastructure investment.
North America held the dominant market share in 2020
Based on region, the North America region of the global insurtech market held the highest market share in 2020, generating about three-fifths of the market share. This is mainly due to the rapid adoption of insurtech among leading insurance companies and the rise in partnership of insurtech companies with traditional insurers. On the contrary, the Asia-Pacific region is expected to showcase a remarkable CAGR of 36.7% over the estimated period, due to the lower compliance risk exposure, the improvement in the claim settlement process, and the rise in the adoption an investment in insurtech to enhance business efficiency across the region.
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Leading market players:
Zhongan Insurance
Damco Group
Trov Insurance Solutions, LLC
Majesco
Wipro Limited
DXC Technology Company
Quantemplate
OutSystems
Shift Technology
Oscar Insurance
Key benefits for stakeholders
The study provides in-depth analysis of the global Insurtech market share along with current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on the global insurance technology market size are provided in the report.
Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the Insurtech market.
An extensive analysis of the key segments of the industry helps to understand the Insurtech market trends.
The quantitative analysis of the global Insurtech market forecast from 2021 to 2030 is provided to determine the market growth potential.
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Key market segments
By Offering
Solution
Service
By Deployment Model
On-premise
Cloud
By Technology
Artificial Intelligence
Cloud Computing
Blockchain
Big Data & Business Analytics
IoT
Others
By End User
Life & Health Insurance
Property and Casualty (P&C) Insurance
Auto Insurance
Buildings Insurance
Commercial Buildings Insurance
Home Insurance
Dwelling Coverage
Contents Coverage
Marine Insurance
Liability Insurance
Others
☑𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @
https://www.alliedmarketresearch.com/checkout-final/b3a4430d9d149b05b9c12db6748af92b
By Application
Product Development & Underwriting
Sales & Marketing
Policy Admin Collection & Disbursement
Claims Management
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
☑𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:
Embedded Banking Market https://www.alliedmarketresearch.com/embedded-banking-market-A283373
Mortgage Brokerage Services Market https://www.alliedmarketresearch.com/mortgage-brokerage-services-market-A06699
Autonomous Finance Market https://www.alliedmarketresearch.com/autonomous-finance-market-A278704
Financial Fraud Detection Software Market https://www.alliedmarketresearch.com/financial-fraud-detection-software-market-A12743
Cyber Insurance Market https://www.alliedmarketresearch.com/cyber-insurance-market
ATM Security Market https://www.alliedmarketresearch.com/atm-security-market-A06945
Premium Finance Market https://www.alliedmarketresearch.com/premium-finance-market-A15358
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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