Press release
Insurtech, Market Dynamics, Global Opportunities, Forecast 2024
Global Insurtech, Industry Growth
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=5581&type=smp
According to The Business Research Company's, The insurtech market size has grown exponentially in recent years. It will grow from $13.2 billion in 2023 to $17.09 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. The growth in the historic period can be attributed to the strong economic growth in emerging markets, increased digitization of insurance services, increased use of robotic process automation in insurance companies and increased number of insurtech startups..
The insurtech market size is expected to see exponential growth in the next few years. It will grow to $53.35 billion in 2028 at a compound annual growth rate (CAGR) of 32.9%. The growth in the forecast period can be attributed to the increase in insurance claims, increasing adoption of advanced technologies in the insurance industry and favorable government initiatives. Major trends in the forecast period include use of artificial intelligence (ai), focus on intelligent automation solutions, focus on product innovations, focus on adoption of blockchain technology, focus on partnerships and collaborations and focus on use of iot (internet of things) technology..
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/insurtech-global-market-report
Market Drivers and Trends:
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 an increase in insurance claims. For example, in February 2022, according to The Print, an India-based online newspaper, in the first quarter of the 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.
Insurtech companies are increasingly using hyper-automation to satisfy the rising client demands and to provide competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that allows insurtech professionals to conduct business more quickly, efficiently, and securely. According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024, as new technologies and evolving client expectations drive rapid transition in the industry.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Automatic Data Processing (ADP) Inc, Oracle Corporation, SAP SE, Paycom Software Inc, Ceridian HCM Holding Inc, Microsoft Corporation, Ultimate Kronos Group, Workday Inc, IBM Corporation, Paylocity Corporation, CareerNet, Global InnovSource, IKYA Human Capital, Kelly Services, China International Intellectech Co., Ltd., Huisi Group, Horizons, Scaleup Consulting, Sapience Pro, HROne, Anhui Tiancheng Technology Co., Ltd, Arcoro GmbH, Platri IT GmbH, Gini Talent, INKUBIT Business Solutions GmbH, DevsData Tech Talent LLC, The Stakeholder Management Group, Prabisha Consulting, Ingold Solutions GmbH, Leinonen Group, ManpowerGroup, Brainpower, Unistaff Payroll Company, Unity Business Solutions, ABU Accounting Services, UCMS Group, Rufil Russia Consulting, Coleman Services, Paychex, Inc, People Hum, Volaris Group, Black Mountain HR, Talentor, Grant Thornton's, Infor, RSM, Maof Group, Capterra, Houlihan Lokey, Finesse, Ramco Systems, Azdan, Apploye, Nexus Busines Solution, Sage, Syspro, Monday.com, QuickBooks
Insurtech Market 2024 Key Insights:
• The insurtech market size is expected to see exponential growth in the next few years. It will grow to $53.35 billion in 2028 at a compound annual growth rate (CAGR) of 32.9%.
• Rising Tide Of Insurance Claims Propels Growth In The Insurtech Market
• Insurtech Embraces Hyper-Automation To Meet Client Demands And Enhance Competitiveness
• North America was the largest region in the insurtech service market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=5581&type=smp
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: mailto:info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Insurtech, Market Dynamics, Global Opportunities, Forecast 2024 here
News-ID: 3776551 • Views: …
More Releases from The Business research company
Emerging Trends to Reshape the Xenotransplantation Market: Xvivo's Innovative Pr …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
How Large Will the Xenotransplantation Market Size By 2025?
The market size of xenotransplantation has seen robust expansion in the past few years. The market value is projected to increase from $14.68 billion in 2024 to $15.82 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 7.8%.…
Wood Based Panel Market Landscape to 2034: Key Forces Shaping the Next Decade of …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Wood Based Panel Market Through 2025?
In recent times, the market size of wood-based panels has seen considerable growth. The market which was valued at $176.85 billion in 2024 is projected to rise to $190.52 billion in 2025, showing a compound annual…
Soaring Demand Set to Propel Wireless Speakers Market to $111.25 Billion by 2029
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Wireless Speakers Market Size Growth Forecast: What to Expect by 2025?
In recent times, the wireless speakers market has experienced substantial expansion. The market size is expected to increase from $37.14 billion in 2024 to $45.71 billion in 2025, growing at a compound annual growth rate (CAGR) of 23.1%.…
Wind Turbine Casting Market Landscape 2025: Forecast Data and Growth Strategy In …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Wind Turbine Casting Industry Market Size Be by 2025?
The market size for wind turbine castings has seen solid growth in the past few years. Its value is projected to increase from $2.31 billion in 2024 to $2.46 billion in 2025, with a compound annual growth…
More Releases for Busines
Smart Lamp Market Expected to Reach $25.1 Billion By 2032, at 20.1% CAGR | Curre …
Allied Market Research published an exclusive report, titled, "Smart Lamp Market By Type (Incandescents, Halogen, Compact Fluorescents, Linear Fluorescents, and LEDs), and Application (Residential, Commercial, Industrial, and Outdoor): Global Opportunity Analysis and Industry Forecast, 2023-2032".
The global smart lamp market was valued at $4.1 billion in 2022, and is projected to reach $25.1 billion by 2032, growing at a CAGR of 20.1% from 2023 to 2032
The smart lamp market is witnessing…
Steps to Franchise a Busines
If you own a successful company offering valuable products and services to consumers, you will want to expand your businesses to other locations to reach broader market areas. This is where franchising could stem into the picture. By choosing to franchise your business you can not only add new locations to reap better profits but also reach your brand to countless new consumers without having to closely manage the operations.…
Retail Market 2021 Competitive Analysis, Growth and Busines Scope- Wal-Mart, Cos …
Global Retail Market 2021 research report offers qualitative and quantitative insights in relation to industry growth rate, market segmentation, Retail market size, demand and revenue. The current Retail market trends that are expected to influence the future prospects of the industry are analyzed in the report. The report further investigates and assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the…
Smart Agriculture Tools Market To Develop Growth Story With New Busines Developm …
The latest independent research document on Global Smart Agriculture Tools Market. It describes how companies deploying these technologies across various industry verticals aim to explore its potential to become a major business disrupter. The Smart Agriculture Tools study eludes very useful reviews & strategic assessment including the generic market trends, emerging technologies, industry drivers, challenges, regulatory policies that propel the market growth, along with major players profile and strategies.
The…
FRAND FOREVER? OR OTHER BUSINES MODELS ARE POSSIBLE?
What is the FrameWork License (FWL)
January 25, 2021 - In the context of the development of new technology standards, Intellectual Property Rights (IP Rights) are the engine that ensure and sustain technology innovation. FWL intends to move past FRAND assurances which haven’t reduced friction between innovators and implementers.
In fact, the question of the implementation of FRAND assurances has created a diversity of interpretations, including different decisions taken by the…
Fault Current Limiter Market 2020 Busines Trends, COVID – 19 Outbreak, Emergin …
Fault Current Limiter Market Highlights:
The Global Fault Current Limiter Market is projected to be valued at USD 7.17 Billion by 2025, with 8.16% CAGR during the forecast period, 2019 to 2025. The fault current limiter is a device that controls the fault current levels on utility transmission and distribution networks. The device remains invisible unlike reactors which possess some resistance during normal operation.
Get Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/8287
Key Players:
The key…
