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Insurtech, Market Dynamics, Global Opportunities, Forecast 2024
Global Insurtech, Industry Growth
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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..
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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.
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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
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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.
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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.
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