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Soaring Growth Predicted in Insurance Analytics Market: Industry Leaders, Key Trends and Market Drivers
Soaring Growth Predicted in Insurance Analytics Market
What Is The Projected Market Size Of The Global Insurance Analytics Market And Its Growth Rate?
The insurance analytics market has witnessed an unprecedented acceleration:
• Market Value in 2024: $14.71 billion
• Market Value in 2025: $16.74 billion - with a CAGR of 13.8%
• Predicted Market Value in 2029: $32.92 billion - achieving an impressive CAGR of 18.4%
Factors contributing to this growth include increased data volumes, emphasis on real-time analytics and personalized insurance products, and the advent of AI integration.
What Is Driving The Growth In The Insurance Analytics Market?
The dramatic surge in digitalization of the insurance industry is a primary driver of the insurance analytics market. Digitalization has facilitated automation, improved underwriting and risk scoring, and enhanced claims processing. It has also fostered greater market penetration, rendering faster query resolution, and offering superior customer experience. According to KPMG, 85% of insurance CEOs affirm that COVID-19 has expedited the digitization of their operations, with 78% stating that the pandemic has sped up the creation of a seamless digital customer experience.
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Who Are The Key Players Driving Insurance Analytics Market Growth?
• Applied Systems Inc.
• Microsoft Corporation
• Open Text Corporation
• Oracle Corporation
• Pegasystems Inc.
• Verisk Analytics Inc.
• SAS Institute Inc.
• International Business Machines Corporation (IBM)
• Guidewide LLC
• Sapiens International Corporation N. V.
• Duck Creek Technologies LLC
• LexisNexis Risk Solutions Group Holdings Pty Ltd
• Munich Reinsurance America Inc.
• Fair Isaac Corporation (FICO)
• Insurity Inc.
• Xactware Solutions Inc.
• Salesforce. com Inc.
• Cognizant Technology Solutions Corporation
• Milliman Inc.
• Symbility Solutions Inc.
• RiskMatch LLC
• Tiger Analytics Inc.
• WNS Global Services Inc.
• Shift Technology SAS
• Cover-All Technologies Inc.
• SAP SE
• Octo Telematics Ltd.
• EagleEye Analytics LLC
• Metromile Inc.
• Slice Labs Inc.
• Zesty. ai
What Are The Key Trends In The Insurance Analytics Market?
Emerging trends in the insurance analytics market include:
• Integration of AI in analytics
• Utilizing real-time analytics for claims processing
• Implementing telematics and IoT for risk assessment
• Application of blockchain for transparent and efficient transactions
• Collaborative analytics for industry insights
What Are The Segments Of The Global Insurance Analytics Market?
The insurance analytics market is segmented into:
1) By Component: Solution, Service
2) By Deployment Model: On premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
Which Region Leads The Insurance Analytics Market?
North America led the insurance analytics market in 2024, while Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions studied in the insurance analytics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Insurance Analytics Market Global Market Report?
- Market Size Analysis: Analyze the Insurance Analytics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Insurance Analytics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Insurance Analytics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Insurance Analytics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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