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Insurtech Market: Insights, Forecast, And Opportunity Analysis: 2024-2029
Insurtech Market Size
What Is The Projected Market Size Of The Global Insurtech Market And Its Growth Rate?
The Insurtech market has experienced significant growth and is set to continue its upward trend.
• It will grow from $17.08 billion in 2024 to $22.08 billion in 2025 with a compound annual growth rate (CAGR) of 29.3%
• By 2029, the market size is expected to increase to $82.3 billion, at a CAGR of 38.9%
What Is Driving The Growth In The Insurtech Market?
The increase in insurance claims due to the escalation in hospitalization cases during the COVID-19 pandemic is a key driver of the Insurtech market. With the help of Insurtech, the processing of claims, risk evaluation, contract processing, and policy underwriting have become more efficient. A notable example of this increase is the British life and pensions mutual insurer, LV=, which reported a 6% increase in individual protection claims amounting to $175.16 million (£135 million) in 2023 compared to 2022.
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Who Are the Key Players Driving Insurtech Market Growth?
Key players influencing the market include:
• DXC Technology
• Damco Group
• Majesco
• Shift Technology
• Earnix
• Simplesurance
• Outsystems
• Cytora Ltd
• Planck Resolution LTD
• Bdeo
What Are The Key Trends In The Insurtech Market?
Notable trends in the Insurtech market include:
• Utilization of artificial intelligence (AI)
• Emphasis on intelligent automation solutions
• Focus on product innovations
• Adoption of blockchain technology
• Drive towards partnerships and collaborations
• Increased use of Internet of Things (IoT) technology
What Are The Segments Of The Global Insurtech Market?
The market can be dissected into the following segments:
1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products
2) By Technology: Blockchain, Cloud Computing, IoT (Internet Of Things), Artificial Intelligence, Big Data And Business Analytics, Other Technologies
3) By Offering: Solutions, Services
4) By Deployment: On-Premises, Cloud
5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Transportation, Other Applications
Which Region Leads The Insurtech Market?
North America emerged as the largest region in the Insurtech service market in 2024, while Asia-Pacific is expected to experience the fastest growth during the forecast period.These regions, together with Western Europe, Eastern Europe, South America, Middle East, and Africa, are factored into the Insurtech market report.
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What Is Covered In The Insurtech Market Global Market Report?
- Market Size Analysis: Analyze the Insurtech Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Insurtech 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 Insurtech Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Insurtech Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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