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Digitalization Driving Growth And Transformation In The Insurance Analytics Market Driver: A Major Catalyst in the Evolution of the Insurance Analytics Market in 2025
Digitalization Driving Growth And Transformation
The surge in the digitalization of the insurance sector is a significant factor propelling the expansion of the insurance analytics market. Automation, underwriting, risk scoring, claims processing, and more are made possible in the insurance analytics market through digitalization. It plays an integral role in the insurance analytics market due to its ability to promote increased market penetration, expedite query resolution, enhance customer experience, and develop customer dashboards among other reasons. These factors are the primary drivers of digitalization in the insurance sector. For instance, a KPMG survey revealed that 85% of insurance CEOs are of the opinion that the digitization of their operations and the development of next-generation operating models have been fast-tracked due to COVID-19. Furthermore, 78% of survey respondents believe that progress towards creating a seamless digital customer experience has been significantly sped up.
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What Is the projected market size and growth rate for the insurance analytics market?
In recent times, there has been substantial growth in the size of the insurance analytics market. The market value is projected to rise from $14.71 billion in 2024 to approximately $16.74 billion in 2025, indicating a compound annual growth rate (CAGR) of 13.8%. Factors contributing to this growth during the historical period include a surge in data volume in the insurance sector, regulatory reporting and compliance needs, demand for fraud detection and prevention, a shift towards customized insurance products and competitive forces and market trends.
Anticipated to witness robust expansion in the coming years, the insurance analytics market is projected to reach a value of $32.92 billion by 2029, with a compound annual growth rate (CAGR) of 18.4%. The predicted upsurge during the forecast period is a result of factors like the application of sophisticated predictive modeling techniques, the widening reach of usage-based insurance models, an increasing focus on customer experience analytics, considerations for cybersecurity and risk management analytics, and the intensifying competition within the insurance sector. The forthcoming period is likely to be shaped by key trends including the incorporation of artificial intelligence into analytics, real-time analytics utilization in claims processing, the application of telematics and IoT for risk evaluation, blockchain technology for clear and effective transactions, and the use of collaborative analytics for gaining industry insights.
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What new trends are reshaping the insurance analytics market and its opportunities?
A pivotal trend in the insurance analytics market is the innovative use of technology. The primary actors in this market are centring their efforts on technological progress, employing tactics like data visualization to enhance decision-making processes, streamline daily activity, and refine risk assessment via clear and actionable insights gathered from intricate data sets. The method of data visualization serves to present data in visual form, such as charts or graphs, making complex information easier to analyze. For example, in May 2024, Aon plc, a British-based insurance firm, unveiled Aon's Property Risk Analyzer. This tool, advanced in risk assessment, offers exposure visualization, loss modeling, and trials of insurance structures, assisting clients in making superior risk management decisions and examining varied insurance and risk funding options. This device also improves data quality and facilitates a more strategic method of managing global property risks.
What major market segments define the scope and growth of the insurance analytics market?
The insurance analytics market covered in this report is segmented -
1) By Component: Solution, Service
2) By Deployment Model: On premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
Subsegments:
1) By Solution: Risk Assessment And Management Tools, Claims Analytics Software, Underwriting Analytics Solutions, Customer Retention And Acquisition Analytics, Fraud Detection And Prevention Tools
2) By Service: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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Which region dominates the insurance analytics market?
North America was the largest region in the insurance analytics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the insurance analytics industry growth?
Major companies operating in the insurance analytics market include 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
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What Is Covered In The Insurance Analytics Global Market Report?
•Market Size Forecast: Examine the insurance analytics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the insurance analytics market for a structured understanding.
•Key Players Overview: Analyze major players in the insurance analytics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the insurance analytics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the insurance analytics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the insurance analytics market.
•Industry Challenges: Identify potential risks and obstacles affecting the insurance analytics market.
•Competitive Landscape: Review strategic developments in the insurance analytics market, including expansions, agreements, and new product launches.
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Learning Objective
• To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the global Analytics as a service Market.
• To provide insights about factors affecting the market growth.
• To Analyze the Analytics as a service Market based on various factors- porters five force analysis, mega trend analysis, macroeconomic indicators etc.
• To provide historical and forecast revenue of the…
