Press release
Insurtech Market on Course to Hit $158.99 Billion by 2030, Rocketing Ahead with a 32.7% CAGR
The global Insurtech market was valued at $9,415.28 million in 2020 and is projected to reach $158,994.52 million by 2030, growing at a CAGR of 32.7% from 2021 to 2030.➡️Request Research Report Sample & TOC : https://www.alliedmarketresearch.com/request-sample/A12373
Dynamics of the market:
The global Insurtech market is attributed to the rapid growth and integration of internet technologies, the saturation of the insurance industry, and the increase in the digitalization of business models. Furthermore, the spontaneous growth in the implementation of new technologies and the pioneering potential of developing nations are predicted to create immense growth opportunities for the market players in the estimated period. However, the vital changes in the legal & regulatory framework and privacy & transparency concerns may impede the market's growth.
Leading market players:
Zhongan Insurance
Damco Group
Trov Insurance Solutions, LLC
Majesco
Wipro Limited
DXC Technology Company
Quantemplate
OutSystems
Shift Technology
Oscar Insurance
The service segment to grow at the highest CAGR by 2028
Based on offering, the service segment is projected to rise at a noteworthy CAGR of 33.6% over the estimated timeframe owing to the improved effectiveness of the segment in meeting customers' demand and conducting various insurance processes smoothly. On the other hand, the solution segment held the biggest share in 2020, contributing to nearly three-fourths of the global Insurtech market. This is mainly due to the growing implementation of top-notch solutions by leading insurance companies with unparalleled technological capabilities to scale up business operations.
The on-premise segment showcased the largest share in 2020
Based on deployment model, the on-premise segment generated the maximum market share in terms of revenue in 2020, accounting for about three-fifths of the global insurtech market. This is mainly because the segment provides complete control of the entire infrastructure comprising software as well as hardware. On the contrary, the cloud segment is predicted to manifest the highest CAGR of 34.5% over the analysis period from 2021 to 2030, owing to the increasing investment in cloud technology and the growing need for lessening infrastructure investment.
North America held the dominant market share in 2020
Based on region, the North America region of the global insurtech market held the highest market share in 2020, generating about three-fifths of the market share. This is mainly due to the rapid adoption of insurtech among leading insurance companies and the rise in partnership of insurtech companies with traditional insurers. On the contrary, the Asia-Pacific region is expected to showcase a remarkable CAGR of 36.7% over the estimated period, due to the lower compliance risk exposure, the improvement in the claim settlement process, and the rise in the adoption an investment in insurtech to enhance business efficiency across the region.
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Key benefits for stakeholders
The study provides an in-depth analysis of the global Insurtech market share along with current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on the global insurance technology market size are provided in the report.
Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the Insurtech market.
An extensive analysis of the industry's key segments helps to understand the Insurtech market trends.
The quantitative analysis of the global Insurtech market forecast from 2021 to 2030 is provided to determine the market growth potential.
Key market segments
By Offering
Solution
Service
By Deployment Model
On-premise
Cloud
By Technology
Artificial Intelligence
Cloud Computing
Blockchain
Big Data & Business Analytics
IoT
Others
By End User
Life & Health Insurance
Property and Casualty (P&C) Insurance
Auto Insurance
Buildings Insurance
Commercial Buildings Insurance
Home Insurance
Dwelling Coverage
Contents Coverage
Marine Insurance
Liability Insurance
Others
By Application
Product Development & Underwriting
Sales & Marketing
Policy Admin Collection & Disbursement
Claims Management
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
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