Press release
Digitalization Driving Growth And Transformation In The Insurance Analytics Market: An Emerging Driver Transforming The Insurance Analytics Market Landscape
Insurance Analytics
What Is the Projected Growth of the Insurance Analytics Market?
Over the years, the insurance analytics market has seen rapid expansion. Its size is projected to rise from $14.71 billion in 2024 to $16.74 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.8%. This considerable growth during the historical period can be ascribed to factors like the upsurge in data volume within the insurance sector, regulatory compliance and reporting mandates, the necessity for fraud identification and prevention, the shift to personalized insurance products, along with the competitive tension and shifting market dynamics.
Rapid expansion is anticipated in the insurance analytics market size in the coming years, with a potential growth to $32.92 billion by 2029 and a compound annual growth rate (CAGR) projected at 18.4%. This growth during the forecasted period can be ascribed to the adoption of innovative predictive modelling techniques, the increasing prevalence of usage-based insurance models, an intensified focus on customer experience analytics, a concentrated emphasis on cybersecurity and risk management analytics and escalating competition within the insurance sector. Significant trends for this forecasted period are the integration of artificial intelligence into analytics, the implementation of real-time analytics in claims processing, the employment of telematics and internet of things (iot) for risk evaluation, the use of blockchain for transparent and efficient transactions, and the facilitation of collaborative analytics for valuable industry insights.
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What Are the Different Insurance Analytics Market Segments?
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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What Are the Primary Drivers Shaping the Insurance Analytics Market?
The proliferation of digitalization within the insurance sector is playing a pivotal role in propelling the insurance analytics market forward. The sector is leveraging digitalization for a range of applications including automation, underwriting, risk scoring, and managing claims among others. The essence of digitalization in the insurance analytics market lies in its ability to facilitate increased market outreach, expedite query resolution and customer dashboards, improve customer experiences and much more. These elements serve as major driving factors for the integration of digitalization in the insurance sector. For instance, KPMG, a professional services firm based in the Netherlands, conducted a survey revealing that 85% of insurance CEOs believe that the COVID-19 pandemic has hastened the digital transformation of their operations and the development of subsequent generation operating models. Moreover, 78% of them agreed that it has supercharged the development of a flawless digital customer experience.
Which Companies Are Leading in the Insurance Analytics Market?
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
What Are the Major Trends Shaping the Insurance Analytics Market?
Advancements in technology is a prominent trend witnessed in the insurance analytics market. Leading companies in this sector are concentrating on technological progression such as the adoption of data visualization, with a goal to refine decision-making, operations, and risk evaluation through providing distinct, practical insights sourced from intricate sets of data. Data visualization presents data in visual forms such as diagrams or charts, making the understanding of multifaceted information easier for improved analysis. For example, Aon plc, an insurance company based in the UK, launched Aon's Property Risk Analyzer in May 2024. This versatile risk assessment tool offers exposure visualization, loss modeling, and insurance structure testing to aid clients in making superior risk management decisions and researching diverse insurance and risk financing options. This tool enhances data quality and promotes a more strategic course to manage property risks globally.
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What Are the Top Revenue-Generating Geographies in 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Insurance Analytics Market?
2. What is the CAGR expected in the Insurance Analytics Market?
3. What Are the Key Innovations Transforming the Insurance Analytics Industry?
4. Which Region Is Leading the Insurance Analytics Market?
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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…
