Press release
Global Insurance Analytics Market Projected to Grow at 18.4% CAGR, Reaching $32.92 Billion by 2029
Insurance Analytics
What Will the Insurance Analytics Industry Market Size Be by 2025?
Recent years have seen a swift expansion in the insurance analytics market size, with projections estimating an increase from $14.71 billion in 2024 to $16.74 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.8%. This notable growth during the historic period is attributed to factors such as the surge in data production in the insurance sector, regulatory compliance and reporting demands, the urgency for fraud detection and prevention measures, a transition towards bespoke insurance products, and competitive tension in the market dynamics.
What's the Long-Term Growth Forecast for the Insurance Analytics Market Size Through 2029?
In the coming years, the insurance analytics market size is anticipated to experience significant growth, reaching a valuation of $32.92 billion in 2029 with a compound annual growth rate (CAGR) of 18.4%. This growth over the forecast period is due to several factors including the incorporation of sophisticated predictive modeling techniques, the broadening application of usage-based insurance models, an increased attention on customer experience analytics, emphasis on cybersecurity and risk management analytics, and escalating competition within the insurance industry. Major future trends in this period encompass the incorporation of artificial intelligence into analytics, the use of real-time analytics in processing claims, leveraging telematics and Internet of Things (IoT) for risk evaluation, the use of blockchain for seamless and efficient transactions, and collaborative analytics for insightful industry understanding.
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What Are the Key Growth Drivers Fueling the Insurance Analytics Market Expansion?
The surge in the digital transformation of the insurance sector is substantially fueling the expansion of the insurance analytics market. Automation, underwriting, risk scoring, claim processing and more, in the insurance analytics market, leverage digitalization. Its crucial role lies in enhancing market penetration, speeding up query resolution and customer dashboards, improving customer service, etc. These factors were pivotal to the escalating digitalization in the insurance sector. For example, based on a survey conducted by Netherlands-based expert services firm KPMG, 85% of insurance CEOs confirm that the pandemic sped up the digital transformation of their operations and the development of future-proof operating models. Around eight out of ten respondents (78%) feel that it has significantly sped up the implementation of a smooth digital client experience.
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What Are the Key Trends Driving Insurance Analytics Market Growth?
Technological advancements are an essential trend within the insurance analytics market. Leading industry participants are prioritizing these technological developments such as data visualization, which enhances decision-making processes, optimizes operations, and fortifies risk assessments by delivering actionable insights extracted from intricate data sets. The technique of data visualization presents data in visually comprehensible formats like graphs or charts, thereby simplifying the comprehension of complex data for improved analysis. For example, Aon plc, a UK-based insurance firm, unveiled the Aon's Property Risk Analyzer in May 2024. This all-encompassing risk evaluation tool offers exposure visualization, loss modeling, and the testing of insurance structures, thereby assisting clients in making superior risk management decisions and examining various insurance and risk-funding alternatives. It boosts data quality and promotes a more focused strategy towards managing property risks on a global scale.
How Is the Insurance Analytics Market Segmented?
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 Companies Are Leading the Charge in Insurance Analytics Market Innovation?
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
Which Regions Are Leading the Global Insurance Analytics Market in Revenue?
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
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