Unemployment Insurance Market Growth Accelerates: Strategic Forecast Predicts $138.96 Billion by 2029

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

What Will the Unemployment Insurance Industry Market Size Be by 2025?
The market volume of unemployment insurance has witnessed robust growth in the past few years. It is projected to expand from $98.38 billion in 2024 to $105.71 billion in 2025, maintaining a compound annual growth rate (CAGR) of 7.5%. This substantial increase in the historical phase can be associated with factors such as rising inflation rates, escalating living costs, a surge in bankruptcies, growth in job outsourcing to foreign countries, and frequent economic downturns.

What's the Long-Term Growth Forecast for the Unemployment Insurance Market Size Through 2029?
It is anticipated that the unemployment insurance market will experience significant expansion in the coming years, with projections showing a growth to $138.97 billion in 2029, reflecting a compound annual growth rate (CAGR) of 7.1%. Factors likely to spur this growth during the forecast period include augmentation in workforce automation, a rise in the trend of remote work, growing globalization, more investments channelled into smart city infrastructure, and heightened cyber threats. On a larger scale, the forecast period will also see key trends like technological advancements, the embracing of artificial intelligence and blockchain technology, the emergence of augmented reality, and the assimilation of the Internet of Things.

View the full report here:
https://www.thebusinessresearchcompany.com/report/unemployment-insurance-global-market-report

What Are the Key Growth Drivers Fueling the Unemployment Insurance Market Expansion?
The unemployment insurance market is anticipated to grow due to escalating job insecurity. Job insecurity is the apprehension or doubt of an individual regarding potential job loss or downsizing of employment status, including a decrease in working hours or salary. This increase in job insecurity can be attributed to economic instability, contract and gig jobs, organisational restructuring, challenges specific to certain sectors, and modifications in the workplace. Unemployment insurance (UI) serves as a shield against the impacts of job insecurity, providing financial aid and security to those who have lost their job or have experienced a decline in work hours. For example, Lancaster University, a public university in the UK, reported in February 2024 that the UK insecure work index expanded by 500,000 individuals in 2022 and by 600,000 individuals in 2023. Therefore, the surge in job insecurity is fuelling the expansion of the unemployment insurance market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=19743&type=smp

What Are the Key Trends Driving Unemployment Insurance Market Growth?
Companies that have a leading role in the unemployment insurance market are concentrating their efforts on creating advanced digital solutions such as online insurance platforms. These platforms are intended to simplify applications and boost accessibility. They are digital services that give users the opportunity to buy, administer, and monitor insurance policies online. For instance, in March 2024, the Oregon Employment Department (OED), an agency of the US government, introduced a new online system for handling the unemployment insurance benefits called Frances Online. This digital platform not only facilitates the management of unemployment insurance benefits and Paid Leave Oregon applications but also allows employees and claimants to apply for benefits online, upload necessary documents, and track their claims. The launch of Frances Online represents a significant upgrade in the processing of unemployment and paid leave claims in Oregon and exemplifies the broader move towards digital solutions in public services.

How Is the Unemployment Insurance Market Segmented?
The unemployment insurancemarket covered in this report is segmented -

1) By Type: Structural Unemployment, Cyclical Unemployment, Frictional Unemployment, Other Types
2) By Insurance Type: Involuntary Unemployment Insurance, Mortgage Unemployment Insurance
3) By Distribution Channel: Agents Or Brokers, Direct Response

Subsegments:
1) By Structural Unemployment: Skill-Based Unemployment, Geographic Unemployment, Industry-Specific Unemployment, Long-Term Unemployment
2) By Cyclical Unemployment: Recession-Induced Unemployment, Seasonal Cyclical Unemployment, Expansion Or Recovery Unemployment
3) By Frictional Unemployment: Job Transition Unemployment, First-Time Job Seekers, Re-entrants to the Workforce, Short-Term Unemployment
4) By Other Types of Unemployment: Voluntary Unemployment, Seasonal Unemployment, Technological Unemployment, Hidden Unemployment, Underemployment

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=19743&type=smp

Which Companies Are Leading the Charge in Unemployment Insurance Market Innovation?
Major companies operating in the unemployment insurance market are Cigna Corporation, Allianz SE, State Farm Mutual Automobile Insurance Company, The Allstate Corporation, Banco Bilbao Vizcaya Argentaria S.A., Achmea B.V., Banco Bradesco S.A., CNP Assurances S.A., Assurant Inc., Cook County Government, Great American Insurance Group, Hiscox Ltd., American Association of Retired Persons, Anadolu Hayat Emeklilik A.S., BNP Paribas Cardif, Allied Solutions LLC, G&A Partners, Paisabazaar.com, Garanti BBVA Emeklilik ve Hayat A.S., AlfaStrakhovanie, Axcet HR Solutions, Aegon Asset Management, Flex HR LLC, LifeQuote Inc., Personnel Planners

Which Regions Are Leading the Global Unemployment Insurance Market in Revenue?
North America was the largest region in the unemployment insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the unemployment insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=19743

"This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work."

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.