Press release
Global Insurance Analytics Market Expected to Achieve 18% CAGR by 2029: Growth Forecast Insights
Insurance Analytics
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How Large Will the Insurance Analytics Market Size By 2025?_x000D_
The scale of the insurance analytics market has experienced a significant expansion recently. The market value is projected to increase from $14.71 billion in 2024 to $16.62 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.0%. The past growth has been driven by factors such as the proliferation of data in the insurance sector, regulatory and reporting obligations, the imperative of detecting and preventing fraud, a trend towards individually tailored insurance products, and the competitive forces and market trends._x000D_
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How Big Is the Insurance Analytics Market Size Expected to Grow by 2029?_x000D_
Expectations for the insurance analytics market size foresee a rapid expansion in the approaching years. This market is projected to reach $32.26 billion by 2029, with a compound annual growth rate (CAGR) of 18.0%. Factors contributing to its growth over the forecast period include the increasing adoption of advanced predictive modeling techniques, the broader use of usage-based insurance models, an increased focus on customer experience analytics, a concentration on cybersecurity and risk management analytics, and intensified competition in the insurance industry. The forecast period also highlights significant trends, such as the integration of artificial intelligence within analytics, the use of real-time analytics in claims processing, assessing risk through telematics and IoT, utilizing blockchain for efficient and transparent transactions, and capitalizing on collaborative analytics to gain industry insights._x000D_
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https://www.thebusinessresearchcompany.com/report/insurance-analytics-global-market-report_x000D_
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Which Key Market Drivers Powering Insurance Analytics Market Expansion and Growth?_x000D_
The surge in the insurance industry's digitalization is playing a significant role in propelling the insurance analytics market's expansion. The utilization of digitalization in the insurance analytics market ranges from automation to underwriting, risk scoring, claims processing, among others. Such digital transformation is pivotal to the insurance analytics market as it facilitates broader market reach, expedited inquiry resolution, enhanced user interfaces, and improved client experience. These factors stand as the main justification for the escalated digitalization in the insurance industry. For example, a study conducted by KPMG, a professional services firm originating from the Netherlands, reveals that 85% of insurance CEOs affirm that the COVID-19 pandemic has hastened their operations' digitization and the development of advanced operating models. Furthermore, 78% declare that it has supercharged the establishment of an integrated digital client experience._x000D_
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Which Fast-Growing Trends Are Poised to Disrupt the Insurance Analytics Market?_x000D_
Technological advancement is a primary trend in the insurance analytics market. Large companies in this market are centering their efforts on technological progress, such as the utilization of data visualization to improve decision-making, optimize operational processes, and elevate risk evaluation by offering clear, actionable insights derived from intricate data sets. In its simplest sense, data visualization is the presentation of data in visual formats like graphs or charts, which facilitates easier analysis of complex data. For example, Aon plc, an insurance firm based in the UK, unveiled Aon's Property Risk Analyzer in May 2024. This tool is a thorough risk evaluation system that provides exposure visualization, loss modeling, and insurance structure testing to aid clients in making superior risk management choices and considering different insurance and risk financing solutions. It enhances the quality of data and fosters a more strategic methodology in managing property risks on a global scale._x000D_
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What Are the Emerging Segments in the Insurance Analytics Market?_x000D_
The insurance analyticsmarket covered in this report is segmented - _x000D_
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1) By Component: Solution, Service_x000D_
2) By Deployment Model: On premises, Cloud_x000D_
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)_x000D_
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Subsegments:_x000D_
1) By Solution: Risk Assessment And Management Tools, Claims Analytics Software, Underwriting Analytics Solutions, Customer Retention And Acquisition Analytics, Fraud Detection And Prevention Tools_x000D_
2) By Service: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services_x000D_
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Who Are the Global Leaders in the Insurance Analytics Market?_x000D_
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 _x000D_
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Which are the Top Profitable Regional Markets for the Insurance Analytics Industry?_x000D_
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_x000D_
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