Insurance Analytics Market Growth, Demand and Challenges of the Key Industry Players 2023-2028

Author: Elena Anderson

Marketing Manager

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Global Insurance Analytics Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Insurance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,"

the global insurance analytics market reached a value of US$ 11.2 Billion in 2022.

Insurance analytics includes various statistical methods that are generally adopted by insurance companies for managing offers and risks related to insurance policies. It involves the utilization of analytics tools that additionally assist in identifying business insights for an effective decision-making process.

Some of the common insurance analytics software includes guidewire live, lemonade, V2verify, tractable, slice, scoredata and genesis engage. As a result, it aids in optimizing customer relationship processes and creating reliable reports for several product lines. Due to a considerable rise in data generation across the insurance sector, there has been an increase in the adoption of analytic solutions across the globe.

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Global Insurance Analytics Market Trends:

The global market is primarily driven by significant growth in the insurance sector. Along with this, continual technological advancements across the sector are creating a positive market outlook. In line with this, the rising adoption of robotic process automation (RPA), application programming interfaces (APIs) and data analytics is acting as a major growth-inducing factor. In addition to this, rapid digitization across the globe has encouraged multiple businesses to heavily invest in the deployment of modern methods for providing integrated and value-added services to customers, which is further propelling the product demand. Moreover, the increasing incidences of fraudulent activities and data thefts have led to the implementation of stringent government policies, which, in turn, are providing a boost to the market. Other factors, including intensive business competition, continuous improvements in the information technology (IT) infrastructure, and extensive research and development (R&D) activities conducted by key players for introducing improved solutions, are also projected to drive the market growth.

On account of the aforementioned factors, the market is anticipated to reach a value of US$ 23.3 Billion by 2028, exhibiting a CAGR of 12.7% during 2023-2028.

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Key Market Segmentation

The research report includes the following segments:

Breakup by Component:

• Solution

• Service

Breakup by Deployment Mode:

• On-premises

• Cloud-based

Breakup by Enterprise Size:

• Small and Medium-sized Enterprises

• Large Enterprises

Breakup by End User:

• Insurance Companies

• Government Agencies

• Third-party Administrators, Brokers and Consultancies

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Breakup by Application:

• Claims Management

• Risk Management

• Customer Management

• Sales and Marketing

• Others

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

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Competitive Landscape with Key Players:

• Applied Systems Inc.

• Hexaware Technologies Limited

• International Business Machines Corporation

• LexisNexis Risk Solutions (RELX PLC)

• Microsoft Corporation

• MicroStrategy Incorporated

• Open Text Corporation

• Oracle Corporation

• Pegasystems Inc.

• Salesforce.com inc.

• SAP SE

• Sapiens International Corporation

1. What was the size of the global insurance analytics market in 2022?

2. What is the expected growth rate of the global insurance analytics market during 2023-2028?

3. What are the key factors driving the global insurance analytics market?

4. What has been the impact of COVID-19 on the global insurance analytics market?

5. What is the breakup of the global insurance analytics market based on the component?

6. What is the breakup of the global insurance analytics market based on the deployment mode?

7. What is the breakup of the global insurance analytics market based on the enterprise size?

8. What is the breakup of the global insurance analytics market based on the application?

9. What is the breakup of the global insurance analytics market based on the end user?

10. What are the key regions in the global insurance analytics market?

11. Who are the key players/companies in the global insurance analytics market?

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