Report DescriptionAbout IMARC Group

International Market Analysis Research and Consulting Group is a leading adviser on management strategy and market research worldwide. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, chemicals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

IMARC’s tailored approach combines unfathomable insight into the dynamics of companies and markets with close cooperation at all levels of the client organization. This ensures that our clients achieve unmatchable competitive advantage, build more proficient organizations, and secure lasting results.

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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