Insurance Analytics is used by insurance companies to analyze data. It enhances the performance of an organization improving customer satisfaction, lead generation, fraudulent case reduction, risk factor prediction, in turn, enabling business growth. The IOT analytics helps insurance companies to generate leads as per the unstructured data available on the web.
The Insurance Analytics market is expected to grow at a CAGR of 14.4% to reach USD 39 billion in 2030.
.jpg "The Global Insurance Analytics Market 2020-2030 (USD Billion)")
The aim of the report is to estimate the size of the market for Insurance Analytics and the future growth potential of the market for Insurance Analytics across various segments, such as Component, Business Function, Deployment Model, Organization Size, and End-Use.
The base year considered for the analysis is 2019 and from 2020 to 2025 the market size is estimated. Increasing business's focus toward enhancing value chain management, reducing production costs, gaining competitive skills, and delivering higher customer satisfaction, and improving internal functioning, has substantially escalated the industry growth.
In the End-Use, the Insurance Companies industry is anticipated to hold a substantial share. This is pertaining to surging demand for critical fiscal year report and offering lucrative insurance services impelling companies to adopt advanced analytics service software tools. In addition, data generated through smartphones, computers, social media, and other consumer and industrial and devices has become a primary source for behavioral insights for the consumer, enabling organizations to scale their capabilities.
In addition, North America is expected to hold a significant share, on account of the presence of leading players in the region. The region’s growth is mainly contributed by the escalating adoption of insurance analytics tools along with the presence of leading companies in the region. In addition, a favorable outlook from end-use industries, on deploying insurance analytics to provide customer-centric products is further complementing the regional growth.
Insurance Analytics Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 39 billion |
| Growth Rate | CAGR of 14.4% during 2020-2030 |
| Segment Covered | by Component, Business Application, Deployment Mode, Organization Size, End-User, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | IBM, Microsoft, Oracle, SAP SE (Germany), Salesforce, SAS Institute, OpenText (Canada), Verisk Analytics, Tableau Software, Pegasystems, Hexaware (India), Guidewire, MicroStrategy, Sapiens International (Israel), LexisNexis, Palantir, TIBCO Software, Applied Systems, Birst, BOARD International (Switzerland), Mitchell International, QlikTech, Vertafore, PrADS Inc., BRIDGEi2i (India), |
Key Segments of the Global Insurance Analytics Market
Component Overview (USD Billion)
- Tools
- Services
Business Function, (USD Billion)
- Claims Management
- Risk Management
- Customer Management & Personalization
- Process Optimization
- Others
Deployment Model Overview, (USD Billion)
- On-Premises
- Cloud
Organization Size Overview, (USD Billion)
- Large Enterprises
- SMEs
End-Use Overview (USD Billion)
- Insurance Companies
- Government Agencies
- Third-party Administrators, Brokers, and Consultancies
Regional Overview, (USD Billion)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Important Companies in Global Insurance Analytics market
- IBM
- Microsoft
- Oracle
- SAP SE
- Salesforce
- SAS Institute
- OpenText
- Verisk Analytics
- Tableau Software
- Pegasystems
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of Insurance Analytics Market Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on Insurance Analytics Market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the field service management industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on solution, service, and industry End-Use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Insurance Analytics Market. The report will benefit: Every stakeholder involved in the Insurance Analytics Market.
- Managers within the field service management industry looking to publish recent and forecasted statistics about Insurance Analytics Market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Insurance Analytics Market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
Asia Pacific dominated the market for insurance analytics market and accounted for the largest revenue share.
The Global insurance analyticsMarket is Segmented on the basis of Component,Business Function,Deployment Model,End-Use, Regions.
The base year for the report is 2023 in insurance analytics market