Insurance Analytics Market Growth: Global CAGR Set At 9.00%

Global Insurance Analytics Market is highly competitive as the key players are involved in the development of strategies such as partnerships. The presence of important players defines the competitive landscape of the market. The major market players have distribution channels and production facilities all over the world. New entrants have found it difficult to develop a foothold in the industry due to the existence of dominating incumbents. New and potential businesses, on the other hand, have been investing in R&D operations in order to compete in the business.

Some of the significant players in the global insurance analytics market are Verisk Analytics, Inc, Tableau Software, LLC, Sapiens International, PEGASYSTEMS INC., Oracle Corporation, OpenText, MicroStrategy Inc., Microsoft Corporation, Metromile Inc., Liberty Mutual., LexisNexis Risk Solutions, Lemonade Inc., and Hexaware Technologies.

According to analysts at Zion Market Research, the global Insurance Analytics market size was valued USD 32.97 billion in 2023 and is expected to rise to USD 71.62 billion by 2032 at a CAGR of 9.00%.

This review is based on a report by Zion Market Research, titled “Global Insurance Analytics Market By Component (Tools and Services), By Application (Claim Management, Risk Management, Process Optimization, Customer Management & Personalization, and Others), By End Use (Insurance Companies, Government Agencies, and Brokers & Consultancies), By Deployment (On Premise and Cloud): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2028.”

Growing adoption of advanced analytics techniques Spur Market Growth

The growing adoption of advanced analytics techniques along with the data-driven decision-making methods of insurance is the major factor driving the growth of the global insurance analytics market. The surge in the adoption of insurance analytics tools and solutions by small and medium scale enterprises is likely to significantly escalate the growth of the market globally during the forecast period. The IoT insurance is also likely to positively shape the trajectory of the global insurance analytics market during the forecast period as it facilitates the insurers to offer innovative services and interact effectively with customers. Insurance analytics facilitate tools that can be utilized to analyze and process data to generate useful insights that are extremely helpful in decision-making. The rising competition in the market globally is inducing companies to upgrade their current business model and enhance their process along with streamlining the operations effectively. Moreover, the maturing digital infrastructure and growing fraudulent activities in the field of insurance further boost the demand for insurance analytics solutions to overcome these underline challenges. The insurance analytic solution helps companies to concentrate on improving customer experience along with offering solutions based on the extensive understanding of customer behaviour and their requirements. Moreover, an insurance analytics solution empowers agents and distributors with advanced tools to identify the different business opportunities in the market globally.

Global Insurance Analytics Market: Regional Analysis

North America accounts for the largest share in the global insurance analytics market due to the high adoption rates of insurance analytics solutions in the region. Moreover, the presence of prominent market players in the region further boosts the growth of the regional market. The ongoing advancements in data analytics software and the program also escalate the demand for insurance analytics solutions by different organizations in the region.

Asia Pacific is expected to witness huge growth during the forecast period due to the proliferation of real-time insurance platforms in the region. Moreover, the growing fraudulent activities further propel the growth of the regional market during the forecast period.

Global Insurance Analytics Market: Competitive Players

Some of the significant players in the global insurance analytics market are Verisk Analytics, Inc, Tableau Software, LLC, Sapiens International, PEGASYSTEMS INC., Oracle Corporation, OpenText, MicroStrategy Inc., Microsoft Corporation, Metromile Inc., Liberty Mutual., LexisNexis Risk Solutions, Lemonade Inc., and Hexaware Technologies.

Browse the full “Global Insurance Analytics Market By Component (Tools and Services), By Application (Claim Management, Risk Management, Process Optimization, Customer Management & Personalization, and Others), By End Use (Insurance Companies, Government Agencies, and Brokers & Consultancies): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 – 2032.” Report at https://www.zionmarketresearch.com/report/insurance-analytics-market

Global Insurance Analytics Market is segmented as follows:

By Component

• Tools
• Service

By Application

• Claim Management
• Risk Management
• Process Optimization
• Customer Management & Personalization
• Others

By End use

• Insurance Companies
• Government Agencies
• Brokers & Consultancies

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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