Meticulous Research® – leading global market research company published a research report titled “Insurance Analytics Market by Component, Business Application (Claims Management, Pricing & Risk Management, Customer Management & Personalization), Deployment, Organization Size, End-User (Agencies, Brokers), and Geography– Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the insurance analytics market is expected to grow at a CAGR of 12.2% from 2020 to 2027 to reach $18.5 billion by 2027. The insurance analytics market is majorly driven by the factors such as growing digitalization in insurance industry and rising adoption of advanced analytics and data driven decision making techniques. Additionally, the increasing adoption of IoT insurance and growing acceptance of insurance analytics among small and medium sized enterprises are poised to offer abundant opportunities for the insurance analytics market players during the forecast period.
The global insurance analytics market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis component, deployment, business application, organization size, end-user, and geography. The study also evaluates industry competitors and analyses the market at a country level.
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Based on component, the software solution segment is estimated to command the largest share of the overall insurance analytics market in 2020. The large share of this segment is mainly attributed to the increase in usage of analytics software for product designing, improve underwriting, and enhance pricing precision that effectively increase profitability of the core business. Besides, the growing interoperability of the software to integrate with the new technologies, allowing developers to update and upgrade solutions consistently, is poised to drive the market during the forecast period.
Based on deployment type, the cloud based segment is estimated to command the largest share of the overall insurance analytics market in 2020, owing to the extensive benefits provided by the cloud providers in terms of SaaS, PaaS, and IaaS for learning analytics. Besides, the cloud hosted software are maintained, updated, and secured by the cloud providers which makes institutions to freely use the software. Moreover, this segment is also projected to grow with the fastest CAGR during the forecast period owing to the consistent developments on cloud-based platforms.
Based on organization size, the large enterprises segment is estimated to account for the largest share of the overall insurance analytics market in 2020. However, the SMEs segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing investments and funding offered to emerging start-ups in the industry to inculcate digital solutions like insurance analytics which can enhance the business process.
Based on end-user, the insurance companies segment is estimated to account for the largest share of the overall insurance analytics market in 2020. The large share of this segment is attributed to the rising amount of big data in terms of underwriting, rating, pricing, forms, marketing, and claims handling which had encouraged insurance companies to use data analytics to forecast future events and apply predictive analytics models.
Geographically, North America is estimated to command the largest share of the global insurance analytics market in 2020, followed by Europe, Asia Pacific, Latin America, and the Middle East and Africa. The large share of North America is primarily attributed to the presence of major insurance analytics companies and their focus on developing advanced insurance analytics technology, along with the increasing funding by government for insurance analytics advancements. However, Asia-Pacific region is expected to witness a rapid growth during the forecast period.
Some of the key players operating in the global insurance analytics market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Salesforce.SE (U.S.), MicroStrategy Incorporate (U.S.), TIBCO Software Inc. (U.S.), SAP SE (U.S.), and Tableau Software LLC. (U.S.), Applied Systems (U.S.), Open Text Corporation (Canada), Pegasystems, Inc. (U.S.), Verisk Analytics, Inc. (U.S.), Hexaware Technologies Limited (India), Palantir Technologies (U.S.), Sapiens International Corporation (Israel), Guidewire Software Inc., (U.S.), LexisNexis Risk Solutions (U.S.), and Vertafore, Inc. (U.S.), among others.
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