According to the report, The global Insurance Analytics market in 2019 was approximately USD 7.60 Billion. The market is expected to grow at a CAGR of 14.05% and is anticipated to reach around USD 16.74 Billion by 2026.
Analytics supports insurers by providing data and smart knowledge about life insurance. The insurance industry produces massive quantities of data such as for an individual who is insured by a term plan and will experience several life changes including work assignments, personal milestones such as marriage and having children, resulting in various data regarding changing heath and income parameters. Insurance firms should evaluate and use this knowledge because it will assist them to forecast their consumer actions and future insurance product demand.
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The insurance analytics market research report delivers an acute valuation and taxonomy of the insurance analytics industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the insurance analytics industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the insurance analytics industry is provided for the leading economies of the world.
Based on component, the global insurance analytics market is divided into tools and services. On the basis of business application the market is further bifurcated into process optimization, risk management, claims management, customer management and personalization, and others. On terms of deployment model, the market is classified into on-premise and cloud. Moreover, the market has segmented into small and medium sized enterprises and large enterprises in terms of organization size. Furthermore, the end-users of the global insurance analytics market are insurance companies, government agencies, and third-party administrators, brokers, and consultancies.
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Some of the major players in the insurance analytics market IBM, Microsoft, Oracle, SAP SE, Salesforce, SAS Institute, OpenText, Verisk Analytics, Tableau Software, Pegasystems, Hexaware, Guidewire, MicroStrategy, Sapiens International , LexisNexis, Palantir, TIBCO Software, Applied Systems, Birst, BOARD International, Mitchell International, QlikTech , Vertafore, PrADS Inc., and BRIDGEi2i among others
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