Global Insurance Analytics Market Size, Growth, Global Trends, Forecast to 2026
According to Facts & Factors, the global insurance analytics market size in terms of revenue was worth around USD 7.60 billion in 2019 and is expected to reach USD 16.74 billion by 2026, growing at a CAGR of 14.05% from 2020 to 2026. The global insurance analytics market is projected to grow at a significant growth rate due to a number of driving factors.
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Analytics aids insurers by supplying data and shrewd life insurance expertise. The insurance industry generates enormous amounts of data, such as for a person covered by a term plan who will undergo a number of life changes, such as job assignments and personal milestones like marriage and parenthood, which will result in a variety of data regarding changing health and income parameters. Insurance companies should assess and make use of this information since it will help them estimate consumer behavior and future demand for insurance products.
The primary reasons anticipated to propel the worldwide insurance analytics market are the increasing implementation of advanced analytics techniques and data-driven decision making processes. Additionally, there is a growing need for cutting-edge analytical tools in a variety of fields, including marketing, banking, and the healthcare industry. The worldwide insurance analytics industry is expected to increase, but analysts predict that market uncertainty and growing insurance costs will restrain it. However, it is anticipated that the insurers’ strategy of concentrating more on the demands and lifestyles of their customers and providing bespoke coverage policies will provide new, tempting prospects in the market.
The tools and services segments make up the global insurance analytics market, respectively. Due to the significant demand for analytics solutions in managed and professional services across numerous companies, the services category is anticipated to account for a significant portion of market share over the forecast period. The worldwide insurance analytics market is further divided into risk management, claims management, process optimization, customer management and personalization, and others based on business application. In terms of deployment, the market has also been split into on-premises and on-cloud.
Due to their easy accessibility and affordable characteristics, on-cloud insurance analytics solutions are predicted to experience rapid growth over the next years. The market has been divided into insurance firms, governmental organisations, and third-party administrators, brokers, and consultancies in terms of end-users. The ability to handle water damage, building flaw, restoration, general liability, property and casualty, and automotive is expected to help the third party administrator, brokers, and consultancies category grow at the fastest rate throughout the projected period. It serves as a barrier between clients and insurance companies.
In 2019, North America became the dominant region, and it is anticipated that it would retain that position during the upcoming years. The presence of industrialised nations like the United States and Canada as well as the significant emphasis on technological modernizations and research & development across diverse applications are principally responsible for the expansion. Major companies like IBM, Microsoft, Oracle, and SAP are also present in the United States, which helps with the provision of analytics solutions in a variety of industries.
Due to the increased acceptance of analytics solutions and the deployment of artificial intelligence by insurance businesses across several verticals in the region, Europe is anticipated to have notable rise in the market during the forecast years. Due to its rapid digitalization and expanding use of cloud-based technologies, Asia Pacific is anticipated to have the quickest growth throughout the forecasted period.
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 are some of the leading companies in the insurance