The global Insurance Analytics market size is expected to be worth around US$ 18.4 billion by 2028, according to a new report by Vision Research Reports.
The global Insurance Analytics market size was valued at US$ 7.5 billion in 2020 and is anticipated to grow at a CAGR of 11.8% during forecast period 2021 to 2028.
Rising use of big data and (AI) by insurance organizations to automate decision-making process and customer targeting is anticipated to propel the market growth. Furthermore, increasing usage of smartphones and growing demand for digitalization across organizations to streamline their operations is expected to propel the demand for insurance analytics in the market.
Emergence of internet and social media along with increased affordability of storage systems has led to assimilation and generation of the large amount of unstructured data. Insurance companies today, are watching out for intends to effectively use the available information for better decision-making. The analytics solution helps the insurance organizations to predict the expected cost of insurance related with the coverage, enhance risk assessment process, and allow organization to prevent and detect fraudulent activities.
Rising adoption of machine learning and AI in developing insurance analytics tools is gaining popularity across the globe as it offers security control and real-time intelligence with enhanced user experience. Furthermore, increasing adoption of IoT insurance as it increases customer satisfaction, mitigate risks, and lower costs is expected to drive the market growth. Insurance organizations focus on prioritizing technology investments to analyze and gain new insights from customer data, which allow organizations to offer better services to their clients.
On the basis of component, the market is segmented into tools and services. The services segment is further sub-segmented into professional services and managed service. The growing usage of smartphones has led to an increased demand for mobile-based insurance facilities across the globe. In addition, as more and more financial fraudulent activities come to light, the demand for insurance analytics tools is expected to grow over the forecast period.
On the basis of end use, the market is segmented into insurance companies, government agencies, and third-party administrators, brokers, & consultancies. The insurance companies segment dominated the market in 2019. Increasing demand for insurance services and critical fiscal year report force companies to opt for advanced analytics tools. The propagation of third-party data sources eliminates insurers’ dependence on internal data. Data obtained from smartphones, social media, computers, and other industrial and consumer devices has become a main source for behavioral insights for the insurer.
On the basis of application, the market is segmented into claim management, risk management, process optimization, customer management & personalization, and others. The risk management segment led the market in 2019 and is expected to maintain its dominance over the forecast period. Insurance analytics for risk management enables underwriters to get an automated result for better decision-making. It also reveals a hidden pattern in the data and provides insights into the impending risks, which help insurers to take preventive measures to avoid risks. These factors are expected to drive demand for the risk management segment.
On the basis of deployment, the insurance analytics market has been segmented into on-premise and cloud. The cloud segment led the market in 2019 and is expected to maintain its dominance over the forecast period. Cloud deployment allows insurance analytics tools to be easily integrated with third-party applications and provides security to their online offerings. Cloud-based analytics solutions are also available on pay-as-you-go pricing, which eliminates upfront infrastructure costs.
On the basis of enterprise size, the market has been segmented into large enterprises and small & medium enterprises. Many large-scale enterprises focus on implementing insurance analytics to improve customer loyalty and minimize overall infrastructure costs. Furthermore, insurance analytics tools allow large enterprises to meet the changing government regulations and standards set forth by HIPAA, Payment Card Industry Data Security Standard, and Federal Government. This is anticipated to drive the segment growth.
North America was the dominant regional market in 2019 and will retain its position throughout the forecast years. This growth can be attributed to the rising adoption of insurance analytics tools and the strong presence of major companies in the region. Furthermore, end-use industries, such as government agencies, insurance companies, and third-party administrators, in the region are significantly focusing on adopting insurance analytics to offer customer-centric products. Furthermore, rapid advancements in data analytics software programs, and government initiatives to spread awareness about the need for insurance is expected to drive the regional market.
LexisNexis Risk Solutions
Tableau Software, LLC
Verisk Analytics, Inc.
Customer Management & Personalization
Enterprise Size Outlook
Small & Medium Enterprise
Third-party Administrators, Brokers, & Consultancies
The Insurance Analytics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Insurance Analytics market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Insurance Analytics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Insurance Analytics market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Insurance Analytics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Insurance Analytics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Insurance Analytics by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Insurance Analytics market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Insurance Analytics market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Insurance Analytics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Insurance Analytics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Insurance Analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Insurance Analytics market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Insurance Analytics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Insurance Analytics market. These factors have benefited the growth of the global market for Insurance Analytics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Insurance Analytics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Insurance Analytics are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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