Insurance Analytics Market Size is projected to reach USD 39 Billion by 2030, growing at a CAGR of 14.4%: Straits Research

The global insurance analytics market size was worth USD 12 billion in 2021 and is projected to reach USD 39 billion by 2030, growing at a CAGR of 14.4% during the forecast period (2022-2030). North America was the highest revenue contributor and is estimated to grow at a CAGR of 13% during the forecast period.

| Source: Straits Research Straits Research

New York, United States, July 20, 2022 (GLOBE NEWSWIRE) -- Insurance analytics is the process of gathering, evaluating, and extracting useful information from a variety of data sources. Furthermore, insurance analytics play a significant role in pricing and risk selection, identifying clients in danger of cancellation, identifying fraud risk, focusing on customer loyalty, and revolutionizing the claims process. In addition, insurance companies are progressively embracing and deploying advanced analytical tools to help them develop their businesses, eliminate fraud, and accurately estimate risk for underwriting.

Adoption of these technologies is aided by a significant demand for and implementation of advanced technology and the supply of integrated and value-added services to clients. Furthermore, because consumers prefer to acquire online rates and personalized insurance solutions from different providers 24 hours a day, seven days a week, this fosters competition among companies in the market. As a result, the insurance analytics market is expected to develop.


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Increase in Adoption of Advance Technologies to Drive the Global Insurance Analytics Market

Cloud computing, application programming interfaces (APIs), data analytics, artificial intelligence, robotic process automation (RPA), chatbots, and machine learning have grown popular in the insurance sector. Furthermore, companies in this area prefer integrated customized services, which has resulted in a surge in the use of insurance analytics solutions around the world.

Furthermore, there is a substantial need for the implementation of advanced technologies, as well as delivering integrated and value-added services to clients, which encourages technology adoption. As a result, the market is expected to rise as more technologies are implemented to minimize operational costs and enhance convenience and efficiency services.

Surge in Fraudulent Activities to Provide Opportunities for the Global Insurance Analytics Market 

Padding, inflating claims, faking accidents, lying on an insurance application, and making claims for injuries or damage that never occurred are just a few of the major insurance scams. Internal fraud, rate evasion, underwriting fraud, claims fraud, and cybersecurity fraud is committed by applicants, policyholders, third-party claimants, and professionals offering services to claimants at various points in the process. As a result of the significant increase in fraudulent activities, insurance companies are projected to implement insurance analytics solutions in the following years. For example, the Coalition Against Insurance Fraud, in collaboration with SAS Institute Inc., predicted that around 10% of property-casualty insurance claims and loss adjustment expenditures would cost USD 34 billion annually in 2018. As a result, the industry's demand for insurance analytics is likely to rise.


Report Scope

Report MetricDetails
Market SizeUSD 39 Billion by 2030
CAGR14.4% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredComponent, Deployment Model, Enterprise Size, Application, End-User, Region
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsApplied Systems, IBM Corp, Open Text Corporation, Oracle, Pegasystems Inc, Microsoft, Salesforce.com Inc, SAP SE, SAS Institute Inc, Vertafore, Inc
Key Market OpportunitiesThe surge in Fraudulent Activities
Key Market DriversIncrease in Adoption of Advance Technologies
Rise in Competition in the Insurance Sector

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Regional Insights

Region-wise, the global insurance analytics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

North America was the highest revenue contributor and is estimated to grow at a CAGR of 13% during the forecast period. Insurers are using analytical tools to provide early insights for insurers to reduce potential risks for policyholders. In addition, these advanced analytical tools require vital research in data and thorough processing to get accurate results for decision making. These factors, as a result, propelling market growth in the region. Furthermore, technological advancements and investments in advanced analytics in the insurance field are significant growth factors for developing the insurance analytics market. On the contrary, national & regional laws that manage insurers and general data use in North America present an opportunity for future insurance analytics market growth.

Asia-Pacific is the fastest-growing region. In addition, various governments across Asia-Pacific are encouraging & supporting the insurance industry by implementing advanced analytical tools & boost the revenue of their business operations. Moreover, the Asia-Pacific is predicted to grow faster with its rapid adoption of insurance technology. Furthermore, strong economic growth, rapid digitalization, and adoption of cloud-based services offer significant opportunities for market growth in the region.

Europe is the second-largest region. The Europe insurance analytics market is projected to reach USD 9215 million by 2030, growing at a CAGR of 14.6%. Demand for this market in the area is driven by continuous technological improvements in the insurance sector and an increase in insurance analytics technology among insurance firms, government agencies, third-party administrators, and brokers & consultancies. In addition, insurance companies in Europe are using analytical tools to lower regulatory risks and claim processing costs, helping the region's industrial growth. Insurance analytics are being used by companies in various European countries, including the United Kingdom, Germany, and France, due to their successful solutions for expediting claim processes, improving premium collection processes, and creating operational efficiency. Insurance analytics also aid in identifying traits and determinants for possible risk groupings, resulting in more accurate claim projections and risk evaluations. These are the primary drivers of the insurance analytics market.


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Key Highlights

  • The global insurance analytics market was valued at USD 12 billion in 2021 and is projected to reach USD 39 billion by 2030, growing at a CAGR of 14.4% during the forecast period (2022-2030).
  • By component, the global insurance analytics market is bifurcated into solutions and services. The solution segment was the highest contributor to the market and is estimated to grow at a CAGR of 13.7% during the forecast period. Insurance analytics software aids businesses in boosting performance through predictive analytics, improving customer experience, improving risk assessments, lower claims processing costs, and ensuring long-term corporate success. As a result of these factors, the worldwide insurance analytics market is expected to rise.
  • Based on enterprise size, the global insurance analytics market is segmented into large enterprises and small & medium enterprises (SMEs). The large enterprise segment was the highest contributor to the market and is estimated to grow at a CAGR of 14% during the forecast period. Large businesses are subject to significant risk, including the possibility of theft, fraud, and financial losses. As a result, insurance analytics aids in the mitigation of such risk factors and the proactive management of risks. As a result, the rise in the number of security challenges within considerable corporations fuels market growth.
  • By application, the global insurance analytics market is segmented into claims management, risk management, customer management, sales & marketing, and others. The risk management segment was the highest contributor to the market and is estimated to grow at a CAGR of 12.6% during the forecast period. Insurance analytics aid in the efficiency of claim procedures by incorporating techniques such as predictive analytics into the claims management process to aid decision-making. Furthermore, analytical techniques allow for early detection of intricate claims, rapid tracking of non-complex claims, and accurate identification of recoverable claims. These are the major market trends predicted to drive the insurance analytics market forward.
  • Based on end-user, the global insurance analytics market is segmented into insurance companies, government agencies, third-party administrators, brokers, and consultancies. The insurance companies segment was the highest contributor to the market and is estimated to grow at a CAGR of 13.3% during the forecast period. The increased need to be competitive in the global market and the widespread acceptance of insurance have prompted insurance businesses to turn to analytics solutions. Furthermore, in the insurance sector, digital transformation in analytics applications propels radical breakthroughs in product delivery and operational business models. As a result of these considerations, the adoption of analytical solutions by insurance companies is on the rise.  


Competitive Landscape

  • Applied Systems
  • IBM Corp
  • Open Text Corporation
  • Oracle, Pegasystems Inc
  • Microsoft
  • Salesforce.com Inc
  • SAP SE
  • SAS Institute Inc
  • Vertafore, Inc


Global Insurance Analytics Market: Segmentation

By Component

  • Solution
  • Services

By Deployment Model

  • On-premises
  • Cloud

By Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises (SMEs)

By Application

  • Claims Management
  • Risk Management
  • Customer Management
  • Sales & Marketing
  • Others

By End-User

  • Insurance Companies
  • Government Agencies
  • Third-party administrators, brokers, and consultancies

By Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Insurance Analytics Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Component Overview
    1. Introduction
      1. Market Size & Forecast
    2. Solution
      1. Market Size & Forecast
    3. Services
      1. Market Size & Forecast
  5. Deployment Model Overview
    1. Introduction
      1. Market Size & Forecast
    2. On-premises
      1. Market Size & Forecast
    3. Cloud
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Component
        2. By Deployment Model
      3. Canada
        1. By Component
        2. By Deployment Model
      4. Mexico
        1. By Component
        2. By Deployment Model
      5. Latin America
        1. By Component
        2. By Deployment Model
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Component
        2. By Deployment Model
      3. France
        1. By Component
        2. By Deployment Model
      4. U.K.
        1. By Component
        2. By Deployment Model
      5. Italy
        1. By Component
        2. By Deployment Model
      6. Spain
        1. By Component
        2. By Deployment Model
      7. Rest of Europe
        1. By Component
        2. By Deployment Model
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Component
        2. By Deployment Model
      3. China
        1. By Component
        2. By Deployment Model
      4. Australia
        1. By Component
        2. By Deployment Model
      5. India
        1. By Component
        2. By Deployment Model
      6. South Korea
        1. By Component
        2. By Deployment Model
      7. Rest of Asia-Pacific
        1. By Component
        2. By Deployment Model
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Component
        2. By Deployment Model
      3. South Africa
        1. By Component
        2. By Deployment Model
      4. Kuwait
        1. By Component
        2. By Deployment Model
      5. Rest of Middle East & Africa
        1. By Component
        2. By Deployment Model
  7. Company Profile
    1. Applied Systems
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. IBM Corp
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Open Text Corporation
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/insurance-analytics-market/toc 


Market News

  • May 2022 - EY and IBM announce an alliance expansion through a new initiative to help businesses around the world address some of the most pressing workforce challenges in the wake of the COVID-19 pandemic, including employee recruiting, retention, upskilling, and the need to transform HR systems technology at speed and scale.


News Media

COVID-19 is Likely to Make Significant Impact in the Adoption of Insurance Analytics Market

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Insurance Analytics Market insurance companies Insurance Policy Policyholder insurance analytics software cloud computing RPA

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