Published Date: 26-May-2021
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According to a new report Global Insurance Analytics Market, published by KBV research, The Global Insurance Analytics Market size is expected to reach $25.1 billion by 2027, rising at a market growth of 16.9% CAGR during the forecast period.
The Tools market dominated the Global Insurance Analytics Market by Component 2020. The increasing focus on compliance along with government regulations all over the insurance industry have also propelled the adoption of insurance analytics solutions, specifically in the regulated nations like Europe and North America. The growing rules & regulations like GDPR are projected to fuel the growth of the insurance analytics market over the forecast years. Along with the stringent governance & compliance policies, the insurance analytics solutions also assist companies to reduce the risks by using the fraud & risk management applications and streamline their daily operations that further leads to minimized operational cost.
The Risk Management market dominated the Global Insurance Analytics Market by Application 2020, growing at a CAGR of 15.7 % during the forecast period. The Customer Management & Personalization market is exhibiting a CAGR of 15.9% during (2021 - 2027). Additionally, The Claim Management market is expected to witness a CAGR of 17.6% during (2021 - 2027).
The North America market dominated the Global Insurance Analytics Market by Region 2020. Asia Pacific region is anticipated to witness the fastest growth rate in the insurance analytics market during the forecast period. The rapid increase in mobile and real-time insurer platforms in this region has surged the cases of fraud activities that has further supported the demand for the analytics tools in this region. The rising digitization all over the insurance companies and the growing adoption of cloud-based technologies are further anticipated to fuel the growth of the regional market. The increasing number of companies and third-party administrators in the Asia Pacific region, which are intending to offer affordable plans, is also estimated to surge market growth.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Salesforce.com, Inc., Oracle Corporation, Microsoft Corporation, SAP SE, OpenText Corporation, Pegasystems, Inc., MicroStrategy, Inc., SAS Institute, Inc., and Roper Technologies, Inc. (Vertafore, Inc.)
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