Insurance Analytics Market by Component, Business Application (Claims Management, Pricing & Risk Management, Customer Management & Personalization), Deployment, Organization Size, End-User (Agencies, Brokers), and Region – Global Forecast to 2027

The research report titled “Insurance Analytics Market by Component, Business Application (Claims Management, Pricing & Risk Management, Customer Management & Personalization), Deployment, Organization Size, End-User (Agencies, Brokers), and Region – Global Forecast to 2027” provides in-depth analysis of the insurance analytics market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2027. The global insurance analytics market is expected to reach $18.5 billion by 2027, growing at a CAGR of 12.2% during the forecast period of 2020 to 2027. The growth of this market is mainly attributed to the rising adoption of advanced analytics and data driven decision making techniques and growing digitalization in the insurance industry.

The study offers a comprehensive analysis of the global insurance analytics market with respect to component, deployment, business application, organization size, end-users and geography. The global insurance analytics market is segmented on the basis component (solutions, services), business application (claims management, pricing and risk management, customer management and personalization, process optimization, others), deployment (cloud, on-premise), organization size (small and medium sized enterprises, large enterprises), end-user (insurance companies, government agencies, third-party administrators, brokers, and consultancies), and region. The study also evaluates industry competitors and analyses the market at a country level.

Based on component, the software solution segment is estimated to command the largest share of the overall insurance analytics market in 2020. The large share of this segment is mainly attributed to the increase in usage of analytics software for product designing, improve underwriting, and enhance pricing precision that effectively increase profitability of the core business. Besides, the growing interoperability of the software to integrate with the new technologies, allowing developers to update and upgrade solutions consistently, is poised to drive the market during the forecast period.

Based on organization size, the large enterprises segment is estimated to account for the largest share of the overall insurance analytics market in 2020. However, the SMEs segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing investments and funding offered to emerging start-ups in the industry to inculcate digital solutions like insurance analytics which can enhance the business process.

Based on end-user, the insurance companies segment is estimated to account for the largest share of the overall insurance analytics market in 2020. However, the government agencies segment is expected to grow with the highest CAGR during the forecast period. The rapid growth of this segment is mainly due to the increasing government initiatives to digitalize the public sector and adopt data driven approach to solve real-world problems.

Geographically, North America region is estimated to command the largest share of the overall insurance analytics market in 2020, followed by Europe, Asia Pacific, Latin America, and Middle East and Africa. However, Asia-Pacific is expected to witness a rapid growth during the forecast period. The rapid growth of this region is mainly driven by the factors such as rapidly developing economies, presence of young and tech-savvy population in this region, rising disposable incomes, rapid infrastructure development, growing proliferation of cloud computing and smartphones, encouragement from government for the development of sector, and growing sense of responsibility towards the environment.

The key players profiled in the global insurance analytics market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Salesforce.SE (U.S.), MicroStrategy Incorporate (U.S.), TIBCO Software Inc. (U.S.), SAP SE (U.S.), and Tableau Software LLC. (U.S.), Applied Systems (U.S.), Open Text Corporation (Canada), Pegasystems, Inc. (U.S.), Verisk Analytics, Inc. (U.S.), Hexaware Technologies Limited (India), Palantir Technologies (U.S.), Sapiens International Corporation (Israel), Guidewire Software Inc., (U.S.), LexisNexis Risk Solutions (U.S.), and Vertafore, Inc. (U.S.), among others.

Key questions answered in the report-

  • Which are the high growth market segments in terms of the component, deployment, application, end user and countries?
  • What is the historical market for insurance analytics across the globe?
  • What are the market forecasts and estimates for the period of 2019-2027?
  • Who are the major players in various countries and what share of the market do they hold?
  • What are the recent developments in the global insurance analytics market?
  • What are the different strategies adopted by the major players in the global insurance analytics market?
  • What are the geographical trends and high growth countries?
  • Who are the local emerging players in the global insurance analytics market and how do they compete with the other players?


Scope of the report
Insurance Analytics Market, by Component

  • Solutions
  • Services


o Managed Services
o Professional Services
Consulting
Deployment and Integration
Support and Maintenance
Insurance Analytics Market, by Business Application

  • Claims Management
  • Pricing and Risk Management
  • Customer Management and Personalization
  • Process Optimization
  • Others


Insurance Analytics Market, by Deployment type

  • Cloud
  • On-Premises


Insurance Analytics Market, by Organization Size

  • Small & Medium Enterprises (SME)
  • Large Enterprises


Insurance Analytics Market, by End-user

  • Insurance Companies
  • Government Agencies
  • Third-Party Administrators, Brokers, and Consultancies


Insurance Analytics Market, by Geography

North America
  •  U.S.
  • Canada
Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Rest of Asia-Pacific
Latin America
  • Brazil
  • Mexico
  • Rest of LATAM
Middle East and Africa
  • UAE
  • South Africa
  • Rest of MEA