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PUBLISHER: IMARC Services Private Limited | PRODUCT CODE: 1206976
PUBLISHER: IMARC Services Private Limited | PRODUCT CODE: 1206976
Insurance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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The global insurance analytics market size reached US$ 11.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.3 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028.
Insurance analytics refers to the process of collecting, analyzing and extracting insights from data sources for minimizing the risks associated with underwriting, pricing, rating, claims and marketing of insurance policies. It utilizes a software platform integrated with data analysis tools, artificial intelligence (AI) and big data solutions to generate leads and identify market trends. The software enables the organizations and individuals to track insurance payments, liquidity and other financial operations. Insurance analytics also aids in reducing the overall operational costs, preventing fraudulent activities, optimizing client relations and utilizing predictive analytics in insurance models. These solutions can be deployed on-premises or on the cloud and are widely used by insurance organizations, third-party administrators, brokers and consultants.
Insurance Analytics Market Trends:
- Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Large and medium-sized organizations are widely adopting insurance analytics tools integrated with cloud computing, application programming interfaces (APIs), data analytics, robotic process automation (RPA), chatbots and machine learning solutions for enhanced operational efficiency. Insurance analytics aids in preventing internal frauds, rate evasions and underwriting and cybersecurity fraud committed by applicants, policyholders, third-party claimants and professionals. Moreover, the increasing number of fraudulent activities, such as insurance padding, inflated claims, staged accidents and submission of inaccurate information evidence, is also providing a thrust to the market growth. Additionally, the widespread adoption of big data and predictive modeling-integrated insurance analytics solutions is acting as another growth-inducing factor. These solutions can collect information from internal and external sources, such as telematics, agent and customer interactions and social media platforms and develop countermeasures to mitigate losses and risks. Other factors, including the implementation of stringent government policies to prevent cyberattacks, along with the increasing requirement to reduce claim management time, are anticipated to drive the market toward growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global insurance analytics market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, enterprise size, application and end user.
Breakup by Component:
- Solution
- Service
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Claims Management
- Risk Management
- Customer Management
- Sales and Marketing
- Others
Breakup by End User:
- Insurance Companies
- Government Agencies
- Third-party Administrators, Brokers and Consultancies
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Applied Systems Inc., Hexaware Technologies Limited, International Business Machines Corporation, LexisNexis Risk Solutions (RELX PLC), Microsoft Corporation, MicroStrategy Incorporated, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Salesforce.com inc., SAP SE and Sapiens International Corporation.
Key Questions Answered in This Report:
- 1. What was the size of the global insurance analytics market in 2022?
- 2. What is the expected growth rate of the global insurance analytics market during 2023-2028?
- 3. What are the key factors driving the global insurance analytics market?
- 4. What has been the impact of COVID-19 on the global insurance analytics market?
- 5. What is the breakup of the global insurance analytics market based on the component?
- 6. What is the breakup of the global insurance analytics market based on the deployment mode?
- 7. What is the breakup of the global insurance analytics market based on the enterprise size?
- 8. What is the breakup of the global insurance analytics market based on the application?
- 9. What is the breakup of the global insurance analytics market based on the end user?
- 10. What are the key regions in the global insurance analytics market?
- 11. Who are the key players/companies in the global insurance analytics market?
Product Code: SR1323A448_Report
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Insurance Analytics Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Solution
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Service
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Deployment Mode
- 7.1 On-premises
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Cloud-based
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Enterprise Size
- 8.1 Small and Medium-sized Enterprises
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Large Enterprises
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
9 Market Breakup by Application
- 9.1 Claims Management
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Risk Management
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Customer Management
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 9.4 Sales and Marketing
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
- 9.5 Others
- 9.5.1 Market Trends
- 9.5.2 Market Forecast
10 Market Breakup by End User
- 10.1 Insurance Companies
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Government Agencies
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Third-party Administrators, Brokers and Consultancies
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
11 Market Breakup by Region
- 11.1 North America
- 11.1.1 United States
- 11.1.1.1 Market Trends
- 11.1.1.2 Market Forecast
- 11.1.2 Canada
- 11.1.2.1 Market Trends
- 11.1.2.2 Market Forecast
- 11.1.1 United States
- 11.2 Asia-Pacific
- 11.2.1 China
- 11.2.1.1 Market Trends
- 11.2.1.2 Market Forecast
- 11.2.2 Japan
- 11.2.2.1 Market Trends
- 11.2.2.2 Market Forecast
- 11.2.3 India
- 11.2.3.1 Market Trends
- 11.2.3.2 Market Forecast
- 11.2.4 South Korea
- 11.2.4.1 Market Trends
- 11.2.4.2 Market Forecast
- 11.2.5 Australia
- 11.2.5.1 Market Trends
- 11.2.5.2 Market Forecast
- 11.2.6 Indonesia
- 11.2.6.1 Market Trends
- 11.2.6.2 Market Forecast
- 11.2.7 Others
- 11.2.7.1 Market Trends
- 11.2.7.2 Market Forecast
- 11.2.1 China
- 11.3 Europe
- 11.3.1 Germany
- 11.3.1.1 Market Trends
- 11.3.1.2 Market Forecast
- 11.3.2 France
- 11.3.2.1 Market Trends
- 11.3.2.2 Market Forecast
- 11.3.3 United Kingdom
- 11.3.3.1 Market Trends
- 11.3.3.2 Market Forecast
- 11.3.4 Italy
- 11.3.4.1 Market Trends
- 11.3.4.2 Market Forecast
- 11.3.5 Spain
- 11.3.5.1 Market Trends
- 11.3.5.2 Market Forecast
- 11.3.6 Russia
- 11.3.6.1 Market Trends
- 11.3.6.2 Market Forecast
- 11.3.7 Others
- 11.3.7.1 Market Trends
- 11.3.7.2 Market Forecast
- 11.3.1 Germany
- 11.4 Latin America
- 11.4.1 Brazil
- 11.4.1.1 Market Trends
- 11.4.1.2 Market Forecast
- 11.4.2 Mexico
- 11.4.2.1 Market Trends
- 11.4.2.2 Market Forecast
- 11.4.3 Others
- 11.4.3.1 Market Trends
- 11.4.3.2 Market Forecast
- 11.4.1 Brazil
- 11.5 Middle East and Africa
- 11.5.1 Market Trends
- 11.5.2 Market Breakup by Country
- 11.5.3 Market Forecast
12 SWOT Analysis
- 12.1 Overview
- 12.2 Strengths
- 12.3 Weaknesses
- 12.4 Opportunities
- 12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
- 14.1 Overview
- 14.2 Bargaining Power of Buyers
- 14.3 Bargaining Power of Suppliers
- 14.4 Degree of Competition
- 14.5 Threat of New Entrants
- 14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
- 16.1 Market Structure
- 16.2 Key Players
- 16.3 Profiles of Key Players
- 16.3.1 Applied Systems Inc.
- 16.3.1.1 Company Overview
- 16.3.1.2 Product Portfolio
- 16.3.2 Hexaware Technologies Limited
- 16.3.2.1 Company Overview
- 16.3.2.2 Product Portfolio
- 16.3.3 International Business Machines Corporation
- 16.3.3.1 Company Overview
- 16.3.3.2 Product Portfolio
- 16.3.3.3 Financials
- 16.3.3.4 SWOT Analysis
- 16.3.4 LexisNexis Risk Solutions (RELX PLC)
- 16.3.4.1 Company Overview
- 16.3.4.2 Product Portfolio
- 16.3.5 Microsoft Corporation
- 16.3.5.1 Company Overview
- 16.3.5.2 Product Portfolio
- 16.3.5.3 Financials
- 16.3.5.4 SWOT Analysis
- 16.3.6 MicroStrategy Incorporated
- 16.3.6.1 Company Overview
- 16.3.6.2 Product Portfolio
- 16.3.6.3 Financials
- 16.3.6.4 SWOT Analysis
- 16.3.7 Open Text Corporation
- 16.3.7.1 Company Overview
- 16.3.7.2 Product Portfolio
- 16.3.7.3 Financials
- 16.3.7.4 SWOT Analysis
- 16.3.8 Oracle Corporation
- 16.3.8.1 Company Overview
- 16.3.8.2 Product Portfolio
- 16.3.8.3 Financials
- 16.3.8.4 SWOT Analysis
- 16.3.9 Pegasystems Inc.
- 16.3.9.1 Company Overview
- 16.3.9.2 Product Portfolio
- 16.3.9.3 Financials
- 16.3.9.4 SWOT Analysis
- 16.3.10 Salesforce.com inc.
- 16.3.10.1 Company Overview
- 16.3.10.2 Product Portfolio
- 16.3.10.3 Financials
- 16.3.10.4 SWOT Analysis
- 16.3.11 SAP SE
- 16.3.11.1 Company Overview
- 16.3.11.2 Product Portfolio
- 16.3.11.3 Financials
- 16.3.11.4 SWOT Analysis
- 16.3.12 Sapiens International Corporation
- 16.3.12.1 Company Overview
- 16.3.12.2 Product Portfolio
- 16.3.1 Applied Systems Inc.
Product Code: SR1323A448_Report
List of Figures
- Figure 1: Global: Insurance Analytics Market: Major Drivers and Challenges
- Figure 2: Global: Insurance Analytics Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Insurance Analytics Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Insurance Analytics Market: Breakup by Component (in %), 2022
- Figure 5: Global: Insurance Analytics Market: Breakup by Deployment Mode (in %), 2022
- Figure 6: Global: Insurance Analytics Market: Breakup by Enterprise Size (in %), 2022
- Figure 7: Global: Insurance Analytics Market: Breakup by Application (in %), 2022
- Figure 8: Global: Insurance Analytics Market: Breakup by End User (in %), 2022
- Figure 9: Global: Insurance Analytics Market: Breakup by Region (in %), 2022
- Figure 10: Global: Insurance Analytics (Solution) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Insurance Analytics (Solution) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Insurance Analytics (Service) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Insurance Analytics (Service) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Insurance Analytics (On-premises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Insurance Analytics (On-premises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Insurance Analytics (Cloud-based) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Insurance Analytics (Cloud-based) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Insurance Analytics (Small and Medium-sized Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Insurance Analytics (Small and Medium-sized Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Insurance Analytics (Large Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Insurance Analytics (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Insurance Analytics (Claims Management) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Insurance Analytics (Claims Management) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: Global: Insurance Analytics (Risk Management) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: Global: Insurance Analytics (Risk Management) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: Global: Insurance Analytics (Customer Management) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: Global: Insurance Analytics (Customer Management) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: Global: Insurance Analytics (Sales and Marketing) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: Global: Insurance Analytics (Sales and Marketing) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: Global: Insurance Analytics (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: Global: Insurance Analytics (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: Global: Insurance Analytics (Insurance Companies) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: Global: Insurance Analytics (Insurance Companies) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: Global: Insurance Analytics (Government Agencies) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: Global: Insurance Analytics (Government Agencies) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: Global: Insurance Analytics (Third-party Administrators, Brokers and Consultancies) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: Global: Insurance Analytics (Third-party Administrators, Brokers and Consultancies) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: North America: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: North America: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: United States: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: United States: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 42: Canada: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 43: Canada: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 44: Asia-Pacific: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 45: Asia-Pacific: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: China: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: China: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 48: Japan: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 49: Japan: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 50: India: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 51: India: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 52: South Korea: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 53: South Korea: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 54: Australia: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 55: Australia: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 56: Indonesia: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 57: Indonesia: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 58: Others: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 59: Others: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 60: Europe: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 61: Europe: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: Germany: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: Germany: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 64: France: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 65: France: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 66: United Kingdom: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 67: United Kingdom: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 68: Italy: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 69: Italy: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: Spain: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 71: Spain: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 72: Russia: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 73: Russia: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 74: Others: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 75: Others: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 76: Latin America: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 77: Latin America: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 78: Brazil: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 79: Brazil: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 80: Mexico: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 81: Mexico: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 82: Others: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 83: Others: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 84: Middle East and Africa: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
- Figure 85: Middle East and Africa: Insurance Analytics Market: Breakup by Country (in %), 2022
- Figure 86: Middle East and Africa: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 87: Global: Insurance Analytics Industry: SWOT Analysis
- Figure 88: Global: Insurance Analytics Industry: Value Chain Analysis
- Figure 89: Global: Insurance Analytics Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Insurance Analytics Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Insurance Analytics Market Forecast: Breakup by Component (in Million US$), 2023-2028
- Table 3: Global: Insurance Analytics Market Forecast: Breakup by Deployment Mode (in Million US$), 2023-2028
- Table 4: Global: Insurance Analytics Market Forecast: Breakup by Enterprise Size (in Million US$), 2023-2028
- Table 5: Global: Insurance Analytics Market Forecast: Breakup by Application (in Million US$), 2023-2028
- Table 6: Global: Insurance Analytics Market Forecast: Breakup by End User (in Million US$), 2023-2028
- Table 7: Global: Insurance Analytics Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 8: Global: Insurance Analytics Market: Competitive Structure
- Table 9: Global: Insurance Analytics Market: Key Players
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