PUBLISHER: QYResearch | PRODUCT CODE: 1868030
PUBLISHER: QYResearch | PRODUCT CODE: 1868030
The global market for InsurTech (Insurance Technology) was estimated to be worth US$ 17828 million in 2024 and is forecast to a readjusted size of US$ 57179 million by 2031 with a CAGR of 17.7% during the forecast period 2025-2031.
InsurTech (Insurance Technology) refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry. Insurtech powers the creation, distribution, and administration of the insurance business.Technologies that are currently used in the insurtech field mainly covered Artificial intelligence (AI), Machine learning (ML), Internet of Things (IoT), Smartphone apps, Blockchain technology, etc.The report mainly counts InsurTech technology providers, third-party platforms, agency platforms and insurance IT is not covered.
The InsurTech (Insurance Technology) market is undergoing rapid transformation as digital technologies reshape how insurance services are developed, distributed, and consumed. Traditionally conservative and slow to change, the insurance sector is now embracing digital innovation to improve efficiency, customer experience, and competitiveness. Leading global players such as DXC Technology, Damco Solutions, Wipro Limited, and Majesco play pivotal roles in driving this change, although each currently holds a relatively modest market share-over 1% respectively-reflecting the fragmented and dynamic nature of the industry. The market is marked by a diverse ecosystem of startups and established firms developing specialized solutions tailored to various insurance segments.
Regionally, North America and Europe are the primary hubs for InsurTech innovation, each accounting for approximately 38% and 22% of the global market. These regions benefit from well-developed financial infrastructures, favorable regulatory environments, and high digital adoption rates. However, Asia-Pacific is emerging as a strong contender due to its growing middle class, smartphone penetration, and demand for personalized insurance solutions. Increasing investment activity and government support in countries like China and India are expected to accelerate InsurTech adoption in the region over the coming years.
Looking ahead, the InsurTech market is expected to continue expanding as both insurers and customers demand more efficient, transparent, and personalized services. The property and casualty insurance segment already accounts for over 50% of the market, and it will remain a focal point due to its suitability for automation and data-driven innovation. As regulatory frameworks evolve to accommodate digital insurance models and new technologies such as blockchain and IoT gain traction, InsurTech companies that can adapt quickly and prioritize trust, security, and user experience will lead the next phase of market growth.
This report aims to provide a comprehensive presentation of the global market for InsurTech (Insurance Technology), focusing on the total sales revenue, key companies market share and ranking, together with an analysis of InsurTech (Insurance Technology) by region & country, by Type, and by Application.
The InsurTech (Insurance Technology) market size, estimations, and forecasts are provided in terms of sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding InsurTech (Insurance Technology).
Market Segmentation
By Company
Segment by Type
Segment by Application
By Region
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size. This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of InsurTech (Insurance Technology) company competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Revenue of InsurTech (Insurance Technology) in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Revenue of InsurTech (Insurance Technology) in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product revenue, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.