How Robust is the Growth of the Digital Insurance Platform Market?
The digital insurance platform market size has experienced significant growth in recent years, from$137.75 billion in 2024 to projected $154.11 billion in 2025, marking a compound annual growth rate (CAGR) of 11.9%. This growth during the historic period was primarily driven by customer demand for seamless digital experiences, regulatory changes pushing digital transformation, the globalization of insurance services, the emergence of new distribution channels, and operational efficiency and cost reduction. Enjoying a steady increase, the market is forecasted to further grow to $271.04 billion in 2029 at a CAGR of 15.2%. Factors such as increased emphasis on customer engagement, the rise of usage-based insurance models, expansion of digital ecosystems, focus on climate and environmental risks, and mounting cybersecurity concerns are integral to this growth trend.
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What’s Driving the Growth of the Digital Insurance Platform Market?
The growing adoption of cloud computing services is a key driver in the digital insurance platform market. These services allow customers to access storage spaces, files, applications, and databases via internet-connected devices, significantly benefitting the digital insurance platform market by storing and evaluating information at a separate location from their clients. For instance, as reported by the European Commission in April 2024, a marked increase in cloud service usage across different sized enterprises has been noticed – large enterprises (77.6% in 2023, a 6 percentage point increase from 2021), medium-sized enterprises (59% in 2023, up from 53% in 2021), and small businesses (41.7% in 2023, up by 3.8 percentage points).
What Are the Major Segments in the Digital Insurance Platform Market?
1) By Deployment: Cloud, On-Premise
2) By Professional Service: Consulting, Implementation, Support And Maintenance
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Automotive And Transportation, Home And Commercial Buildings, Life And Health, Business And Enterprise, Consumer Electronics, Industrial Machines, Travel
5) By End-User: Insurance Companies, Third-Party Administrators And Brokers, Aggregators
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Which Companies Are Major Players in the Digital Insurance Platform Market?
Major companies operating in the digital insurance platform market include International Business Machines Corporation, Microsoft Corp., Infosys Ltd., Pegasystems Inc., Oracle Corp., Accenture Inc., Tata Consultancy Services Limited, Cognizant Technology Solutions Corp., Majesco Inc., DXC Technology Co., Appian Corp., Mindtree Ltd., Prima Solutions SA, SAP SE, EIS Software Limited, Fineos Corporation Ltd., Inzura Limited, Cogitate Technology Solutions Inc., OutSystems Inc., PolicyBazaar.com, and many others.
What Trends are Emerging in the Digital Insurance Platform Market?
Technological advances are a key trend gaining momentum in the digital insurance platform market. Key players in this market are adopting new technologies to maintain their market position. For instance, in June 2024, Sapiens International Corporation launched its next-generation intelligent insurance platform, an AI-powered, open, integrated, cloud-native solution designed to enhance capabilities of insurers and streamline operations.
Which Regions are Leading and Growing in the Digital Insurance Platform Market?
North America was the largest region in the digital insurance platform market in 2024, with Asia-Pacific expected to be the fastest-growing region in the coming years. The global market report also covers other regions including Western Europe, Eastern Europe, South America, the Middle East, and Africa.
What Does The Digital Insurance Platform Market Report 2025 Offer?
A digital insurance platform refers to an insurance business utilizing technology to offer customized insurance solutions to consumers, thereby streamlining internal processes. Customer experience is enhanced, productivity is boosted, costs are cut, and customer satisfaction increases, all of which help insurers gain a competitive edge. The Digital Insurance Platform Market research report from The Business Research Company offers global insights including market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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