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Insurance analytics market forecast, insurance analytics market growth, insurance analytics market trends, insurance analytics market share, insurance analytics market, global insurance analytics market
What Is The Projected Market Size And Growth Rate For The Global Insurance Analytics Market?
The insurance analytics market size has demonstrated rapid expansion in recent years, climbing from $14.71 billion in 2024 to $16.74 billion in 2025 at a compound annual growth rate (CAGR) of 13.8%. This growth in the historical period can be primarily attributed to the increased data volume in the insurance industry, regulatory compliance and reporting requirements, the need for fraud detection and prevention, the shift towards personalized insurance products, competitive pressure, and market dynamics.
Moreover, the insurance analytics market size is anticipated to witness significant growth in the ensuing years, expanding to $32.92 billion in 2029 at a compound annual growth rate (CAGR) of 18.4%. The growth factors propelling the forecast period include the adoption of advanced predictive modeling techniques, expansion of usage-based insurance models, growing emphasis on customer experience analytics, focus on cybersecurity and risk management analytics, and rising competition in the insurance industry. Major trends guiding the forecast period embrace the integration of artificial intelligence in analytics, real-time analytics for claims processing, telematics and IoT for risk assessment, blockchain for transparent and efficient transactions, and collaborative analytics for industry insights.
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What Are The Key Drivers Behind The Growth Of The Insurance Analytics Market?
The increasing digitalization of the insurance industry is substantially contributing to the growth of the insurance analytics market. In areas such as automation, underwriting, risk scoring, claims processing and others, digitalization plays a significant role in the insurance analytics market. It aids in greater market penetration, faster query resolution and customer dashboards, improved customer experience, and a host of other areas. This increased prevalence of digitalization in the insurance industry is one of the primary reasons for the market’s expansion. As stated in a survey conducted by KPMG, a Netherlands-based professional services organization, 85% of insurance CEOs agree that the COVID-19 pandemic has expedited the digitalization of their operations and paved the way for newer operating models. Furthermore, 78% affirm that this technology has significantly hastened the pursuit of a seamless digital customer experience
Which Are The Major Segments In The Global Insurance Analytics Market?
The insurance analytics market covered in this report is segmented as follows:
1) By Component: Solution, Service
2) By Deployment Model: On premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
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Which Key Players Are Changing The Insurance Analytics Market Landscape?
Pivotal players operating within the global insurance analytics market include Applied Systems Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Verisk Analytics Inc., SAS Institute Inc., International Business Machines Corporation (IBM), Guidewide LLC, Sapiens International Corporation N. V., Duck Creek Technologies LLC, LexisNexis Risk Solutions Group Holdings Pty Ltd, Munich Reinsurance America Inc., Fair Isaac Corporation (FICO), Insurity Inc., Xactware Solutions Inc., Salesforce. com Inc., Cognizant Technology Solutions Corporation, Milliman Inc., Symbility Solutions Inc., RiskMatch LLC, Tiger Analytics Inc., WNS Global Services Inc., Shift Technology SAS, Cover-All Technologies Inc., SAP SE, Octo Telematics Ltd., EagleEye Analytics LLC, Metromile Inc., Slice Labs Inc., Zesty. ai.
What Are The Emerging Trends In The Insurance Analytics Market?
Technological innovation remains a predominant trend within the insurance analytics market. Major insurance analytics market participants are zeroing in on technological advancements such as data visualization, which bolster decision-making processes, streamline operations, and enhance risk assessment by deriving clear, actionable insights from complex data sets. Data visualization involves showcasing data in visual forms such as graphs or charts, simplifying the interpretation of complex information for better analysis. In 2024, for instance, Aon plc, a UK-based insurance company launched the Property Risk Analyzer. This comprehensive risk assessment tool provides exposure visualization, loss modelling, and tests insurance structures to aid clients in making informed risk management decisions and exploring various insurance and risk financing options. It enhances data quality and facilitates a more strategic approach towards managing property risks on a global scale.
Which Region Is Forecasted To Grow fastest In The Insurance Analytics Market?
North America held the largest share in the insurance analytics market in 2024. The Asia-Pacific region, however, is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Insurance Analytics Market Report 2025 Offer?
Insurance analytics refers to the process of collecting, analyzing, and extracting relevant insights from a range of data sources to effectively manage risks and offer top-tier insurance contracts in fields such as health, life, property, or casualty, among others, which is vital for generating more leads, improving customer satisfaction, predicting risk accurately for underwriting, and facilitating business growth. The insurance analytics are utilized to detect fraudulent claims, mitigate risk in real-time, influence customer behaviour, predict lifetime value, and more. The Insurance Analytics Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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