Insurtech Market Size, Share, Demand, Insights, Opportunities, Market Report 2023 – 2032 | Quantemplate Limited, Oscar Health, Shift Technologies Inc., ZhongAn, Trov Inc

The Insurtech Global Market Report 2023 by The Business Research Company, provides insurtech market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/insurtech-global-market-report

According to The Business Research Company’s Insurtech Global Market Report 2023, the global insurtech market size will grow from $10.44 billion in 2022 to $13.49 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global insurtech is expected to grow to $39.44 billion in 2027 at a CAGR of 30.7%.

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The insurtech market is segmented:

1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products

2) By Technology: Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, Other Technologies

3) By Offering: Solutions, Services

4) By Deployment: On-Premise, Cloud

5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Other Applications

Insurtech companies are increasingly using hyper-automation to satisfy the rising client demands and to provide competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that allows insurtech professionals in conducting business more quickly, efficiently, and securely. According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024, as new technologies and evolving client expectations drive rapid transition in the the growth of the insurtech market.

The insurtech market report table of contents includes: