The global insurance analytics market is projected to grow at a CAGR of around 12.0% during the forecast period (2024-2031). The market is majorly driven by the growing competition in the market which is encouraging companies to upgrade to novel business models, streamline operations, and enhance processes. Additionally, rapidly maturing digital infrastructure and increasing fraudulent activities in the insurance industry are expected to increase the demand for analytics solutions. The third factor affecting the market is the changing financial policies and regulations across the globe, which is compelling insurance facilities to opt for analytics to control their operations.
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The global insurance analytics market is segmented based on application (into claims management, risk management, customer management and personalization, process optimization, and others), deployment (into on-premises and cloud), end-users (insurance companies, government agencies, and third-party administrators, brokers, & consultancies) and geographies (into North America, Europe, Asia-Pacific and Rest of the World).
Market Trends
- The insurance companies segment is estimated to hold a prominent share in the overall insurance analytics market during the forecast period, owing to privatization, which encourages the high use of modern technologies to attract and serve a huge population of customers.
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- The market is restrained by the rising risk of cyberattacks. With the enhanced security for the banking sector, hackers are diverting towards the more vulnerable insurance industries. This is a result of the huge volume of demographic, income financial, and other assets data available to the insurance companies.
- The Asia Pacific region is anticipated to hold the largest market share during the forecast period, with a considerable contribution from emerging economies including China, Japan, South Korea, and Australia which are investing in the development of data analytics solutions in the insurance industry. Additionally, the insurance sector is also increasingly leveraging cloud capabilities in the region.
The major players in the global insurance analytics market include Hexaware Technologies, LexisNexis Risk Solutions, OpenText, PEGASYSTEMS INC., Sapiens International, Tableau Software, LLC, and Verisk Analytics, Inc., among others. These players are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships, and collaborations, thus, contributing significantly towards market growth.
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