Insurance Aggregators Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)); By Insurance Type (Life Insurance, Automotive Insurance, Health Insurance, Others); By Distribution Channel (Online, Offline); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Global Insurance Aggregator Market Size Zooming almost 6X to Cross USD 128.5 Million by 2029
The increasing number of aggregators and digital brokers, the deepening use of the internet, and the growing healthcare expenditures are fueling the growth of the Global Insurance Aggregators Market during the forecast period between 2023 and 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global insurance aggregator market size at USD 21.43 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global insurance aggregator market size to grow at a robust CAGR of 19.54% reaching a value of USD 128.54 million by 2029. The global insurance aggregator market is being driven by the increasing demand for insurance products, deepening digital technology usage, and the need for more efficient and transparent insurance purchase processes. The need for more efficient and transparent insurance purchase processes is propelling the insurance aggregator business forward. Insurance aggregators make it easier for customers to make informed decisions about their insurance needs by offering a platform for them to compare policies and pricing from multiple insurance providers. Thus, the insurance sector is seeing more competition and lower pricing.
Global Insurance Aggregators Market
Opportunity: Increasing digital influence globally
The growing digital influence has played a vital role in propelling the global insurance aggregator market forward. Consumers may now access insurance products, compare policies, and purchase coverage online thanks to advances in digital technology. Insurance aggregators have been quick to embrace digital technologies, harnessing advances in artificial intelligence (AI), machine learning (ML), and blockchain to provide personalized services that fit clients' demands. The rise of mobile internet is one of the primary factors of the expanding digital influence in the insurance aggregator business. With the development of smartphones and tablets, users may now access insurance aggregator platforms at any time and from any location, enabling better convenience and accessibility. Insurance aggregators' market reach has extended as a result, allowing them to reach a bigger audience of consumers. Therefore, increasing digital influence will be expected to impel the market growth globally during the forecast period.
Global Insurance Aggregator Market - By Distribution Channel
On the basis of distribution channel, the global insurance aggregator market is segmented into online and offline. The online segment is expected to be a faster-growing distribution channel segment in the insurance aggregator market during the forecast period. Several reasons are predicted to fuel the fastest development in the online segment in the future years. The rising usage of digital technologies is one of the primary reasons driving the expansion of the online segment. Consumers are increasingly purchasing insurance products through online channels, and insurance aggregators are well-positioned to accommodate this need. Customers can compare policies and choose the coverage that best matches their needs by using online channels.
Global Insurance Aggregator Market - By Region
The global insurance aggregator market is dominated by the Asia-Pacific region. Asia Pacific is expected to hold a significant share of the insurance aggregators over the forecast period. The increasing adoption of digital technologies in the region is likely to boost the growth of the Asia-Pacific insurance aggregator market. Consumers are increasingly resorting to digital means to purchase insurance goods in the region, which has a huge and expanding internet user base. Insurance aggregators are well positioned to address this need by providing customers with a simple and convenient way to compare products and locate the coverage that best matches their needs.
Impact of COVID-19 on the Global Insurance Aggregator Market
The COVID-19 pandemic significantly impacted the global insurance aggregator market. In response to the increasing demand for health insurance products as a result of the pandemic, insurance aggregators are advising customers on the numerous options available and assisting them in finding the correct coverage. Customer behavior changes, such as an emphasis on value for money and a preference for digital channels, have also had an impact on the market. Supply chain problems caused by the pandemic have hampered insurance aggregators' ability to provide certain goods and services. Regulatory developments have also had an impact on the market, with changes to licensing requirements and other restrictions affecting insurance aggregators' operations. Insurance aggregators that can quickly adjust to these changes are more likely to succeed in the post-pandemic era.
Competitive Landscape
The global insurance aggregator market is highly competitive, with all the players continually competing to gain a larger market share. The key players are Iris ID, Inc., IDEMIA, IriTech, Inc., Princeton Identity, EyeLock LLC, Bioenable Technologies, Crossmatch, HID Global Corporation, 3M Cogent, Inc., IrisGuard UK Ltd, Aware, Inc., CMITech Company Ltd., Delta ID Inc., ImageWare Systems, Inc., NEC Corporation, and SRI International. The key marketing strategies adopted by the players include facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Insurance Aggregator Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Insurance aggregator Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Global Insurance Aggregators Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Rising number of aggregators and digital brokers
- 3.2.1.2. Increase in digital influence
- 3.2.1.3. Changing customer expectations and purchasing behaviors
- 3.2.2. Restraints
- 3.2.2.1. Lack of awareness among customers
- 3.2.2.2. Lack of skilled workforce
- 3.2.3.Opportunities
- 3.2.3.1. Growing technological innovation in the insurance sector
- 3.2.3.2. Surge in awareness among customers
- 3.2.4. Challenges
- 3.2.4.1. Stringent government regulations associated with license requirement
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Global Insurance Aggregators Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Enterprise Size
- 4.2.1.1. Large Enterprise
- 4.2.1.2. Small and Medium-sized Enterprises (SMEs)
- 4.2.2. By Insurance Type
- 4.2.2.1. Life Insurance
- 4.2.2.2. Automotive Insurance
- 4.2.2.3. Health Insurance
- 4.2.2.4. Other
- 4.2.3. By Distribution Channel
- 4.2.3.1. Online
- 4.2.3.2. Offline
- 4.2.4. By Region
- 4.2.4.1. North America
- 4.2.4.2. Europe
- 4.2.4.3. Asia Pacific (APAC)
- 4.2.4.4. Latin America (LATAM)
- 4.2.4.5. Middle East and Africa (MEA)
- 5. North America Insurance Aggregators Market
- 5.1. Market Size & Forecast, 2019–2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Enterprise Size
- 5.2.2. By Insurance Type
- 5.2.3. By Distribution Channel
- 5.2.4. By Country
- 5.2.4.1. United States
- 5.2.4.1.1. By Enterprise Size
- 5.2.4.1.2. By Insurance Type
- 5.2.4.1.3. By Distribution Channel
- 5.2.4.2. Canada
- 5.2.4.2.1. By Enterprise Size
- 5.2.4.2.2. By Insurance Type
- 5.2.4.2.3. By Distribution Channel
- 6. Europe Insurance Aggregators Market
- 6.1. Market Size & Forecast, 2019–2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Enterprise Size
- 6.2.2. By Insurance Type
- 6.2.3. By Distribution Channel
- 6.2.4. By Country
- 6.2.4.1. Germany
- 6.2.4.1.1. By Enterprise Size
- 6.2.4.1.2. By Insurance Type
- 6.2.4.1.3. By Distribution Channel
- 6.2.4.2. United Kingdom
- 6.2.4.2.1. By Enterprise Size
- 6.2.4.2.2. By Insurance Type
- 6.2.4.2.3. By Distribution Channel
- 6.2.4.3. Italy
- 6.2.4.3.1. By Enterprise Size
- 6.2.4.3.2. By Insurance Type
- 6.2.4.3.3. By Distribution Channel
- 6.2.4.4. France
- 6.2.4.4.1. By Enterprise Size
- 6.2.4.4.2. By Insurance Type
- 6.2.4.4.3. By Distribution Channel
- 6.2.4.5. Spain
- 6.2.4.5.1. By Enterprise Size
- 6.2.4.5.2. By Insurance Type
- 6.2.4.5.3. By Distribution Channel
- 6.2.4.6. Netherlands
- 6.2.4.6.1. By Enterprise Size
- 6.2.4.6.2. By Insurance Type
- 6.2.4.6.3. By Distribution Channel
- 6.2.4.7. Rest of Europe
- 6.2.4.7.1. By Enterprise Size
- 6.2.4.7.2. By Insurance Type
- 6.2.4.7.3. By Distribution Channel
- 7. Asia-Pacific Insurance Aggregators Market
- 7.1. Market Size & Forecast, 2019–2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Enterprise Size
- 7.2.2. By Insurance Type
- 7.2.3. By Distribution Channel
- 7.2.4. By Country
- 7.2.4.1. China
- 7.2.4.1.1. By Enterprise Size
- 7.2.4.1.2. By Insurance Type
- 7.2.4.1.3. By Distribution Channel
- 7.2.4.2. India
- 7.2.4.2.1. By Enterprise Size
- 7.2.4.2.2. By Insurance Type
- 7.2.4.2.3. By Distribution Channel
- 7.2.4.3. Japan
- 7.2.4.3.1. By Enterprise Size
- 7.2.4.3.2. By Insurance Type
- 7.2.4.3.3. By Distribution Channel
- 7.2.4.4. South Korea
- 7.2.4.4.1. By Enterprise Size
- 7.2.4.4.2. By Insurance Type
- 7.2.4.4.3. By Distribution Channel
- 7.2.4.5. Australia & New Zealand
- 7.2.4.5.1. By Enterprise Size
- 7.2.4.5.2. By Insurance Type
- 7.2.4.5.3. By Distribution Channel
- 7.2.4.6. Indonesia
- 7.2.4.6.1. By Enterprise Size
- 7.2.4.6.2. By Insurance Type
- 7.2.4.6.3. By Distribution Channel
- 7.2.4.7. Malaysia
- 7.2.4.7.1. By Enterprise Size
- 7.2.4.7.2. By Insurance Type
- 7.2.4.7.3. By Distribution Channel
- 7.2.4.8. Singapore
- 7.2.4.8.1. By Enterprise Size
- 7.2.4.8.2. By Insurance Type
- 7.2.4.8.3. By Distribution Channel
- 7.2.4.9. Philippines
- 7.2.4.9.1. By Enterprise Size
- 7.2.4.9.2. By Insurance Type
- 7.2.4.9.3. By Distribution Channel
- 7.2.4.10. Vietnam
- 7.2.4.10.1. By Enterprise Size
- 7.2.4.10.2. By Insurance Type
- 7.2.4.10.3. By Distribution Channel
- 7.2.4.11. Rest of APAC
- 7.2.4.11.1. By Enterprise Size
- 7.2.4.11.2. By Insurance Type
- 7.2.4.11.3. By Distribution Channel
- 8. Latin America Insurance Aggregators Market
- 8.1. Market Size & Forecast, 2019–2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Enterprise Size
- 8.2.2. By Insurance Type
- 8.2.3. By Distribution Channel
- 8.2.4. By Country
- 8.2.4.1. Brazil
- 8.2.4.1.1. By Enterprise Size
- 8.2.4.1.2. By Insurance Type
- 8.2.4.1.3. By Distribution Channel
- 8.2.4.2. Mexico
- 8.2.4.2.1. By Enterprise Size
- 8.2.4.2.2. By Insurance Type
- 8.2.4.2.3. By Distribution Channel
- 8.2.4.3. Argentina
- 8.2.4.3.1. By Enterprise Size
- 8.2.4.3.2. By Insurance Type
- 8.2.4.3.3. By Distribution Channel
- 8.2.4.4. Peru
- 8.2.4.4.1. By Enterprise Size
- 8.2.4.4.2. By Insurance Type
- 8.2.4.4.3. By Distribution Channel
- 8.2.4.5. Rest of LATAM
- 8.2.4.5.1. By Enterprise Size
- 8.2.4.5.2. By Insurance Type
- 8.2.4.5.3. By Distribution Channel
- 9. Middle East & Africa Insurance Aggregators Market
- 9.1. Market Size & Forecast, 2019–2029
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Enterprise Size
- 9.2.2. By Insurance Type
- 9.2.3. By Distribution Channel
- 9.2.4. By Country
- 9.2.4.1. Saudi Arabia
- 9.2.4.1.1. By Enterprise Size
- 9.2.4.1.2. By Insurance Type
- 9.2.4.1.3. By Distribution Channel
- 9.2.4.2. UAE
- 9.2.4.2.1. By Enterprise Size
- 9.2.4.2.2. By Insurance Type
- 9.2.4.2.3. By Distribution Channel
- 9.2.4.3. Qatar
- 9.2.4.3.1. By Enterprise Size
- 9.2.4.3.2. By Insurance Type
- 9.2.4.3.3. By Distribution Channel
- 9.2.4.4. Kuwait
- 9.2.4.4.1. By Enterprise Size
- 9.2.4.4.2. By Insurance Type
- 9.2.4.4.3. By Distribution Channel
- 9.2.4.5. South Africa
- 9.2.4.5.1. By Enterprise Size
- 9.2.4.5.2. By Insurance Type
- 9.2.4.5.3. By Distribution Channel
- 9.2.4.6. Nigeria
- 9.2.4.6.1. By Enterprise Size
- 9.2.4.6.2. By Insurance Type
- 9.2.4.6.3. By Distribution Channel
- 9.2.4.7. Algeria
- 9.2.4.7.1. By Enterprise Size
- 9.2.4.7.2. By Insurance Type
- 9.2.4.7.3. By Distribution Channel
- 9.2.4.8. Rest of MEA
- 9.2.4.8.1. By Enterprise Size
- 9.2.4.8.2. By Insurance Type
- 9.2.4.8.3. By Distribution Channel
- 10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Global Micro-Electro-Mechanical System Company Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 11. Impact of Covid-19 on Global Insurance Aggregators Market
- 12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 12.1. PolicyBazaar
- 12.2. GoCompare
- 12.3. Coverfox
- 12.4. SingSaver
- 12.5. Hippo
- 12.6. Compare Policy Insurance Web Aggregators Pvt Ltd,
- 12.7. EasyPolicy
- 12.8. The Zebra
- 12.9. Insurify
- 12.10. ACKO
- 12.11. Gabi
- 12.12. Other Prominent Players
- 13. Key Strategic Recommendations
- 14. Research Methodology
- 14.1.Qualitative Research
- 14.1.1.Primary & Secondary Research
- 14.2.Quantitative Research
- 14.3.Market Breakdown & Data Triangulation
- 14.3.1.Secondary Research
- 14.3.2.Primary Research
- 14.4.Breakdown of Primary Research Respondents, By Region
- 14.5.Assumptions & Limitations
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