Insurance Analytics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Insurance Analytics Market
The insurance analytics market size was valued at USD 12.56 billion in 2023, and the market is now projected to grow from USD 14.50 billion in 2024 to USD 44.77 billion by 2032, exhibiting a CAGR of 15.1% during the forecast period of 2024-2032.
Pandemic had major effect on the market. The coverage industry's reliance on facts-pushed insights caused a growth in call for analytics answers. The era helped insurers become aware of pandemic-associated risks and create prediction fashions for higher hazard control. Insurance analytics helped insurers conquer COVID-19 problems, promote innovation, and enhance industry resilience.
The developing call for facts-driven choice-making in the coverage enterprise is a key insurance analytics market growth driver. Insurers are leveraging records to analyze dangers, optimize underwriting, perceive fraud, and enhance customer experiences. Data from policyholders, IoT gadgets, and other resources can deliver treasured insights into client conduct and danger concerns. As a result, insurance companies are investing in superior analytics gear and structures to nicely control this information.
The advent of AI and ML in analytics is reworking the coverage sector. Insurers are the usage of these technology to gather deeper insights, optimize operations, and improve patron studies. Algorithms and machine learning improve danger evaluation and permit insurers to create individualized insurance products and pricing models.
Comprehensive Analysis of Insurance Analytics Market
The insurance analytics market is expected to grow at the highest CAGR due to its scalability and real-time data processing capabilities. The solutions are used by large enterprises and small & medium enterprises, with large enterprises dominating the market due to their vast data handling and ability to identify trends in claims data. Small and medium enterprises are also expected to grow at the highest rate due to their recognition of data-driven insights and the affordability of insurance analytics solutions. The market has specific applications, including claims process optimization, fraud detection & risk assessment, and customer engagement & retention. Insurance firms hold the highest market share, relying on data for informed decisions, pricing, claims processing, and customer service. Government agencies are also adopting insurance analytics to enhance operations, save costs, and provide better services to the public.
The North America region lead the insurance analytics market share by benefitting a market size of USD 5.13 billion in 2023 due to North America has the largest market, as insurers use analytical techniques to identify risks and improve policyholder security. Advanced technologies enable broad data investigation and accurate decision-making, driving regional growth. Insurance analytics market share is largely influenced by technical improvements and investments in cutting-edge analytics.
Key players like IBM Corporation (U.S.), Tableau Software, LLC (United States), Wipro (India), LexisNexis Risk Solutions (United States, Vertafore, Inc. (U.S.) and SAS Institute Inc. (U.S., In this market, Verisk Analytics, Inc. (U.S.), ExlService (U.S.), Altair Engineering Inc. (U.S.), and Moody's Analytics, Inc. (U.S.) are developing sophisticated solutions to meet client requests and extending their product range for flexibility. These firms aggressively seek cooperation, acquisitions, and partnerships to expand their product offerings.
Insurity unveiled an Al-powered analytics solution in January 2024, promising to change decision-making for property and liability insurance firms. Insurity's analytics solutions provide network operators with trustworthy portfolio insights, improve loss rates, and enable deeper segmentation.
Segmentation Table
Attribute Details
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 15.1% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Deployment
Cloud
On-premise
By Enterprise Type
Large Enterprises
Small and Medium Enterprises (SMEs)
By Application
Claims Process Optimization
Fraud Detection & Risk Assessment
Customer Engagement & Retention
Others (Data Visualization and others)
By End-user
Insurance Firms
Government Agencies
Others (Third-party Administrators, Brokers, and Consultants)
By Region
North America (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)
- U.S. (By End-user)
- Canada (By End-user)
- Mexico (By End-user)
South America (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)
- Brazil (By End-user)
- Argentina (By End-user)
- Rest of South America
Europe (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)
- U.K. (By End-user)
- Germany (By End-user)
- France (By End-user)
- Italy (By End-user)
- Spain (By End-user)
- Russia (By End-user)
- Benelux (By End-user)
- Nordics (By End-user)
- Rest of Europe
The Middle East & Africa (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)
- Turkey (By End-user)
- Israel (By End-user)
- GCC (By End-user)
- North Africa (By End-user)
- South Africa (By End-user)
- Rest of Middle East & Africa
Asia Pacific (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)
- China (By End-user)
- Japan (By End-user)
- India (By End-user)
- South Korea (By End-user)
- ASEAN (By End-user)
- Oceania (By End-user)
- Rest of Asia Pacific
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Insurance Analytics Key Players Market Share/Ranking, 2023
- 5. Global Insurance Analytics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Deployment (USD)
- 5.2.1. Cloud
- 5.2.2. On-premise
- 5.3. By Enterprise Type (USD)
- 5.3.1. Large Enterprises
- 5.3.2. Small and Medium Enterprises (SMEs)
- 5.4. By Application (USD)
- 5.4.1. Claims Process Optimization
- 5.4.2. Fraud Detection & Risk Assessment
- 5.4.3. Customer Engagement & Retention
- 5.4.4. Others (Data Visualization, etc.)
- 5.5. By End-user (USD)
- 5.5.1. Insurance Firms
- 5.5.2. Government Agencies
- 5.5.3. Others (Third-party Administrators, Brokers, and Consultants)
- 5.6. By Region (USD)
- 5.6.1. North America
- 5.6.2. South America
- 5.6.3. Europe
- 5.6.4. Middle East & Africa
- 5.6.5. Asia Pacific
- 6. North America Insurance Analytics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Deployment (USD)
- 6.2.1. Cloud
- 6.2.2. On-premise
- 6.3. By Enterprise Type (USD)
- 6.3.1. Large Enterprises
- 6.3.2. Small and Medium Enterprises (SMEs)
- 6.4. By Application (USD)
- 6.4.1. Claims Process Optimization
- 6.4.2. Fraud Detection & Risk Assessment
- 6.4.3. Customer Engagement & Retention
- 6.4.4. Others (Data Visualization, etc.)
- 6.5. By End-user (USD)
- 6.5.1. Insurance Firms
- 6.5.2. Government Agencies
- 6.5.3. Others (Third-party Administrators, Brokers, and Consultants)
- 6.6. By Country (USD)
- 6.6.1. United States
- 6.6.1.1. End-user
- 6.6.2. Canada
- 6.6.2.1. End-user
- 6.6.3. Mexico
- 6.6.3.1. End-user
- 7. South America Insurance Analytics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Deployment (USD)
- 7.2.1. Cloud
- 7.2.2. On-premise
- 7.3. By Enterprise Type (USD)
- 7.3.1. Large Enterprises
- 7.3.2. Small and Medium Enterprises (SMEs)
- 7.4. By Application (USD)
- 7.4.1. Claims Process Optimization
- 7.4.2. Fraud Detection & Risk Assessment
- 7.4.3. Customer Engagement & Retention
- 7.4.4. Others (Data Visualization, etc.)
- 7.5. By End-user (USD)
- 7.5.1. Insurance Firms
- 7.5.2. Government Agencies
- 7.5.3. Others (Third-party Administrators, Brokers, and Consultants)
- 7.6. By Country (USD)
- 7.6.1. Brazil
- 7.6.1.1. End-user
- 7.6.2. Argentina
- 7.6.2.1. End-user
- 7.6.3. Rest of South America
- 8. Europe Insurance Analytics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Deployment (USD)
- 8.2.1. Cloud
- 8.2.2. On-premise
- 8.3. By Enterprise Type (USD)
- 8.3.1. Large Enterprises
- 8.3.2. Small and Medium Enterprises (SMEs)
- 8.4. By Application (USD)
- 8.4.1. Claims Process Optimization
- 8.4.2. Fraud Detection & Risk Assessment
- 8.4.3. Customer Engagement & Retention
- 8.4.4. Others (Data Visualization, etc.)
- 8.5. By End-user (USD)
- 8.5.1. Insurance Firms
- 8.5.2. Government Agencies
- 8.5.3. Others (Third-party Administrators, Brokers, and Consultants)
- 8.6. By Country (USD)
- 8.6.1. United Kingdom
- 8.6.1.1. End-user
- 8.6.2. Germany
- 8.6.2.1. End-user
- 8.6.3. France
- 8.6.3.1. End-user
- 8.6.4. Italy
- 8.6.4.1. End-user
- 8.6.5. Spain
- 8.6.5.1. End-user
- 8.6.6. Russia
- 8.6.6.1. End-user
- 8.6.7. Benelux
- 8.6.7.1. End-user
- 8.6.8. Nordics
- 8.6.8.1. End-user
- 8.6.9. Rest of Europe
- 9. Middle East & Africa Insurance Analytics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Deployment (USD)
- 9.2.1. Cloud
- 9.2.2. On-premise
- 9.3. By Enterprise Type (USD)
- 9.3.1. Large Enterprises
- 9.3.2. Small and Medium Enterprises (SMEs)
- 9.4. By Application (USD)
- 9.4.1. Claims Process Optimization
- 9.4.2. Fraud Detection & Risk Assessment
- 9.4.3. Customer Engagement & Retention
- 9.4.4. Others (Data Visualization, etc.)
- 9.5. By End-user (USD)
- 9.5.1. Insurance Firms
- 9.5.2. Government Agencies
- 9.5.3. Others (Third-party Administrators, Brokers, and Consultants)
- 9.6. By Country (USD)
- 9.6.1. Turkey
- 9.6.1.1. End-user
- 9.6.2. Israel
- 9.6.2.1. End-user
- 9.6.3. GCC
- 9.6.3.1. End-user
- 9.6.4. North Africa
- 9.6.4.1. End-user
- 9.6.5. South Africa
- 9.6.5.1. End-user
- 9.6.6. Rest of MEA
- 10. Asia Pacific Insurance Analytics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Deployment (USD)
- 10.2.1. Cloud
- 10.2.2. On-premise
- 10.3. By Enterprise Type (USD)
- 10.3.1. Large Enterprises
- 10.3.2. Small and Medium Enterprises (SMEs)
- 10.4. By Application (USD)
- 10.4.1. Claims Process Optimization
- 10.4.2. Fraud Detection & Risk Assessment
- 10.4.3. Customer Engagement & Retention
- 10.4.4. Others (Data Visualization, etc.)
- 10.5. By End-user (USD)
- 10.5.1. Insurance Firms
- 10.5.2. Government Agencies
- 10.5.3. Others (Third-party Administrators, Brokers, and Consultants)
- 10.6. By Country (USD)
- 10.6.1. China
- 10.6.1.1. End-user
- 10.6.2. India
- 10.6.2.1. End-user
- 10.6.3. Japan
- 10.6.3.1. End-user
- 10.6.4. South Korea
- 10.6.4.1. End-user
- 10.6.5. ASEAN
- 10.6.5.1. End-user
- 10.6.6. Oceania
- 10.6.6.1. End-user
- 10.6.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. IBM Corporation
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Tableau Software, LLC
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Wipro
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. LexisNexis Risk Solution
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Vertafore, Inc.
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. SAS Institute Inc.
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Verisk Analytics, Inc.
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. ExlService Holdings, Inc.
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Altair Engineering Inc.
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Moody's Analytics, Inc.
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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