Augmented Reality (AR) in Insurance - Thematic Research
Summary
This report provides an overview of the AR value chain, case studies of AR deployments in insurance, as well as market size and growth forecasts. It also discusses specialist AR vendors for insurance companies and provides analysis of the insurance companies leading the way in AR adoption.
Augmented reality (AR) is a technology that allows the user to see the real world overlaid with digital data. Worth nearly $7 billion in 2020, the global AR market will generate revenues of $152 billion by 2030 according to GlobalData forecasts. Enterprise AR will drive 65% of this revenue. The insurance industry is already adopting AR technology like smart glasses to deliver risk visualization to estimate damage. AR was key to supporting insurers’ remote operations during COVID-19. AR can also be a valuable tool for incumbent traditional insurers to fend off insurtech competition.
Scope
- AXA, Zurich Insurance, and USAA have explored the use of AR smart glasses among risk engineers and onsite specialists.
- Smartphones are the primary consumer AR device. Apple and Google are the biggest beneficiaries of the growth of mobile AR, given their strong smartphone ecosystems and well-established AR software development kits.
- After dipping in Q3 2021, perceptions of AR recovered in Q4, with 55% of respondents believing that the technology would cause either significant or slight disruption to their industries.
- Position yourself for success by understanding the ways in which AR can help to solve the major challenges for the insurance industry, such as COVID-19, ESG, and insurtech.
- Source the leading and specialist vendors of AR technologies for the insurance industry. Discover what each vendor offers, and who some of their existing clients are.
- Quickly identify attractive investment targets in the insurance industry by understanding which companies are most likely to be winners in the future based on our thematic scorecard.
- Gain a competitive advantage in the insurance industry by understanding the potential of AR technologies in the future.
- Executive Summary
- Augmented Reality Value Chain
- Key players in the augmented reality value chain
- Table Figure 1: Key players in the augmented reality value chain
- Table Figure 2: The augmented reality value chain
- Semiconductors
- CPUs
- GPUs
- VPUs
- Image processors
- Communication chips
- MEMS
- Memory chips
- Table Figure 3: AR value chain: Semiconductors
- Components
- Motion tracking
- Batteries
- Displays
- Cameras and 3D lenses
- Audio components
- Machine vision
- Table Figure 4: AR value chain: Components
- Devices
- Smartphones
- AR smart glasses
- AR headsets
- Table Figure 5: AR value chain: Devices
- Platforms
- Table Figure 6: AR value chain: Platforms
- AI
- Table Figure 7: AR value chain: Platforms - The AI technology stack
- Apps and content
- Table Figure 8: AR value chain: Apps and content
- Key players in the augmented reality value chain
- Insurance Challenges
- Table Figure 9: AR is being greeted with optimism across sectors
- Table Key challenges facing the insurance sector
- The Impact of Augmented Reality on Insurance
- Table Figure 10: Thematic impact assessment
- How AR helps resolve the challenge of COVID-19
- How AR helps resolve the challenge of digitalization of the younger generations
- How AR helps resolve the challenge of ESG
- How AR helps resolve the challenge of insurtech
- Case Studies
- AXA’s XL Catlin used Microsoft HoloLens to visualize risk more accurately
- Table Figure 11: XL Catlin used HoloLens to overlay flood simulations on properties
- Allianz and AXA used SightCall to increase the efficiency of the claims process
- Table Figure 12: Participants on the call can pause and annotate live video to emphasize their points
- AiBorne Tech’s platform is streamlining vehicle inspections using AR and AI
- Table Figure 13: The platform combines AI with human expertise to speed up inspections
- AXA branding showcased in AR game Ingress
- Table Figure 14: The AXA shield was an example of AXA’s in-game branding
- Allianz’s Haunted House provided an entertaining AR experience
- Table Figure 15: Animations within the installation included food on the stove that caught fire after being left unattended
- AXA’s XL Catlin used Microsoft HoloLens to visualize risk more accurately
- Data Analysis
- Market size and growth forecasts
- Table Figure 16: AR will generate $152 billion in revenue by 2030
- Table Figure 17: Enterprise AR will be more lucrative than the consumer market over the next decade
- Table Figure 18: AR software will dominate the market over the forecast period
- AR software
- Table Figure 19: The AR software market will generate over $100 billion by 2030
- AR hardware
- Table Figure 20: The AR hardware market will be worth $52 billion by 2030
- Table Figure 21: Enterprises will drive the AR hardware market
- Mergers and acquisitions
- Table Mergers and acquisitions
- Partnerships in the insurance sector
- Table Partnerships in the insurance sector
- Company filings trends
- Table Figure 22: AR and VR-related mentions in company filings are consistently high
- Hiring trends
- Table Figure 23: AR and VR-related jobs have been increasing in the insurance sector
- Social media trends
- Table Figure 24: The insurance sector is increasingly posting about AR and VR on social media
- Augmented reality timeline
- Table Figure 25: The augmented reality story
- Market size and growth forecasts
- Companies
- Leading augmented reality adopters in insurance
- Table Leading augmented reality adopters in insurance
- Leading augmented reality vendors
- Table Leading augmented reality vendors
- Specialist augmented reality vendors in insurance
- Table Specialist augmented reality vendors in insurance
- Leading augmented reality adopters in insurance
- Sector Scorecards
- Life insurance sector scorecard
- Who’s who
- Table Figure 26: Who does what in the life insurance space?
- Thematic screen
- Table Figure 27: Thematic screen - Life insurance sector scorecard
- Valuation screen
- Table Figure 28: Valuation screen - Life insurance sector scorecard
- Who’s who
- Non-life insurance sector scorecard
- Who’s who
- Table Figure 29: Who does what in the non-life insurance space?
- Thematic screen
- Table Figure 30: Thematic screen - Non-life insurance sector scorecard
- Valuation screen
- Table Figure 31: Valuation screen - Non-life insurance sector scorecard
- Who’s who
- Life insurance sector scorecard
- Glossary
- Table Glossary
- Further Reading
- GlobalData reports
- Table GlobalData reports
- GlobalData reports
- Our thematic research methodology
- Table Figure 32: Our five-step approach for generating a sector scorecard
- About GlobalData
- Contact Us
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