Global Insurance Data Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Insurance Data Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Insurance Data market finds that the global Insurance Data market reached a value of USD 16862.62 million in 2022. It’s expected that the market will achieve USD 30151.24 million by 2028, exhibiting a CAGR of 10.17% during the forecast period.

Market Challenges

Data security in insurance analytics is emerging as a key market challenge. The process involves collecting and storing information, such as customer personal data and information about the product. Insurers deal with high volumes of data, which may include incomplete and inconsistent information, such as customer profile and financial information may lead to misidentified customers, duplicate marketing mails, and duplicate payments. This can potentially lead to loss of revenue, stalled operations, and compromised credibility, which can negatively impact insurers.

Besides, dealing with big data in insurance software solutions raises questions about the end-to-end confidentiality requirements of customer information. In fact, because data comes from many different sources and has varying degrees of reliability, it is impossible to use standard data transmission protocols and storage methods to ensure security. Meanwhile, the concern of businesses about sharing their critical business data on cloud is significantly rising in the market. It exposes the systems to unauthorized access, which can sabotage the system or cause system outages. Due to this, many organizations are afraid to transfer their data on cloud, as the enterprises are very sensitive when it comes to data storage and access. Hence, it is necessary to continuously monitor the process to minimize the security risks. These factors are expected to hamper the market growth over the forecast period.

Region Overview:

From 2022-2027, Americas is estimated to witness robust growth prospects.

Company Overview:

IBM, Verisk Analytics, LexisNexis, SAP AG, Guidewire and SAS are the five key players in the global Insurance Data market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Insurance Data market in the past 5 years.

IBM is a leading cloud platform and cognitive solutions company. Restlessly reinventing since 1911, it is the largest technology and consulting employer in the world, with more than 350,000 employees serving clients in 170 countries. With Watson, the AI platform for business, powered by data, it is building industry-based solutions to real-world problems. For more than seven decades, IBM Research has defined the future of information technology with more than 3,000 researchers in 12 labs located across six continents.

Verisk is a leading data analytics company serving customers in insurance, energy and specialized markets, and financial services. Verisk businesses include ISO, Wood Mackenzie, Verisk Maplecroft, Xactware, AIR Worldwide, Argus, and Verisk 3E. Headquartered in Jersey City, New Jersey, the company operates in 30 countries. Their 8,000+ employees contribute their expertise in actuarial science, chemistry and physics, commercial banking and finance, data science and artificial intelligence, economics, engineering, natural resources, predictive analytics, supply chain, and more.

Segmentation Overview:

Among different product types, Software segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Claim management segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Insurance Data market covered in Chapter 3:

Verisk Analytics
BOARD International
PwC
Guidewire
Vertafore
ReSource Pro
Majesco
SAP AG
Pegasystems
RSM
Tableau
TIBCO Software
IBM
Oracle
OpenText
LexisNexis
Qlik
Deloitte
SAS

In Chapter 4 and Chapter 14.2, on the basis of types, the Insurance Data market from 2018 to 2029 is primarily split into:

Service
Software

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Insurance Data market from 2018 to 2029 covers:

Claim management
Risk assessment
Process optimization
Customer management and personalization

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)