Global Insurance Analytics Market (2020 to 2027) - by Component, Deployment Type, Enterprise Size, Application and End-user - ResearchAndMarkets.com

The "Insurance Analytics Market By Component, Deployment Type, Enterprise Size, Application and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.

The global insurance analytics market size was valued at $7.91 billion in 2019, and is projected to reach $ 22.45 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027.

Insurance analytics engages in process of collecting, analyzing, and extracting relevant insights from various data sources. Moreover, insurance analytics largely help in pricing & risk selection, identifying customers at risk of cancellation, identifying risk of fraud, focusing on customer loyalty, and transforming claims process. Furthermore, insurance companies are increasingly adopting & implementing advance analytical solutions enable business growth, reduce fraudulent activities, and predict accurate risk for underwriting.

Significant requirement & implementation of advance technologies and provision of integrated & value-added services to customers promote adoption of these technologies. In addition, as consumers are inclined toward getting online quotes & customized insurance solutions 24/7 from different companies, which creates competition among firms operating in the industry. This, as a result promotes growth of the insurance analytics market. However, security & data privacy concern and stringent government regulations are some of the factors that hamper market growth.

On the contrary, frauds such as rate evasion, underwriting & internal fraud, and claims fraud & cybersecurity fraud are committed at different points in transaction by third-party claimants, applicants, policyholders, and professionals providing services to claimants. Therefore, owing to rapid growth in fraudulent activities, companies providing insurance solutions are expected to demand insurance analytics solutions, which would boost the market growth in the upcoming years.

The insurance analytics market is segmented on the basis of component, deployment type, enterprise size, application, end user, and region. On the basis of component, the market is bifurcated into solution and service. In termss of deployment type, it is divided into on-premises and cloud. On the basis of enterprise size, it is segmented into large enterprises and small & medium enterprises (SMEs). By application, it is segmented into claims management, risk management, customer management, sales & marketing, and others. Based on end user, the market is segmented into insurance companies, government agencies, and third-party administrators, brokers & consultancies. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Benefits

• The study provides in-depth analysis of the global insurance analytics market along with the current & future trends to illustrate the imminent investment pockets.
• Information about key drivers, restrains, & opportunities and their impact analysis on the market size are provided in the report.
• Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
• The quantitative analysis of the global insurance analytics market from 2020 to 2027 is provided to determine the market potential.

Market Dynamics

Drivers

• Increased adoption of advance technologies
• Rise in competition among the insurance sector

Restraint

• Stringent government regulations
• Privacy & security concern

Opportunities

• Surge in fraudulent activities
• Untapped potential of emerging economies

Key Market Players

• Applied Systems
• IBM Corp.
• Microsoft
• Open Text Corporation
• Oracle
• Pegasystems Inc.
• salesforce.com inc.
• SAP SE
• SAS Institute Inc.
• Vertafore, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/ag3jam

View source version on businesswire.com: https://www.businesswire.com/news/home/20210610005698/en/