The global insurance analytics market is emerging market and was valued USD 6.83 Billion in 2019 growing with a CAGR 12.5% during the forecast period.
The growth is attributed to surge in advance analytics tools and data-driven decision-making techniques. Furthermore, increase in demand for digital infrastructure among enterprises is also one of the factors propelling market growth.
Moreover, reduction in the cost of ownership of infrastructure for organizations also adds to the growth of insurance analytics market. However data security concern hinders the market growth.
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- By component, service segment holds higher CAGR and is anticipated to witness growth during the forecast period on account of surge in demand for continuous high quality services among the enterprises.
- By business application, the customer management and personalization holds higher CAGR and is anticipated to witness growth during the forecast period. The growth is attributed to surge in demand for additional policy discounts and proactive risk management services.
- By deployment mode, cloud segment register higher CAGR and is presumed to witness growth during the forecast period on account of greater adoption among SMEs in order to maintain budget constraint.
- By organization size, SMEs holds dominant position and is presumed to grow during the forecast period on account of broad offering of cloud segment that includes; reduction in infrastructure cost and better support and maintenance services among others.
- By end –users, third party administrators holds higher CAGR and is anticipated to witness growth on account of surge in demand for online insurance solutions.
- By region, North America holds higher CAGR and is presumed to grow during forecast period on account of presence of large number of vendors offering insurance analytics solutions.
- Asia-Pacific is the fastest growing region and is anticipated to witness growth during forecast period on account of rising adoption cloud based technologies and digitization.
- IBM (US),
- Microsoft (US),
- Oracle (US),
- SAP SE (Germany),
- Salesforce (US),
- SAS Institute (US),
- OpenText (Canada),
- Verisk Analytics (US),
- Tableau Software (US),
Insurance Analytics Market Segmentation
- Service Managed services
- Professional services
- Deployment and integration
- Support and maintenance
By Business Application
- Claim management
- Risk management
- Process optimization
- Customer management and personalization
By Deployment Model
By Organization Size
- Large enterprises
- Small and Medium Enterprises (SMEs)
- Insurance companies
- Government agencies
- Third-party administrators, brokers, and consultancies
- The U.K.
- The Rest of Europe
The Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- The Rest of MEA
- South Korea
- The Rest of Asia-Pacific
- The Rest of South America
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods
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