Dublin, Feb. 22, 2021 (GLOBE NEWSWIRE) -- The "Insurance Analytics Market by Component, Business Application, Deployment, Organization Size, End-User, and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The research report provides in-depth analysis of the insurance analytics market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2027. The insurance analytics market is expected to reach $18.5 billion by 2027, growing at a CAGR of 12.2% during the forecast period of 2020 to 2027. The growth of this market is mainly driven by growing digitalization in the insurance industry and the rising adoption of advanced analytics and data-driven decision-making techniques. In addition, the increasing adoption of IoT technology in the insurance industry and the growing acceptance of insurance analytics among small and medium-sized enterprises are expected to create tremendous opportunities for the growth of the insurance analytics market during the forecast period.
The study offers a comprehensive analysis of the insurance analytics market with respect to component, deployment type, application, organization size, end user, and geography. The insurance analytics market is segmented based on component (solutions and services), application (claims management, pricing & risk management, customer management & personalization, process optimization, and others), deployment (cloud-based and on-premise), organization size (small and medium-sized enterprises and large enterprises), end user (insurance companies, government agencies, third-party administrators, brokers, and consultancies), and region. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the insurance analytics market is segmented into solutions and services. In 2020, the solutions segment is expected to command the largest share of the insurance analytics market, owing to the high need for ensuring the quality & safety of products. This segment is also expected to record the highest CAGR during the forecast period, which can be attributed to the increasing technological developments that enhance the possibilities of easy integration of new technologies with the existing software.
Based on organization size, the insurance analytics market is broadly segmented into large enterprises and small & medium enterprises (SMEs). In 2020, the large enterprises segment is expected to command the largest share of the insurance analytics market, owing to the high spending capacity of large enterprises on advanced technologies and the growing significance of making data-driven decisions to increase profitability. However, the growing number of insure-tech start-ups and the rising awareness among companies regarding the benefits of implementing insurance analytics solutions in the organization are expected to drive the growth of the SMEs segment at the highest CAGR during the forecast period.
Based on end user, the insurance analytics market is segmented into insurance companies, government agencies, and third-party administrators, brokers, and consultancies. In 2020, the insurance companies segment is expected to account for the largest share of the insurance analytics market. This share can be attributed to the power of privatization in making effective business decisions that encourage the high use of modern technologies to attract and serve large numbers of customers. However, the government agencies segment is expected to record the highest CAGR over the forecast period owing to growing awareness amongst the agencies about the benefits of implementing insurance analytics solutions for policymaking and reducing costs.
Based on geography, the insurance analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America is expected to account for the largest share of the insurance analytics market. North America's large share is attributed to the availability of sensor-driven data in the region, greater adoption of advanced technologies, a growing sense of safety and security among consumers, increased need for energy-efficient products and systems, rising innovation in the field of analytics, and the presence of major players in this region.
The key players profiled in the insurance analytics market are IBM Corporation (U.S.), Microsoft (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Salesforce.SE (U.S.), MicroStrategy Incorporate (U.S.), TIBCO Software AG Inc. (U.S.), SAP SE (U.S.), and Tableau Software AG LLC. (U.S.), Applied Systems (U.S.), Open Text Corporation (Canada), Pegasystems, Inc. (U.S.), Verisk Analytics , Inc. (U.S.), Hexaware Technologies Limited (India), Palantir Technologies (U.S.), Sapiens International Corporation (Israel), Guidewire Software AG Inc., (U.S.), LexisNexis Risk Solutions (U.S.), and Vertafore, Inc. (U.S.).
Key questions answered in the report:
Key Topics Covered:
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency and Limitations
1.4. Key Stakeholders
2 Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.2. Bottom-Up Approach
2.3.3. Top-Down Approach
2.3.4. Growth Forecast
2.4. Assumptions for the Study
3 Executive Summary
3.2. Market Analysis, by Component
3.3. Market Analysis, by Application
3.4. Market Analysis, by Deployment Type
3.5. Market Analysis, by Organization Size
3.6. Market Analysis, by End User
3.7. Market Analysis, by Geography
3.8. Competitive Analysis
4 Market Insights
4.2.1. Rising Adoption of Advanced Analytics and Data-Driven Decision-Making Techniques
4.2.2. Growing Digitalization in the Insurance Industry
4.3.1. Lack of Skilled Workforce
4.4.1. Adoption of Insurance Analytics Solutions and Services among SMEs
4.4.2. Increasing Adoption of IoT Insurance
4.5.1. Data Privacy & Security Concerns
4.6.1. Adoption of New Models for Creating Personalized Insurance Products
4.6.2. Telematics Insurance
4.7. Impact of Covid-19 on the Insurance Analytics Market
5 Insurance Analytics Market, by Component
5.3.1. Managed Services
5.3.2. Professional Services
126.96.36.199. Deployment & Integration Services
188.8.131.52. Support & Maintenance
184.108.40.206. Consulting Services
6 Insurance Analytics Market, by Application
6.2. Pricing and Risk Management
6.3. Claims Management
6.4. Process Optimization
6.5. Customer Management and Personalization
6.6. Other Applications
7 Insurance Analytics Market, by Deployment Type
8 Insurance Analytics Market, by Organization Size
8.2. Large Enterprises
8.3. Small and Medium-Sized Enterprises (SMEs)
9 Insurance Analytics Market, by End User
9.2. Insurance Companies
9.3. Government Agencies
9.4. Third-Party Administrators, Brokers, and Consultancies
10 Insurance Analytics Market, by Geography
10.2. North America
10.5. Latin America
10.6. Middle East & Africa
11 Competitive Landscape
11.2. Key Growth Strategies
11.3. Competitive Benchmarking
11.4. Market Share Analysis (2019)
12 Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
12.1. MicroStrategy Incorporated
12.2. Tibco Software AG Inc.
12.3. SAS Institute, Inc.
12.4. IBM Corporation
12.6. SAP SE
12.7. Oracle Corporation
12.8. Tableau Software AG LLC
12.9. Applied Systems
12.10. OpenText Corporation
12.11. Pegasystems, Inc.
12.12. Verisk Analytics , Inc.
12.13. Hexaware Technologies Limited
12.14. Salesforce.Com, Inc.
12.15. Palantir Technologies
12.16. Sapiens International Corporation
12.17. Guidewire Software AG , Inc.
12.18. LexisNexis Risk Solutions
12.19. Vertafore, Inc.
13.2. Available Customization
For more information about this report visit https://www.researchandmarkets.com/r/7oe8hd
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