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Insurance Analytics Market by Component, Business Application, Deployment Model, Organization Size, End-User And Region - Global Forecast to 2023

Insurance Analytics Market: Global Forecast until 2023

  • May 2018
  • 178 pages
  • ID: 5398027
In this report:
The global insurance analytics market is expected to grow from USD ##.## billion in 2018 to USD ##.## billion by 2023, at a CAGR of ##.##% during the forecast period.
The deployment and integration segment is projected to have the largest market size by 2023 and is expected to grow from USD ##.## million in 2018 to USD ##,##.## million by 2023, at a higher CAGR of ##.##% during the forecast period.

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The quick adoption of data-driven decision-making process and advanced analytics techniques is driving the insurance analytics market

MarketsandMarkets expects the overall insurance analytics market to grow from ~$6.6B in 2018 to ~$12.0B by 2023, at a Compound Annual Increase rate of 12.50 percent during the forecast period. Fast adoption of data-driven decision-making process and advanced analytics techniques is driving the industry. Nevertheless, the lack of integration with legacy systems and varying structure of regulation policies are anticipated to limit the increase of the insurance analytics market.

The risk management business application is forecasted to hold the biggest sector size by 2023

Insurers require to effectively use their data to comprehend the potential risks, use counter measures to mitigate losses, or at the least, screen, pre-empt, and price for them in the underwriting process. Risk management implies identification, assessment, and management incorporating use of analytics to support decision-making process through clearly stating business goals and objectives, precise information management with better understanding of the trade-offs between risk and reward.

Insurance companies are expected to be the biggest adopter of insurance analytics solution in 2018

Insurance companies are now widely adopting different technology solutions including analytics for their internal and customer-facing services.For example, multi-line carriers that supply both consumer policies - for homes, cars and small groups - additionally to business services, including P&C insurance, run many applications to handle underwriting, claims, and CRM.

Growing service demand and critical end-of-year fiscal reporting force these organizations to take advanced technological solutions. This, in turn, drive the insurance companies' market value in the insurance analytics market during the estimate period.

Asia Pacific (APAC) is expected to grow at the highest compound annual growth rate (CAGR) and North America continent to hold the biggest industry size

The APAC area is forecast to grow at the quickest rate in the overall insurance analytics market during the outlook period, due to its increasing technology adoption rate.Quick economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are forecast to steer the insurance analytics market in the Asia-Pacific regions.

North America (NA), succeeded by EU, is anticipated to continue being the biggest revenue-generating area for the insurance analytics vendors, over the upcoming 5 years. This is primarily due to the presence of developed economies, including Canada and US, and the high focus on modernizations in Research and development and technology across industry verticals.

Comprehensive interviews were managed with the Chief Executive Officers, marketing directors, other innovation and technology directors, and executives from numerous main institutions operating in the insurance analytics marketplace.

• By Organization - Tier 1 - 22.0 percent, Tier 2 - 30.0 percent, and Tier 3 - 48.0 percent

• By Description - C-suite - 30.0 percent, D-level - 45.0 percent, and Others - 25.0 percent

• By Area - North America continent - 41.0 percent, Europe (EU) - 25.0 percent, Asia-Pac - 20.0 percent, and rest of the world - 14.0 percent

Segment Research

The insurance analytics market revenue is primarily classified into incomes from tools and services.Revenue from tools is combined with software and platform offerings, while revenue from services is combined with managed services and professional services.

The professional services include deployment and integration, support and training, and consulting services. The sector is also broken down on the basis of business application, end-user, organization size, deployment model, and area.

Reasons to Buy the Report

• To get a comprehensive overview of the overall insurance analytics market

• To benefit a wide range information about the top actors in this marketspace, their products review, and the best strategies approved by them

• To benefit insights of the main countries/localities, in which the insurance analytics market is flourishing in different industry verticals

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