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Digital Insurance Platform Market by Component, End-Users, Insurance Application, Deployment Type, Organization Size And Region - Global Forecast to 2023

Digital Insurance Platform Market: Global Forecast until 2023

  • June 2018
  • 167 pages
  • ID: 5446325
In this report:
The aggregators segment is expected to adopt the digital insurance solutions at the highest CAGR of ##.##% during the forecast period and is projected to reach the market size of USD ##.## billion by 2023.
The market size of the automotive and transportation segment is expected to grow from USD ##.## billion in 2018 to USD ##.## billion by 2023, at a CAGR of ##.##% during the forecast period.

Summary

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The digital insurance platform market is anticipated to grow at a compound annual growth rate (CAGR) of 13.7% during the forecast horizon.

The digital insurance platform market size is forecasted to grow from ~$86.2B in 2018 to ~$164.1B by 2023, at a Compound Annual Rise rate of 13.70 percent during the forecast period. The rise in the adoption Internet of Things products, increase in the shift of insurers' focus from product-based strategies to customer-centric strategies, and rised appreciation among insurers to digitalize channels are forecast to steer the rise of the digital insurance platform market. The main factor that is anticipated to restrict the increase of the digital insurance platform market is the difficulty to integrate digital insurance platforms with legacy systems.

The managed services segment is forecasted to account for the larger market size during the estimate period.

Managed services are provided by third-party and include monitoring and maintenance of computers, networks, and software.Managed services providers help institutions improve their productivity and ensure smooth functioning of the business processes with effective utilization of resources.

As well, these services help institutions formulate effective strategies to solve complex business problems.

The small and medium-sized enterprises segment is anticipated to increase at a better compound annual growth rate during the outlook period.

The Small and Medium-sized Enterprises segment is anticipated to rise at a better compound annual growth rate during the estimate period.Profitability is the important need of SMEs, as they always face constraints in marketing themselves and gaining visibility due to their limited budgets.

In this digital era, digital insurance platforms can be extremely helpful to insurers in achieving business objectives, generating revenues, and finding new business opportunities.Most of the SMEs prefer cloud-based solutions over on-premises solutions, and this adoption trend is anticipated to accelerate in the upcoming future.

This adoption allows the cloud segment to account for a considerable market size during the outlook period. Therefrom, the SMEs segment has a huge potential to flourish in the digital insurance platform market during the estimate period.

Asia-Pac is anticipated to witness the more significant increase rate during the outlook period.

North America (NA) is expected to account for the biggest market share in 2018 while APAC is anticipated to grow at the highest compound annual growth rate (CAGR) during the estimate period.Asia-Pac is anticipated to be a money-spinning market for digital insurance platform providers during the outlook period, considering the untapped opportunities and the growing commercial investment in various industry verticals in the territory.

Multinational firms are anticipated to emphasize on exploring the Asia-Pac market by partnering with local firms, channel partners, and technology partners. Also, the rising adoption of the cloud and mobile technologies by big diversified populations and the quick growth in the number of InsureTech firms have led to the fast implementation of digital insurance platforms in the APAC countries, including Japan, China (CN), and Australia (AU).

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions were managed with the main people. The distribution of profiles of the primary participants is presented below:

• By Company category: Tier 1 - 40.0 percent, Tier 2 - 35.0 percent, and Tier 3 - 25.0 percent

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

• By Area: North America continent - 35.0 percent, Asia Pacific (APAC) - 30.0 percent, Europe (EU) - 20.0 percent, and rest of the world - 15.0 percent

The main vendors in the digital insurance platform market contain Accenture, TCS, IBM (NYSE:IBM), DXC Technology, SAP, Oracle Corporation (NYSE:ORCL), Microsoft, Infosys, Pegasystems, Appian, Cognizant, Mindtree, Prima Solutions, Fineos, Bolt Solutions, Majesco, EIS Group, Cogitate Technology Solutions, Inzura, Duck Creek, RGI Group, StoneRiver, Vertafore, iPipeline, and eBaoTech.

Segment Research

The digital insurance platform market has been broken down by component, end-user, insurance application, deployment type, organization size, and area. The study is expected to benefit industry top players/new sector entrants in this sector in these ways:

The document breaks down the digital insurance platform market comprehensively and offers the best approximations of the revenue data for the global market and its sub-segments.The industry numbers are further split across distinct insurance applications and localities.

Furthermore, the analysis splits the sector into on-premises and cloud deployment types.

Reasons to Buy the Report

From an insight prospect, this market research highlights on several levels of analysis - the market size of the overall market and sub-segments; review of the top actors and company descriptions, which together comprise and examine basic views on the competitive landscape; coming out and high-growth segments of the digital insurance platform market; and high-growth areas and their respective drivers, market restraints, opportunities, and alternatives.

The market research is anticipated to enrich both established companies, as well as new entrants/smaller companies to measure the pulse of the sector, which in turn, could help companies in garnering a greater market share.

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