Insurance Analytics Market Worth $18.5 billion by 2027, Growing at a CAGR of 12.2% From 2020- Exclusive Report by Meticulous Research®

REDDING, Calif., May 12, 2021 /PRNewswire/ -- According to a new market research report "Insurance Analytics Market by Component, Business Application (Claims Management, Pricing & Risk Management, Customer Management & Personalization), Deployment, Organization Size, End-User (Agencies, Brokers), and Geography - Global Forecast to 2027", published by Meticulous Research^®, the insurance analytics market is expected to reach $18.5 billion by 2027, at a CAGR of 12.2% during the forecast period of 2020 to 2027.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5115

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. However, the lack of a skilled workforce and unwillingness to adopt insurance analytics coupled with data privacy & security concerns are expected to hinder the growth of this market.

Based on component, the insurance analytics market is segmented into solutions and services. In 2020, the solutions segment commanded the largest share of the overall 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. Also, the increasing usage of analytics for designing products, improving underwriting, and enhancing pricing precision to increase profitability has proved to be one of the key factors driving the growth of this segment.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5115

Based on application, the insurance analytics market is segmented into claims management, pricing and risk management, customer management and personalization, process optimization, and other applications. In 2020, the pricing and risk management segment commanded the largest share of the overall insurance analytics market, owing to the growing need for a more robust and technologically advanced approach for managing risks occurring in insurance lifecycles against a framework of volatile markets, low interest rates, and depressed returns. However, the customer management and personalization segment is expected to record the highest CAGR during the forecast period as insurers have begun leveraging analytics to offer additional policy discounts and proactive risk management solutions to meet their customers' requirements.

Based on deployment type, the insurance analytics market is segmented into cloud and on-premise. In 2020, the cloud segment accounted for the largest share of the overall insurance analytics market, which is attributed to the wide use of cloud computing across the IT sector for developing various solutions hosted on cloud platforms. Also, the effortless integration of various technologies with cloud computing is expected to support the fastest growth of this segment in the insurance analytics market over the forecast period.

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 commanded the largest share of the overall 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.

Quick Buy – Insurance Analytics Market Research Report: https://www.meticulousresearch.com/Checkout/63995134 

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 accounted for the largest share of the overall 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 global insurance analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global insurance analytics market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America's large share is primarily 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. However, Europe is projected to record the highest CAGR during the forecast period. Extensive government initiatives to enhance the productivity of the insurance industry and the growing trend of insure-tech start-ups adopting various advanced solutions for launching and enhancing their products are major factors driving the growth of the insurance analytics market in Europe.

The global insurance analytics market is fragmented in nature and is characterized by the presence of several companies competing for larger market shares. Some of the leading companies in the insurance analytics market are IBM Corporation (U.S.), SAP SE (U.S.), Oracle Corporation (U.S.), and Palantir Technologies (U.S.). These companies lead the market due to their strong brand recognition, diverse product portfolios, strong distribution & sales networks, and efficient organic & inorganic growth strategies.

Other key players operating in the global insurance analytics market are MicroStrategy Incorporated (U.S.), TIBCO Software Inc. (U.S.), SAS Institute Ins. (U.S.), Microsoft Corporation (U.S.), Salesforce.com, Inc. (U.S.), Tableau Software (U.S.), Applied Systems, Inc. (U.S.), OpenText Corporation (Canada), Pegasystems Inc. (U.S.), Verisk Analytics, Inc. (U.S.), Hexaware Technologies Limited (India), Sapiens International Corporation (U.S.), Guidewire Software Inc., (U.S.), LexisNexis Risk Solutions (U.S.), and Vertafore (U.S.), among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/insurance-analytics-market-5115

Scope of the report

Insurance Analytics Market, by Component 

• Solutions
• Services
• Managed Services
• Professional Services
• Consulting
• Deployment and Integration
• Support and Maintenance

Insurance Analytics Market, by Business Application 

• Claims Management
• Pricing and Risk Management
• Customer Management and Personalization
• Process Optimization
• Others

Insurance Analytics Market, by Deployment type

• Cloud
• On-Premises

Insurance Analytics Market, by Organization Size 

• Small & Medium Enterprises (SME)
• Large Enterprises

Insurance Analytics Market, by End-user

• Insurance Companies
• Government Agencies
• Third-Party Administrators, Brokers, and Consultancies

Insurance Analytics Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Rest of Asia-Pacific
• Latin America
• Brazil
• Mexico
• Rest of LATAM
• Middle East and Africa
• UAE
• South Africa
• Rest of MEA

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5115

Amidst this crisis, Meticulous Research^® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research

Related Report-

Risk Analytics Market by Component (Software, Services), Risk Type (Strategic, Operational, Financial), Deployment Mode, Industry Size, and End User (BFSI, Manufacturing, IT & Telecom, Retail, Transportation, Government, Healthcare) -Global Forecast to 2028

https://www.meticulousresearch.com/product/risk-analytics-market-5188 

FinTech Blockchain Market by Provider (Middleware, Application, and Solution), Application (Payments, Clearing, and Settlement, Exchanges and Remittance, Smart Contract, Identity Management, and Compliance Management/KYC), Organization Size, Vertical, and Region - Global Forecast to 2025

https://www.meticulousresearch.com/product/fintech-blockchain-market-5013 

Digital Transformation Market by Technology (IoT, Cloud Computing, Big Data Analytics, Artificial Intelligence, Cybersecurity, Mobility Solutions, AR/VR, Robotic Process Automation, Others), End-use Industry (Retail, Government and Public Sector, Healthcare, Supply Chain and Logistics, Utilities, Manufacturing, Insurance, IT and Telecom, Media and Entertainment, Banking and Financial Services, Education, Others) Industry Size (Small and Medium Enterprises, Large Enterprises), Process (Customer Transformation, Operational Transformation, Product Transformation, Workforce Transformation) - Global Forecast to 2025

https://www.meticulousresearch.com/product/digital-transformation-market-4980

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding, 
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com 
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/33/insurance-analytics-market-2027

Logo: https://mma.prnewswire.com/media/1213534/Meticulous_Research_Logo.jpg