Insurance Analytics Market Size, Share Global Analysis Report, 2020–2026

Industry Insights

[178+ Pages Report] According to the report published by Facts Factors, the global insurance analytics market size was worth around USD 7.60 billion in 2019 and is predicted to grow to around USD 16.74 billion by 2026 with a compound annual growth rate (CAGR) of roughly 14.05% between 2020 and 2026. The report analyzes the global insurance analytics market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the insurance analytics market.

The insurance analytics market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire insurance analytics market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms of both volume (Units) and value (USD Million) from FY 2016 – 2026.

Key Insights from Primary Research

• As per our primary respondents, the global insurance analytics market is set to grow annually at a rate of around 14.05%
• It was established through primary research that the insurance analytics market was valued at around USD 7.60 Billion in 2019
• North America held the largest market share in 2019, owing to the increasing demand for analytic solutions in several applications such as healthcare, marketing and banking industry.
• On basis of deployment type segment, cloud type dominated the global insurance analytics market in 2019
• Based on various applications, the global insurance analytics market was led by risk management in 2019.

Key Recommendations from Analysts

• As per our analysts, the global insurance analytics market is expected to grow significantly over the forecast period.
• As per analysts, the increasing deployment of artificial intelligence by the insurance enterprises in various verticals will drive the growth of the market.
• As per our analysts, rising technology adoption rate, rapid economic developments, digitalization, urbanization, and rising adoption of the cloud based technologies are driving the global insurance analytics market.
• The strategic and competitive advantage provided by the cloud is driving this market globally.
• Our team of analysts has identified, that Asia Pacific is expected to be the fastest growing market over the estimated period, due to the increasing adoption of the data analytics along with government initiatives across developing economies such as China and India.

The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the insurance analytics industry are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.

Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the insurance analytics industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the insurance analytics market.

The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the insurance analytics industry. The insurance analytics market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.

The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the Insurance Analytics sector. Key strategic developments in the insurance analytics market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the insurance analytics market are appropriately highlighted in the report.

The global insurance analytics market is majorly driven by the rising adoption of the advanced analytics techniques. In addition, organization’s requirement to protect market competitiveness is also one of the factors that drive the market. However, change in the laws and regulation policies are expected to hinder the growth of the global insurance analytics market. Nonetheless, increasing adoption of the insurance analytics services and tools among the small and medium enterprises is estimated to open new alluring opportunities in the market.

The insurance analytics market research report delivers an acute valuation and taxonomy of the insurance analytics industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.

Report Scope

The regional segmentation of the insurance analytics industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the insurance analytics industry is provided for the leading economies of the world.

Based on component, the global insurance analytics market is divided into tools and services. On the basis of business application the market is further bifurcated into process optimization, risk management, claims management, customer management and personalization, and others. On terms of deployment model, the market is classified into on-premise and cloud. Moreover, the market has segmented into small and medium sized enterprises and large enterprises in terms of organization size. Furthermore, the end-users of the global insurance analytics market are insurance companies, government agencies, and third-party administrators, brokers, and consultancies.

Some of the major players in the insurance analytics market

• IBM
• Microsoft
• Oracle
• SAP SE
• Salesforce
• SAS Institute
• OpenText
• Verisk Analytics
• Tableau Software
• Pegasystems
• Hexaware
• Guidewire
• MicroStrategy
• Sapiens International 
• LexisNexis
• Palantir
• TIBCO Software
• Applied Systems
• Birst
• BOARD International
• Mitchell International
• QlikTech 
• Vertafore
• PrADS Inc.
• BRIDGEi2i 

The taxonomy of the insurance analytics industry by its scope and segmentation is as follows:

Components Segment Analysis

• Tools
• Services

Business Application Segment Analysis

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

Deployment Model Segment Analysis

• On-Premises
• On-Cloud

Organization Size Segment Analysis

• Large Enterprises
• Small and Medium-Sized Enterprises

End-User Segment Analysis

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

Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa