$11.96 Billion Insurance Analytics Market by Component, Business Application, Deployment Model, Organization Size, End-User, and Region - Global Forecast to 2023
DUBLIN, May 17, 2018 /PRNewswire/ --
The "Insurance Analytics Market by Component, Business Application (Claims Management, Risk Management, Customer Management and Personalization, Process Optimization), Deployment Model, Organization Size, End-User, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global insurance analytics market is expected to grow from USD 6.63 Billion in 2018 to USD 11.96 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period.
The major growth driver of the market is the rapid adoption of data-driven decision-making process and advanced analytics techniques.\The insurance analytics market is segmented by tools and services. The services segment is expected to grow at a higher CAGR during the forecast period. The deployment and integration services subsegment in the professional services segment is projected to witness the highest demand, due to the growing need of insurance analytics solutions across organizations.
The risk management business application is estimated to hold the largest market size in the insurance analytics market in 2018. The growth is fueled by the growing need to simplify the process. Insurers require to effectively use their data to understand the potential risks using counter measures to mitigate losses, or at the least, screen, pre-empt, and price for them in the underwriting process.
Insurers are now leveraging analytics solutions to offer additional policy discounts and proactive risk management services. With social media, they are now able to understand their customers' lifestyle and create customized coverage to match their requirements. Organizations are deploying insurance analytics solutions either on on-cloud or on-premises. The demand for on-cloud insurance analytics solutions is expected to grow, due to its cost-effective and scalable features; its growth is expected to be high, particularly in the Small and Medium-sized Enterprises (SMEs), where low-cost solutions along with high data privacy are largely required.
The global market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America, followed by Europe, is expected to continue as the largest revenue-generating region for the insurance analytics vendors, over the next 5 years.
This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from Research and Development (R&D) and technologies. The APAC region is expected to be the fastest-growing region in the insurance analytics market, because of the increasing adoption of data analytics and cloud technologies, and various other government initiatives, such as smart cities across the APAC countries, including China and India.
Challenges, such as data quality and security issues, and lack of skilled workforce are anticipated to limit the growth of the global insurance analytics market. Lack of integration with legacy systems and varying regulation laws and policies are also expected to restrain the market growth.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Insurance Analytics Market
4.2 Market Share Across Various Regions
4.3 Market By Business Application and Region
4.4 Market Professional Services, By Region
5 Market Overview and Industry Trends
5.1 Market Overview
5.1.1 Introduction
5.1.2 Market Dynamics
5.1.3 Drivers
5.1.3.1 Rapid Adoption of Data-Driven Decision Making
5.1.3.2 Increasing Adoption of Advanced Analytics Techniques
5.1.4 Restraints
5.1.4.1 Lack of Integration With Legacy Systems
5.1.4.2 Varying Regulation Laws and Policies
5.1.5 Opportunities
5.1.5.1 Higher Adoption of Insurance Analytics Tools and Services Among the SMEs
5.1.5.2 Increasing Adoption of IoT Insurance
5.1.6 Challenges
5.1.6.1 Data Quality and Security Issues
5.1.6.2 Lack of Skilled Workforce
5.2 Industry Trends
5.2.1 Insurance Analytics Market: Top Trends
5.2.1.1 Digitalization
5.2.1.2 Advanced Analytics
5.2.1.3 Automation and AI in Insurance
5.2.1.4 Introduction of New Insurance Distribution Channels Such as Direct Small Insurance Business and Chatbots
5.2.2 Insurance Analytics Market: Use Cases
5.2.2.1 Use Case 1: the Value of Synthetic Peer Benchmarking, By Mitchell International
5.2.2.2 Use Case 2: Optimizing Investigation Process for Identifying Additional Premium Opportunities, By Prads Inc.
5.2.2.3 Use Case 3: Building A Framework to Scale the Experience Given to High Net Worth Individuals to the Entire Customer Universe, By Bridgei2i
5.2.2.4 Use Case 4: Claims Fraud Detection in Insurance, By Aureus Analytics
6 Insurance Analytics Market, By Component
6.1 Introduction
6.2 Tools
6.3 Services
6.3.1 Managed Services
6.3.2 Professional Services
6.3.2.1 Deployment and Integration
6.3.2.2 Support and Maintenance
6.3.2.3 Consulting
7 Insurance Analytics Market, By Business Application
7.1 Introduction
7.2 Claims Management
7.3 Risk Management
7.4 Customer Management and Personalization
7.5 Process Optimization
7.6 Others
8 Insurance Analytics Market, By Deployment Model
8.1 Introduction
8.2 On-Premises
8.3 0n-Cloud
9 Insurance Analytics Market, By Organization Size
9.1 Introduction
9.2 Large Enterprises
9.3 Small and Medium-Sized Enterprises
10 Insurance Analytics Market, By End-User
10.1 Introduction
10.2 Insurance Companies
10.3 Government Agencies
10.4 Third-Party Administrators, Brokers, and Consultancies
11 Insurance Analytics Market, By Region
12 Competitive Landscape
12.1 Overview
12.2 Competitive Scenario
12.2.1 New Product Launches and Product Upgradations
12.2.2 Partnerships and Collaborations
12.2.3 Acquisitions
12.2.4 Business Expansions
12.3 Insurance Analytics Market: Prominent Players
13 Company Profiles
13.1 Microsoft
13.2 IBM
13.3 Oracle
13.4 SAP
13.5 Salesforce
13.6 SAS Institute
13.7 Opentext
13.8 Verisk Analytics
13.9 Tableau Software
13.10 Pegasystems
13.11 Hexaware
13.12 Guidewire
13.13 Microstrategy
13.14 SAPiens International
13.15 Lexisnexis
13.16 Palantir
13.17 Tibco Software
13.18 Applied Systems
13.19 Birst
13.20 Board International
13.21 Bridgei2i
13.22 Mitchell International
13.23 Qlik
13.24 Vertafore
13.25 Prads Inc.
For more information about this report visit https://www.researchandmarkets.com/research/zst6hp/11_96_billion?w=5
Media Contact:
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article