Insurance Analytics Market to Grow at 12.5% CAGR to 2023, Driven by Claims, Risk and Customer Management
PUNE, India, May 11, 2018 /PRNewswire/ --
ReportsnReports.com adds the global insurance analytics market 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. Rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the market. However, the lack of integration with legacy systems and varying structure of regulation policies are anticipated to limit the growth of the insurance analytics market.
Browse 73 Market Data Tables and 51 Figures spread through 179 Pages and in-depth TOC on "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" http://www.reportsnreports.com/reports/1495620-insurance-analytics-market-by-component-business-application-claims-management-risk-management-customer-management-and-personalization-process-optimization-deployment-model-organization-size-end-user-and-r-st-to-2023.html .
Insurance analytics market process of integrating insurance data from multiple, disparate data sources to produce accurate, consistent, and more useful information. It seamlessly detects & combines the insurance data to generate improved information & provide new insights that could be shared with the authorized users for better decision-making. Insurance analytics is a collection of multiple big data sources, which delivers a comprehensive view of customer & insurance data across an organization.
"The risk management business application is expected to hold the largest market size by 2023"
Insurers require to effectively use their data to understand the potential risks, use counter measures to mitigate losses, or at least, screen, pre-empt, and price for them in underwriting process. Risk management involves 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.
APAC region is expected to grow at the fastest rate in global insurance analytics market during forecast period, due to its growing technology adoption rate. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive insurance analytics market in APAC region. North America, followed by Europe, is expected to continue being largest revenue-generating region for insurance analytics vendors, over next 5years.
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The insurance analytics ecosystem comprises vendors, such as IBM (US), Microsoft (US), Oracle (US), SAP SE (Germany), Salesforce (US), SAS Institute (US), OpenText (Canada), Verisk Analytics (US), Tableau Software (US), Pegasystems (US), Hexaware (India), Guidewire (US), MicroStrategy (US), Sapiens International (Israel), LexisNexis (US), Palantir (US), TIBCO Software (US), Applied Systems (US), Birst (US), BOARD International (Switzerland), Mitchell International (US), QlikTech (US), Vertafore (US), PrADS Inc. (US), and BRIDGEi2i (India).
The other stakeholders of the insurance analytics market include insurance analytics tools providers, analytics service providers, consulting service providers, IT service providers, resellers, enterprise users, and technology providers.
"The rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the insurance analytics market"
The objective of the report is to define, describe, and forecast insurance analytics market trends based on component, business application, end-user, deployment model, organization size, industry, and region. The report provides detailed information related to the major factors, such as drivers, restraints, opportunities, and challenges, influencing the market growth.
Order a copy of "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" research report at http://www.reportsnreports.com/purchase.aspx?name=1495620 .
The insurance analytics market revenue is primarily classified into revenues from tools and services. Revenue from tools is associated with software and platform offerings, while revenue from services is associated with managed services and professional services. The professional services comprise deployment and integration, support and training, and consulting services.
The primary interviews conducted for this report can be categorized as follows:
- By Company - Tier 1 - 22%, Tier 2 - 30%, and Tier 3 - 48%
- By Designation - C-Level - 30%, Director Level - 45%, and Others - 25%
- By Region - North America - 41%, Europe - 25%, APAC - 20%, and RoW - 14%
Another research titled the video analytics market size is expected to grow from USD 3.23 billion in 2018 to USD 8.55 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 21.5%during the forecast period. The video analytics ecosystem comprises service providers, such Aventura (US), Genetec (US), IntelliVision (US), intuVision (US), PureTech Systems (US), Cisco Systems (US), Honeywell (US), IBM (US), Axis Communications (Europe), Agent Vi (US), AllGoVision (APAC), Avigilon (US), iOmniscient (APAC), BriefCam (US), Digital Barriers (Europe), Aimetis (US), 3VR (US), Ipsotek (Europe), Gorilla Technology (APAC), KiwiSecurity (Europe), Intelligent Security Systems (US), Verint (US), Viseum (Europe), DELOPT (APAC), i2V (APAC), and Qognify (US) available at http://www.reportsnreports.com/contacts/discount.aspx?name=402961 .
Explore more reports on IT and Telecommunications at http://www.reportsnreports.com/market-research/information-technology/ .
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