Global Insurtech Market Report 2023: Increased Digitization of Insurance Services Drives Growth

DUBLIN, May 30, 2023 /PRNewswire/ -- The "Insurtech Global Market Opportunities And Strategies To 2031" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists; marketers and senior management with the critical information they need to assess the global insurtech market as it emerges from the COVID-19 shut down.

The global insurtech market grew from $1,864.0 million in 2016 to $8,065.7 million in 2021 at a compound annual growth rate (CAGR) of 34.0%. The market is expected to grow from $8,065.7 million in 2021 to $29,745.4 million in 2026 at a CAGR of 29.8%, and to $144,636.3 million in 2031 at a CAGR of 37.2%. 

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Growth in the historic period resulted from the strong economic growth in emerging markets, increased digitization of insurance services, increased use of robotic process automation in insurance companies and increased number of insurtech startups.

Going forward, the increase in insurance claims, increasing adoption of advanced technologies in the insurance industry and favorable government initiatives will drive the market growth. Factors that could hinder the growth of the insurtech market in the future include the increasing security threats from cyber-attacks and the Russia-Ukraine war.

The insurtech market is segmented by product into health insurance, life insurance, travel insurance, car insurance, business insurance, home insurance and other products. The health insurance market was the largest segment of the insurtech market segmented by product, accounting for 25.4% of the total in 2021. Going forward, the home insurance market is expected to be the fastest growing segment in the insurtech market segmented by product, at a CAGR of 32.1% during 2021-2026.

The insurtech market is also segmented by technology into blockchain, cloud computing, IoT (Internet of Things), artificial intelligence, big data and analytics and other technologies. The cloud computing market was the largest segment of the insurtech market segmented by technology, accounting for 43.5% of the total in 2021. Going forward, the cloud computing market is expected to be the fastest growing segment in the insurtech market segmented by technology, at a CAGR of 31.1% during 2021-2026.

The insurtech market is also segmented by offering into solutions and services. The solutions market was the largest segment of the insurtech market segmented by offering, accounting for 77.2% of the total in 2021. Going forward, the solutions market is expected to be the fastest growing segment in the insurtech market segmented by offering, at a CAGR of 30.5% during 2021-2026.

The insurtech market is also segmented by deployment into on-premise and cloud. The on-premise market was the largest segment of the insurtech market segmented by deployment, accounting for 75.4% of the total in 2021. Going forward, the cloud market is expected to be the fastest growing segment in the insurtech market segmented by deployment, at a CAGR of 31.4% during 2021-2026.

The insurtech market is also segmented by application into automotive industry, banking and financial services, government sector, healthcare industry, manufacturing industry, retail industry, transportation and other applications. The banking and financial services market was the largest segment of the insurtech market segmented by application, accounting for 22.8% of the total in 2021. Going forward, the healthcare industry market is expected to be the fastest growing segment in the insurtech market segmented by application, at a CAGR of 32.2% during 2021-2026.

North America was the largest region in the insurtech market, accounting for 31.7% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the insurtech market will be Asia Pacific and North America, where growth will be at CAGRs of 31.5% and 30.9% respectively. These will be followed by Western Europe and South America, where the markets are expected to grow at CAGRs of 29.3% and 26.3% respectively.

The global insurtech market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 10.29% of the total market in 2021. DXC Technology was the largest competitor with 4.71% share of the market, followed by Damco Group with 1.85%, Majesco with 1.45%, Shift Technology with 0.58%, Earnix with 0.47%, Simplesurance with 0.35%, Outsystems with 0.31%, Cytora Ltd. with 0.25%, Planck Resolution LTD with 0.20% and Bdeo with 0.12%.

The top opportunities in the insurtech market by product will arise in the health insurance segment, which will gain $5,860.9 million of global annual sales by 2026. The top opportunities in the insurtech market by technology will arise in the cloud computing segment, which will gain $10,089.4 million of global annual sales by 2026. The top opportunities in the insurtech market by offering will arise in the solutions segment, which will gain $17,325.1 million of global annual sales by 2026.

The top opportunities in the insurtech market by deployment will arise in the on-premise segment, which will gain $15,880.0 million of global annual sales by 2026. The top opportunities in the insurtech market by application will arise in the banking and financial services segment, which will gain $5,420.6 million of global annual sales by 2026. The insurtech market size will gain the most in the USA at $6,874.6 million.

Market-trend-based strategies for the insurtech market include focus on use of artificial intelligence (AI), focus on intelligent automation solutions, focus on product innovations, focus on adoption of blockchain technology, focus on partnerships and collaborations and focus on use of IoT (Internet of Things) technology.

Player-adopted strategies in the insurtech market include focus on providing advanced technology products through strategic collaborations and partnerships, focus on expanding business capabilities through strategic acquisitions and focus on providing innovative solutions through the launch of new products and services.

Key Topics Covered:

1. Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Insurtech Market Definition and Segmentations
6.4. Market Segmentation By Product
6.4.1. Health Insurance
6.4.2. Life Insurance
6.4.3. Travel Insurance
6.4.4. Car Insurance
6.4.5. Business Insurance
6.4.6. Home Insurance
6.4.7. Other Products
6.5. Market Segmentation By Technology
6.5.1. Blockchain
6.5.2. Cloud Computing
6.5.3. IoT (Internet of Things)
6.5.4. Artificial Intelligence
6.5.5. Big Data and Business Analytics
6.5.6. Other Technologies
6.6. Market Segmentation By Offering
6.6.1. Solutions
6.6.2. Services
6.7. Market Segmentation By Deployment
6.7.1. On-Premises
6.7.2. Cloud
6.8. Market Segmentation By Application
6.8.1. Automotive Industry
6.8.2. Banking And Financial Services
6.8.3. Government Sector
6.8.4. Healthcare Industry
6.8.5. Manufacturing Industry
6.8.6. Retail Industry
6.8.7. Transportation
6.8.8. Other Applications

7. Major Market Trends
7.1. Use Of Artificial Intelligence
7.2. Intelligent Automation Solutions
7.3. Product Innovations
7.4. Adoption Of Blockchain Technology
7.5. Partnerships And Collaborations
7.6. Use Of IoT Technology

8. Global Market Size and Growth
8.1. Market Size
8.2. Historic Market Growth, 2016 - 2021, Value ($ Million)
8.2.1. Market Drivers 2016 - 2021
8.2.2. Market Restraints 2016 - 2021
8.3. Forecast Market Growth, 2021 - 2026, 2031F Value ($ Million)
8.3.1. Market Drivers 2021 - 2026
8.3.2. Market Restraints 2021 - 2026

9. Global Market Segmentation
9.1. Global Insurtech Market, Segmentation By Product, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.2. Global Insurtech Market, Segmentation By Technology, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.3. Global Insurtech Market, Segmentation By Offering, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.4. Global Insurtech Market, Segmentation By Deployment, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.5. Global Insurtech Market, Segmentation By Application, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)

10. Global Market, Regional and Country Analysis
10.1. Global Insurtech Market, By Region, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
10.2. Global Insurtech Market, By Country, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)

For more information about this report visit https://www.researchandmarkets.com/r/sr28fp

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