The global insurance analytics market grew from US$11.6 billion in 2022 to $13.52 billion in 2023, according to a report by analytics firm Research and Markets. That represents a compound annual growth (CAGR) rate of 16%.
The insurance analytics sector is expected to maintain that 16% CAGR, reaching a value of US$24.6 billion in 2027.
Major players in the sector include Applied Systems, Microsoft, Salesforce, Vertafore, LexisNexis Risk Solutions and more, Research and Markets said.
“Technological innovation is a key trend in the insurance analytics market,” Research and Markets said. “Major players in the insurance analytics market are adopting big data, machine learning, and AI technologies to build insurance products and systems.”
North America was the largest region in the insurance analytics market in 2022, while Asia-Pacific is expected to be the fastest-growing region for the market between now and 2027.
“Increased digitalisation of the insurance industry is significantly contributing to the growth of the insurance analytics market,” Research and Markets said.
According to a survey conducted by KPMG, 85% of insurance CEOs said COVID-19 accelerated the digitisation of their operations, while 78% said the pandemic had accelerated progress on their creation of a seamless digital customer experience.
Have something to say about this story? Let us know in the comments below.
