Global Insurance Analytics Market was valued US$ 5.06 Bn in 2016 and is estimated to reach US$ 14.60 Bn by 2024 at a CAGR of about 15.85 % during a forecast period
Global insurance analytics market is segmented by component, service, organization size, deployment type, business application, end user and geography. Based on the Component, global insurance analytics market is divided primarily in tool and service. In terms of service, Global insurance analytics market is categorized into managed service and professional service. Business application, encompasses claim management, risk management process, optimization and customer management and personalization End user segment is categories in insurance companies, government agencies and third-party administrators, broker & consultancies. By deployment type, Global insurance analytics market is segmented into on demand and on premises .Geographically, Global insurance analytics market is spread by North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Growing technology adoption such as cloud technologies, rising economic development and digitization are diving the factor in the growth of insurance analytics market.
Insurance key players are providing analytics solutions along with the policy discount rates and proactive risk management to the insurer. By increasing awareness of lifestyle or needs insurers are focusing to take coverage policies as per their requirement. Furthermore, Global insurance analytics market uncertainty and increasing cost of policies are expected to hamper the growth of the global insurance analytics market. Customer management and personalization business application segment is estimated to grow at the highest CAGR owing to Insurers are interested into take analytics solutions owing to offer of additional policy discounts and proactive risk management services. Insurer absorbs a customer’s forthcoming travel plans, resulting they can create a personalized travel coverage to take care of their travel insurance. Asia Pacific region is expected to reach at high growth rate in global insurance analytics market owing to its rising technology adoption rate.
Growing economic development in developing economies, globalization, digitization, and the increasing adoption of cloud-based technologies are expected to drive insurance analytics market in Asia Pacific region. Some of the major players includes SAPiens, International Palantir Lexisnexis ,Tibco Software, Birst Applied Systems , Board International , Mitchell International , Bridgei2i, Qlik Prads Inc. , Vertafore, Microsoft , IBM ,SAP , Oracle , Salesforce, SAS Institute, Opentext , Tableau Software, Verisk Analytics , Pegasystems , Guidewire, Hexaware and Microstrategy.
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The scope of the Global Insurance Analytics Market
Global Insurance Analytics Market, By Component
• Tool
• Service
Global Insurance Analytics Market, Service
• Managed services
• Professional services
Global Insurance Analytics Market, By Business Application
• Claim management
• Risk management
• Process optimization
• Customer management and personalization
• Others
Global Insurance Analytics Market, Deployment Type
• On-premises
• On-demand
Global Insurance Analytics Market, By Organization Size
• Large enterprises
• Small and Medium Enterprises
Global Insurance Analytics Market, By End-user
• Insurance companies
• Government agencies
• Third-party administrators, brokers, & consultancies
Global Insurance Analytics Market, by Geographies
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players Global Insurance Analytics Market
• SAPiens International
• Palantir
• Lexisnexis
• Tibco Software
• Birst Applied Systems
• Board International
• Mitchell International
• Bridgei2i
• Qlik Prads Inc.
• Vertafore
• Microsoft
• SAP
• Oracle
• Salesforce
• SAS Institute
• Opentext
• Tableau Software
• Verisk Analytics
• Pegasystems
• Guidewire
• Hexaware
• Microstrategy
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