"With the persuasive Insurtech Market research report, comprehensive analysis of the market structure along with forecast of the various segments and sub-segments of the Insurtech Market industry can be obtained. The report is bifurcated into several attributes which include manufacturers, region, type, application, market status, market share, growth rate, future trends, market drivers, opportunities, challenges, emerging trends, risks, entry barriers, sales channels, and distributors which are again detailed in the report as required to describe the topic and provide maximum information for better decision making. The large scale Insurtech Market report also gives widespread study about different market segments and regions.
The world class Insurtech Market report includes data on patterns and improvements, target business sectors and materials, limits and advancements. This market survey offers key information about the industry, helpful and important facts and figures, expert opinions, and the latest developments across the world. Because businesses can achieve extreme benefits with the different segments covered in the market research report, every bit of the market is touched. The business report on the global Insurtech Market is a valuable document for every market enthusiast, policymaker, investor, and market player. Market share analysis and key trend analysis are the two other major success factors of the wide ranging Insurtech Market report.
Global Insurtech Market was valued at USD 3.70 billion in 2021 and is expected to reach USD 14.00 billion by 2029, registering a CAGR of 18.10% during the forecast period of 2022-2029.
Explore Further Details about This Research Insurtech Market Report https://www.databridgemarketresearch.com/reports/global-insurtech-market
Market Definition
Insurtech, or insurance technology, is defined as the incorporation of solutions and mechanisms that are widely utilized to simplify policy management, improve overall customer experience while declining costs. It majorly involves the use of various innovative technologies, such as artificial intelligence (AI), Internet of Things (IoT), Big Data, and machine learning (ML).
Report Scope and Market Segmentation
REPORT METRIC | DETAILS |
Forecast Period | 2022 to 2029 |
Base Year | 2021 |
Historic Years | 2020 (Customizable to 2014 - 2019) |
Quantitative Units | Revenue in USD Billion, Volumes in Units, Pricing in USD |
Segments Covered | Product (AI, Hadoop, Block Chain), Application (Products, Services), Type (Auto, Business, Health, Home, Speciality, Travel) |
Countries Covered | U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America. |
Market Players Covered | DXC Technology Company (US), Trov, Inc. (US), Wipro Limited (India), ZhongAn (China), TCS (India), Cognizant (US), Infosys (India), Pegasystems (US), Appian (US), Mindtree (India), Prima Solutions (India), Fineos (Ireland), Bolt Solutions (US), Majesco (US), EIS Group (US), Oscar Insurance (US), Quantemplate (UK), and Shift Technology (India), among others |
Market Opportunities |
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Insurtech Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increase in Insurance Claims
The increase in the number of insurance claims across the globe acts as one of the major factors driving the insurtech market. Also, surge in investments by insurance companies in digital technologies with the purpose of declining operational costs and enhancing operational efficiency.
- Adoption of Blockchain Technology
The rise in the adoption of blockchain technology due to the benefits offered such as faster payments, fraud mitigation, and cost savings, among others accelerate the market growth. Blockchain technology is widely utilized in insurance companies for applications such as Anti-money Laundering (AML) procedures, Know Your Customer (KYC), and claim handling, among others.
- Rapid Digitization of Insurance Services
The rapid digitization of insurance services further influence the market. Also, the use of advanced technological solutions by insurance providers to enhance communications with the clients while implementing automated processes efficiently assist in the expansion of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the insurtech market.
Opportunities
Furthermore, integration of innovative technologies such as artificial intelligence, predictive maintenance, internet of things, and big data extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, widespread adoption of the platform and peer-to-peer business models will further expand the market.
Key Pointers Covered in the Insurtech Market Industry Trends and Forecast to 2029
- Insurtech Market Size
- Insurtech Market New Sales Volumes
- Insurtech Market Replacement Sales Volumes
- Insurtech Market By Brands
- Insurtech Market Procedure Volumes
- Insurtech Market Product Price Analysis
- Insurtech Market Regulatory Framework and Changes
- Insurtech Market Shares in Different Regions
- Recent Developments for Market Competitors
- Insurtech Market Upcoming Applications
- Insurtech Market Innovators Study
Why choose Data Bridge Market Research?
- Modern technologies, such as artificial intelligence, to provide updated industry growth.
- DBMR team provides clients with the top notch Insurtech Market research report.
- Interaction with research scientists and development heads to understand the nature of the Insurtech Market more precisely.
- 24/7 availability of services.
- Data collection from implementation vendors, service providers, and raw material suppliers to provide a clear perspective with Forecast period.
DBMR team uses very fair means to gather information that is scrutinized at every stage while structuring an influential Insurtech Market size
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