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Insurance Analytics Market Report 2022-2027: Share, Growth, Size, Trends and Industry Analysis

According to the latest report by IMARC Group, titled, “Insurance Analytics Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027“, the global insurance analytics market reached a value of US$ 9.87 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 21.78 Billion by 2027, exhibiting at a CAGR of 13.30% during 2022-2027.

Insurance analytics is the process of analyzing, collecting, and extracting insights from various data sources for minimizing the risks associated with pricing, underwriting, rating, and marketing of insurance policies. It utilizes software platforms that enable organizations to track liquidity, insurance payments, and several financial operations and indicators. Insurance analytics assists in reducing the overall operational costs, preventing fraudulent activities, optimizing client relations, etc. As a result, it is extensively used by third-party administrators, brokers, consultants, etc.

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Market Trends

The rising number of fraudulent activities, including insurance padding, inflated claims, staged accidents, etc., is among the primary factors driving the insurance analytics market. Moreover, insurance analytics aids in preventing rate evasions, internal frauds, and cybersecurity frauds committed by applicants, policyholders, third-party claimants, etc. This, in turn, is further catalyzing the market growth. In addition to this, the launch of favorable initiatives by government bodies to prevent cyberattacks and improve digital infrastructures is acting as another significant growth-inducing factor. Furthermore, the widespread adoption of these solutions to collect information from numerous internal and external sources, such as telematics, social media platforms, customer interactions, etc., is also augmenting the global market. Apart from this, the increasing integration of insurance analytics tools with application programming interfaces (APIs), cloud computing, data analytics, robotic process automation (RPA), chatbots, etc., for enhancing operational efficiency is anticipated to fuel the insurance analytics market over the forecasted period.

NoteWe are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

  • Applied Systems Inc.
  • Hexaware Technologies Limited
  • International Business Machines Corporation
  • LexisNexis Risk Solutions (RELX PLC)
  • Microsoft Corporation
  • MicroStrategy Incorporated
  • Open Text Corporation
  • Oracle Corporation
  • Pegasystems Inc.
  • com inc.
  • SAP SE
  • Sapiens International Corporation.

The report has segmented the market based on component, deployment mode, enterprise size, application and end user.

Breakup by Component:

  • Solution
  • Service

Breakup by Deployment Mode:

  • On-premises
  • Cloud-based

Breakup by Enterprise Size:

  • Small and Medium-sized Enterprises
  • Large Enterprises

Breakup by Application:

  • Claims Management
  • Risk Management
  • Customer Management
  • Sales and Marketing
  • Others

Breakup by End User:

  • Insurance Companies
  • Government Agencies
  • Third-party Administrators, Brokers and Consultancies

Breakup by Region:

  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Table of Content:

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Insurance Analytics Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Component
    6.1    Solution
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Service
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Deployment Mode
    7.1    On-premises
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Cloud-based
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by Enterprise Size
    8.1    Small and Medium-sized Enterprises
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Large Enterprises
        8.2.1 Market Trends
        8.2.2 Market Forecast
9    Market Breakup by Application
    9.1    Claims Management
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Risk Management
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Customer Management
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Sales and Marketing
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Others
        9.5.1 Market Trends
        9.5.2 Market Forecast
10    Market Breakup by End User
    10.1    Insurance Companies
        10.1.1 Market Trends
        10.1.2 Market Forecast
    10.2    Government Agencies
        10.2.1 Market Trends
        10.2.2 Market Forecast
    10.3    Third-party Administrators, Brokers and Consultancies
        10.3.1 Market Trends
        10.3.2 Market Forecast
11    Market Breakup by Region
    11.1    North America
        11.1.1 United States
           11.1.1.1 Market Trends
           11.1.1.2 Market Forecast
        11.1.2 Canada
           11.1.2.1 Market Trends
           11.1.2.2 Market Forecast
    11.2    Asia-Pacific
        11.2.1 China
           11.2.1.1 Market Trends
           11.2.1.2 Market Forecast
        11.2.2 Japan
           11.2.2.1 Market Trends
           11.2.2.2 Market Forecast
        11.2.3 India
           11.2.3.1 Market Trends
           11.2.3.2 Market Forecast
        11.2.4 South Korea
           11.2.4.1 Market Trends
           11.2.4.2 Market Forecast
        11.2.5 Australia
           11.2.5.1 Market Trends
           11.2.5.2 Market Forecast
        11.2.6 Indonesia
           11.2.6.1 Market Trends
           11.2.6.2 Market Forecast
        11.2.7 Others
           11.2.7.1 Market Trends
           11.2.7.2 Market Forecast
    11.3    Europe
        11.3.1 Germany
           11.3.1.1 Market Trends
           11.3.1.2 Market Forecast
        11.3.2 France
           11.3.2.1 Market Trends
           11.3.2.2 Market Forecast
        11.3.3 United Kingdom
           11.3.3.1 Market Trends
           11.3.3.2 Market Forecast
        11.3.4 Italy
           11.3.4.1 Market Trends
           11.3.4.2 Market Forecast
        11.3.5 Spain
           11.3.5.1 Market Trends
           11.3.5.2 Market Forecast
        11.3.6 Russia
           11.3.6.1 Market Trends
           11.3.6.2 Market Forecast
        11.3.7 Others
           11.3.7.1 Market Trends
           11.3.7.2 Market Forecast
    11.4    Latin America
        11.4.1 Brazil
           11.4.1.1 Market Trends
           11.4.1.2 Market Forecast
        11.4.2 Mexico
           11.4.2.1 Market Trends
           11.4.2.2 Market Forecast
        11.4.3 Others
           11.4.3.1 Market Trends
           11.4.3.2 Market Forecast
    11.5    Middle East and Africa
        11.5.1 Market Trends
        11.5.2 Market Breakup by Country
        11.5.3 Market Forecast
12    SWOT Analysis
    12.1    Overview
    12.2    Strengths
    12.3    Weaknesses
    12.4    Opportunities
    12.5    Threats
13    Value Chain Analysis
14    Porters Five Forces Analysis

    14.1    Overview
    14.2    Bargaining Power of Buyers
    14.3    Bargaining Power of Suppliers
    14.4    Degree of Competition
    14.5    Threat of New Entrants
    14.6    Threat of Substitutes
15    Price Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Key Players
    16.3    Profiles of Key Players
        16.3.1    Applied Systems Inc.
           16.3.1.1 Company Overview
           16.3.1.2 Product Portfolio
        16.3.2    Hexaware Technologies Limited
           16.3.2.1 Company Overview
           16.3.2.2 Product Portfolio
        16.3.3    International Business Machines Corporation
           16.3.3.1 Company Overview
           16.3.3.2 Product Portfolio
           16.3.3.3 Financials
           16.3.3.4 SWOT Analysis
        16.3.4    LexisNexis Risk Solutions (RELX PLC)
           16.3.4.1 Company Overview
           16.3.4.2 Product Portfolio
        16.3.5    Microsoft Corporation
           16.3.5.1 Company Overview
           16.3.5.2 Product Portfolio
           16.3.5.3 Financials
           16.3.5.4 SWOT Analysis
        16.3.6    MicroStrategy Incorporated
           16.3.6.1 Company Overview
           16.3.6.2 Product Portfolio
           16.3.6.3 Financials
           16.3.6.4 SWOT Analysis
        16.3.7    Open Text Corporation
           16.3.7.1 Company Overview
           16.3.7.2 Product Portfolio
           16.3.7.3 Financials
           16.3.7.4 SWOT Analysis
        16.3.8    Oracle Corporation
           16.3.8.1 Company Overview
           16.3.8.2 Product Portfolio
           16.3.8.3 Financials
           16.3.8.4 SWOT Analysis
        16.3.9    Pegasystems Inc.
           16.3.9.1 Company Overview
           16.3.9.2 Product Portfolio
           16.3.9.3 Financials
           16.3.9.4 SWOT Analysis
        16.3.10    Salesforce.com inc.
           16.3.10.1 Company Overview
           16.3.10.2 Product Portfolio
           16.3.10.3 Financials
           16.3.10.4 SWOT Analysis
        16.3.11    SAP SE
           16.3.11.1 Company Overview
           16.3.11.2 Product Portfolio
           16.3.11.3 Financials
           16.3.11.4 SWOT Analysis
        16.3.12    Sapiens International Corporation
           16.3.12.1 Company Overview
           16.3.12.2 Product Portfolio

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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