The global insurtech market size is expected to reach USD 145.03 billion by 2030, according to a new study by Polaris Market Research. The report “Insurtech Market Share, Size, Trends, Industry Analysis Report, By Deployment Model (On-Premise, Cloud); By Insurance Type (Commercial Insurance, Property and Casualty Insurance, Health Insurance, Life Insurance, Others); By End-Use; By Technology; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
A significant rise in data collection, along with rising wearable tech use and increased use of social media to detect gaps and enhance customer service, provides the industry with multiple potential prospects. Market growth is also fueled by the increasing usage of smartphones and other portable devices and lower data storage costs.
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The insurtech business is rising due to an increased need for risk modeling and fraud analytics and the increasing incorporation of technologies including IoT, cloud computing, blockchain, cloud computing, and artificial intelligence, among others. The increase in investment by small and medium-sized firms and technical advancements in the telecommunications industry will likely boost market growth throughout the forecast period.
Because of the rising reliance on the cloud for data storage and rapid access to crucial data at any time and location, cloud-based deployment is poised to play an increasingly significant role across varied sectors. It facilitates application creation, maintenance, and access. Cloud-based deployment allows for faster delivery, more efficient pooled resources, and more scalability.
Insurtech firms use predictive analytics to forecast possible future occurrences by evaluating current and historical data and utilizing modeling approaches. It investigates and predicts patterns and trends using mathematical and statistical tools.
Data mining, web mining, text mining, and statistical time series forecasting are all part of it. Predictive analytics is used by businesses to identify hazards and opportunities. Predictive analytics is becoming more popular due to predictive modeling, optimization, decision analysis, and transaction profiling.
North America dominated the global insurtech industry in 2021 and is expected to maintain its dominance over the forecast period due to the rising adoption in retail, healthcare, transportation, and manufacturing industries.
Owing to technological advancements and the growing need to improve customer experience, companies are collaborating to retain customers and gain market share. Major market participants include DXC Technology Company, Damco Group, InsuerTech Nova, Insurance Technology Services, KFin Technologies, InuserTech Plum, Majesco, Quantemplate, Oscar Insurance, Shift Technology, Wipro Limited, Trov, Inc., and Zhongan Insurance.
Polaris market research has segmented the Insurtech market report on the basis of deployment model, insurance type, end-use, technology, and region:
Insurtech Deployment Model Outlook (Revenue, USD Billion, 2018 - 2030)
Insurtech Insurance Type Outlook (Revenue, USD Billion, 2018 - 2030)
Insurtech End-User Outlook (Revenue, USD Billion, 2018 - 2030)
Insurtech Technology Outlook (Revenue, USD Billion, 2018 - 2030)
Insurtech, Regional Outlook (Revenue - USD Million, 2018 - 2030)