( at 32.7% CAGR) Insurtech Market to Garner $158.99 Bn, Globally, by 2030 | Rapid Digitalization of Business Models
( at 32.7% CAGR) Insurtech Market to Garner $158.99 Bn, Globally, by 2030 | Rapid Digitalization of Business Models
NEW CASTLE, WILMINGTON, UNITED STATES, July 25, 2024 /EINPresswire.com/ -- Allied Market Research recently published a report, titled, "Insurtech Market1 by Offering (Solution and Service), Deployment Model (On-premise and Cloud), Technology (Artificial Intelligence, Cloud Computing, Blockchain, Big Data & Business Analytics, IoT, and Others), End User (Life & Health Insurance and Property and Casualty (P&C) Insurance), and Application (Product Development & Underwriting, Sales & Marketing, Policy Admin Collection & Disbursement, and Claims Management): Global Opportunity Analysis and Industry Forecast, 2021–2030".
➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/A12373
As per the report, the global insurtech industry was pegged at $9.41 billion in 2020 and is estimated to generate $158.99 billion by 2030, growing at a CAGR of 32.7% from 2021 to 2030. Recently, Allied Market Research has published a report on the Real estate investment market in which it has touched upon various aspects of the industry ranging from growth forecast, upcoming trends, regional and segmental analysis, and competitive scenario of the landscape. The report provides actionable data and market intelligence on the changing dynamics of the sector to help businesses understand how the market might evolve in the coming period. The study also presents accurate revenue numbers and CAGR values to substantiate the given information.
Major determinants of the market growth
The rise in digitalization of business models, the saturation of the insurance industry, and the growth and consolidation of internet technologies have boosted the growth of the global insurance market. However, privacy & transparency concerns and legal & regulatory framework changes hinder the market growth. On the contrary, rapid growth in the incorporation of new technologies and the untapped potential of emerging economies are expected to open new opportunities for the market players in the future.
Covid-19 scenario:
The Covid-19 pandemic positively affected the insurtech market due to sudden increase in need for insurance policies including health insurance, home insurance, and personal insurance among customers.
The utilization of advanced technological solutions among insurance carriers increased across the globe during the pandemic to offer advanced tech-based services to customers. This increased the demand for insurtech solutions.
➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/A12373
The service segment to portray the highest CAGR through 2028
By offering, the service segment would register the highest CAGR of 33.6% during the forecast period, as it processes and improves effectiveness to meet customers demand. However, the solution segment held the largest share in 2020, accounting for more than three-fourths of the global insurtech market, due to rise in implementation of solutions by insurance companies with excellent technology capabilities to enhance business operations.
The on-premise segment held the lion's share
By deployment model, the on-premise segment dominated the market in terms of revenue in 2020, contributing nearly three-fifths of the global insurtech market, as it offers full control over the whole infrastructure, including software & hardware. However, the cloud segment is projected to register the highest CAGR of 34.5% from 2021 to 2030, due to the need to reduce infrastructure investment and increase investment in cloud technology.
North America dominated the market in terms of revenue
By region, the global insurtech market across North America held the largest share in 2020, contributing to nearly three-fifths of the market, due to increased adoption of insurtech among insurance companies and surge in partnership of insurtech companies with traditional insurers. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 36.7% during the forecast2 period, owing to increased adoption and investment in insurtech to boost business efficiency, lower compliance risk exposure, and improve claim settlement process in the region.
Key market players
Damco Group
Majesco
DXC Technology Company
OutSystems
Oscar Insurance
Shift Technology
Quantemplate
Wipro Limited
Trov Insurance Solutions, LLC
Zhongan Insurance
➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/60bf5d96e43cc0106fedcdf3773f866d?utm_source=AMR&utm_medium=research&utm_campaign=P19623
Key Findings of the Study
By technology, the cloud computing segment led the Insurtech industry, in terms of revenue in 2020.
On the basis of application, the claims management segment is expected to exhibit the fastest growth rate during the forecast period.
Region wise, North America generated the highest revenue in 2020.
➡️𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:
Fuel Cards Market
https://www.alliedmarketresearch.com/fuel-cards-market
Crime Insurance Market
https://www.alliedmarketresearch.com/crime-insurance-market-A07433
Insurance Claims Services Market
https://www.alliedmarketresearch.com/insurance-claims-services-market-A09995
NFC Payments Market
https://www.alliedmarketresearch.com/nfc-payments-market-A08282
Cash Advance Services Market
https://www.alliedmarketresearch.com/cash-advance-services-market-A10399
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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1 https://www.alliedmarketresearch.com/insurtech-market-A12373
2 https://www.prnewswire.com/news-releases/insurtech-market-to-garner-158-99-bn-globally-by-2030-at-32-7-cagr-allied-market-research-301356701.html
3 https://www.alliedmarketresearch.com/press-release/insurtech-market.html
