Global Insurtech Market Report 2023: Rising Digitization of Insurance Services Drives Growth

DUBLIN, May 30, 2023 /PRNewswire/ — \”Insurtech Global Market Opportunities And Strategies To 2031\” report has been added to ResearchAndMarkets.com offer.

This report provides strategists; marketing and senior management with the critical information they need to assess the global insurtech market as it emerges from the COVID-19 shutdown.

The global insurtech market has grown since $1,864.0 million in 2016 y $8,065.7 million in 2021 at a compound annual growth rate (CAGR) of 34.0%. The market is expected to grow from $8,065.7 million in 2021 y $29,745.4 million in 2026 at a CAGR of 29.8%, ea $144,636.3 million in 2031 at a CAGR of 37.2%.

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• Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
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The growth over the historical period is a result of strong economic growth in emerging markets, increased digitization of insurance services, increased use of robotic process automation in insurance companies, and an increase in the number of insurtech startups.

Going forward, rising insurance claims, growing adoption of advanced technologies in the insurance industry, and favorable government initiatives will drive market growth. Factors that could hinder the growth of the insurtech market in the future include the growing security threats from cyber-attacks and the Russia–Ukraine war.

The insurtech market is segmented by product into health insurance, life insurance, travel insurance, auto insurance, business insurance, home insurance, and other products. The health insurance market was the largest segment of the segmented insurtech market by product, accounting for 25.4% of the total in 2021. Going forward, the home insurance market is expected to be the fastest growing segment in the segmented insurtech market by product, at a CAGR of 32.1% in the period 2021-2026.

The insurtech market is also segmented by technology into blockchain, cloud computing, IoT (Internet of Things), artificial intelligence, big data and analytics, and other technologies. The cloud computing market was the largest segment of the insurtech market segmented by technology, accounting for 43.5% of the total in 2021. Going forward, the cloud computing market is expected to be the fastest growing segment in the insurtech market segmented by technology, at a CAGR of 31.1% over the period 2021-2026.

The insurtech market is also segmented offering solutions and services. The solutions market was the largest segment of the insurtech market segmented by offering, accounting for 77.2% of the total in 2021. Going forward, the solutions market is expected to be the fastest growing segment in the insurtech market segmented by offer, at a CAGR of 30.5% in the period 2021-2026.

The insurtech market is also segmented by on-premise and cloud deployment. The on-premises market was the largest segment of the segmented insurtech market by deployment, accounting for 75.4% of the total in 2021. Going forward, the cloud market is expected to be the fastest growing segment in the segmented insurtech market by implementation, at a CAGR of 31.4% in the period 2021-2026.

The insurtech market is also segmented by application into the automotive industry, banking and financial services, government sector, healthcare industry, manufacturing industry, retail industry, transportation, and other applications. The banking and financial services market was the largest segment of the insurtech market segmented by application, accounting for 22.8% of the total in 2021. Going forward, the healthcare industry market is expected to be the fastest growing segment in the market insurtech segmented by application, at a CAGR of 32.2% over the period 2021-2026.

North America was the largest region in the insurtech market, accounting for 31.7% of the total in 2021. It was followed by Asia Pacificand then the other regions. Going forward, the fastest growing regions in the insurtech market will be Asia Pacific AND North America, where growth will be at a CAGR of 31.5% and 30.9% respectively. These will be followed by Western Europe AND South Americawhere the markets are expected to grow at a CAGR of 29.3% and 26.3% respectively.

The global insurtech market is highly fragmented, with a large number of small players. The top ten market entrants accounted for 10.29% of the total market in 2021. DXC Technology was the top entrant with 4.71% market share, followed by Damco Group with 1.85%, Majesco with 1.45%, Shift Technology with 0.58%, Earnix with 0.47%, Simplesurance with 0.35%, Outsystems with 0.31%, Cytora Ltd. with 0.25%, Planck Resolution LTD with 0.20% and Bdeo with 0.12%.

The best opportunities in the insurtech market by product will arise in the health insurance segment, which will earn $5,860.9 million of global annual sales by 2026. The best opportunities in the insurtech market by technology will arise in the cloud computing segment, which will earn $10,089.4 million of global annual sales by 2026. The best opportunities in the insurtech market by offering will arise in the solutions segment, which will earn $17,325.1 million of global annual sales by 2026.

The best opportunities in the insurtech market for implementation will arise in the on-premise segment, which will benefit $15,880.0 million of global annual sales by 2026. The best opportunities in the insurtech market by application will arise in the banking and financial services segment, which will earn $5,420.6 million of global annual sales by 2026. Insurtech market size to gain more in United States of America TO $6,874.6 million.

Market trend-based strategies for the insurtech market include focus on the use of artificial intelligence (AI), focus on intelligent automation solutions, focus on product innovations, focus on blockchain technology adoption, focus on partnerships and collaborations and focus on the use of IoT (Internet of Things).

Strategies adopted by players in the insurtech market include a focus on delivering advanced technology products through strategic collaborations and partnerships, a focus on expanding business capabilities through strategic acquisitions, and a focus on delivering innovative solutions through the launch of new products and services.

Main topics covered:

1. Executive summary

2. Summary

3. List of figures

4. List of tables

5. Structure of the report

6. Introduction and characteristics of the market
6.1. General definition of the market
6.2. Summary
6.3. Insurtech market definition and segmentation
6.4. Market segmentation by product
6.4.1. Health insurance
6.4.2. Life insurance
6.4.3. Travel insurance
6.4.4. Car Insurance
6.4.5. Business insurance
6.4.6. Home insurance
6.4.7. Other products
6.5. Market segmentation by technology
6.5.1. Blockchains
6.5.2. Cloud Computing
6.5.3. IoT (Internet of Things)
6.5.4. Artificial intelligence
6.5.5. Big Data and business analytics
6.5.6. Other Technologies
6.6. Market segmentation by offer
6.6.1. Solutions
6.6.2. Services
6.7. Market segmentation by distribution
6.7.1. On premise
6.7.2. Cloud
6.8. Market segmentation by application
6.8.1. Automotive industry
6.8.2. Banking and financial services
6.8.3. Government sector
6.8.4. Healthcare industry
6.8.5. Manufacturing industry
6.8.6. Retail industry
6.8.7. Transport
6.8.8. Other applications

7. Major market trends
7.1. Use of artificial intelligence
7.2. Intelligent automation solutions
7.3. Product innovations
7.4. Adoption of Blockchain technology
7.5. Partnerships and collaborations
7.6. Use of IoT technology

8. Global market size and growth
8.1. Market size
8.2. Historical Market Growth, 2016 – 2021, Value (Millions of Dollars)
8.2.1. Market Drivers 2016 – 2021
8.2.2. Market restrictions 2016 – 2021
8.3. Market Growth Forecast, 2021-2026, 2031F Value (Million USD)
8.3.1. Market Drivers 2021 – 2026
8.3.2. Market restrictions 2021 – 2026

9. Global market segmentation
9.1. Global Insurtech Market, Segmentation by Product, Historic and Forecast, 2016-2021, 2026F, 2031F, Value (Million USD)
9.2. Global Insurtech Market, Segmentation by Technology, Historical Data and Forecast, 2016-2021, 2026F, 2031F, Value (Million USD)
9.3. Global Insurtech Market, Segmentation by Offering, Historic and Forecast, 2016-2021, 2026F, 2031F, Value (Million USD)
9.4. Global Insurtech Market, Segmentation by Distribution, Historic and Forecast, 2016-2021, 2026F, 2031F, Value (USD Million)
9.5. Global Insurtech Market, Segmentation by Application, Historic and Forecast, 2016-2021, 2026F, 2031F, Value (USD Million)

10. Global, regional and country market analysis
10.1. Global Insurtech Market, by Region, Historic and Forecast, 2016-2021, 2026F, 2031F, Value (USD Million)
10.2. Global Insurtech Market, by Country, Historic and Forecast, 2016-2021, 2026F, 2031F, Value (Million USD)

For more information about this report, please visit https://www.researchandmarkets.com/r/sr28fp

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