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Insurance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

January 2023 | 147 pages | ID: I08608D79D72EN
IMARC Group

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The global insurance analytics market size reached US$ 11.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.3 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028.

Insurance analytics refers to the process of collecting, analyzing and extracting insights from data sources for minimizing the risks associated with underwriting, pricing, rating, claims and marketing of insurance policies. It utilizes a software platform integrated with data analysis tools, artificial intelligence (AI) and big data solutions to generate leads and identify market trends. The software enables the organizations and individuals to track insurance payments, liquidity and other financial operations. Insurance analytics also aids in reducing the overall operational costs, preventing fraudulent activities, optimizing client relations and utilizing predictive analytics in insurance models. These solutions can be deployed on-premises or on the cloud and are widely used by insurance organizations, third-party administrators, brokers and consultants.

Insurance Analytics Market Trends:
Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Large and medium-sized organizations are widely adopting insurance analytics tools integrated with cloud computing, application programming interfaces (APIs), data analytics, robotic process automation (RPA), chatbots and machine learning solutions for enhanced operational efficiency. Insurance analytics aids in preventing internal frauds, rate evasions and underwriting and cybersecurity fraud committed by applicants, policyholders, third-party claimants and professionals. Moreover, the increasing number of fraudulent activities, such as insurance padding, inflated claims, staged accidents and submission of inaccurate information evidence, is also providing a thrust to the market growth. Additionally, the widespread adoption of big data and predictive modeling-integrated insurance analytics solutions is acting as another growth-inducing factor. These solutions can collect information from internal and external sources, such as telematics, agent and customer interactions and social media platforms and develop countermeasures to mitigate losses and risks. Other factors, including the implementation of stringent government policies to prevent cyberattacks, along with the increasing requirement to reduce claim management time, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global insurance analytics market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized 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
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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., Salesforce.com inc., SAP SE and Sapiens International Corporation.

Key Questions Answered in This Report
1. What was the size of the global insurance analytics market in 2022?
2. What is the expected growth rate of the global insurance analytics market during 2023-2028?
3. What are the key factors driving the global insurance analytics market?
4. What has been the impact of COVID-19 on the global insurance analytics market?
5. What is the breakup of the global insurance analytics market based on the component?
6. What is the breakup of the global insurance analytics market based on the deployment mode?
7. What is the breakup of the global insurance analytics market based on the enterprise size?
8. What is the breakup of the global insurance analytics market based on the application?
9. What is the breakup of the global insurance analytics market based on the end user?
10. What are the key regions in the global insurance analytics market?
11. Who are the key players/companies in the global insurance analytics market?
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

LIST OF TABLES

Table 1: Global: Insurance Analytics Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Insurance Analytics Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 3: Global: Insurance Analytics Market Forecast: Breakup by Deployment Mode (in Million US$), 2023-2028
Table 4: Global: Insurance Analytics Market Forecast: Breakup by Enterprise Size (in Million US$), 2023-2028
Table 5: Global: Insurance Analytics Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 6: Global: Insurance Analytics Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 7: Global: Insurance Analytics Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 8: Global: Insurance Analytics Market: Competitive Structure
Table 9: Global: Insurance Analytics Market: Key Players

LIST OF FIGURES

Figure 1: Global: Insurance Analytics Market: Major Drivers and Challenges
Figure 2: Global: Insurance Analytics Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Insurance Analytics Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Insurance Analytics Market: Breakup by Component (in %), 2022
Figure 5: Global: Insurance Analytics Market: Breakup by Deployment Mode (in %), 2022
Figure 6: Global: Insurance Analytics Market: Breakup by Enterprise Size (in %), 2022
Figure 7: Global: Insurance Analytics Market: Breakup by Application (in %), 2022
Figure 8: Global: Insurance Analytics Market: Breakup by End User (in %), 2022
Figure 9: Global: Insurance Analytics Market: Breakup by Region (in %), 2022
Figure 10: Global: Insurance Analytics (Solution) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Insurance Analytics (Solution) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Insurance Analytics (Service) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Insurance Analytics (Service) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Insurance Analytics (On-premises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Insurance Analytics (On-premises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Insurance Analytics (Cloud-based) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Insurance Analytics (Cloud-based) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Insurance Analytics (Small and Medium-sized Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Insurance Analytics (Small and Medium-sized Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Insurance Analytics (Large Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Insurance Analytics (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Insurance Analytics (Claims Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Insurance Analytics (Claims Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Insurance Analytics (Risk Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Insurance Analytics (Risk Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Insurance Analytics (Customer Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Insurance Analytics (Customer Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Insurance Analytics (Sales and Marketing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Insurance Analytics (Sales and Marketing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Insurance Analytics (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Insurance Analytics (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Insurance Analytics (Insurance Companies) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Insurance Analytics (Insurance Companies) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Insurance Analytics (Government Agencies) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Insurance Analytics (Government Agencies) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: Insurance Analytics (Third-party Administrators, Brokers and Consultancies) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: Insurance Analytics (Third-party Administrators, Brokers and Consultancies) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: North America: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: North America: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: United States: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: United States: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Canada: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Canada: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Asia-Pacific: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Asia-Pacific: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: China: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: China: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Japan: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Japan: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: India: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: India: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: South Korea: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: South Korea: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Australia: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Australia: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Indonesia: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Indonesia: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Others: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Others: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Europe: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Europe: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Germany: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Germany: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: France: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: France: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: United Kingdom: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: United Kingdom: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Italy: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Italy: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Spain: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Spain: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Russia: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Russia: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Others: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Others: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Latin America: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Latin America: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Brazil: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Brazil: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Mexico: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: Mexico: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: Others: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 83: Others: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Middle East and Africa: Insurance Analytics Market: Sales Value (in Million US$), 2017 & 2022
Figure 85: Middle East and Africa: Insurance Analytics Market: Breakup by Country (in %), 2022
Figure 86: Middle East and Africa: Insurance Analytics Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 87: Global: Insurance Analytics Industry: SWOT Analysis
Figure 88: Global: Insurance Analytics Industry: Value Chain Analysis
Figure 89: Global: Insurance Analytics Industry: Porter's Five Forces Analysis


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