Global Digital Insurance Platform Market will Reach Nearly USD 262.34 Billion, Expanding at a CAGR of 13.5% during the Forecast Period of 2026
The global Digital Insurance Platform market is forecast to reach USD 262.34 Billion by 2026, according to a new report by Reports and Data. Digital Insurance platform is a tool or software that allows insurance companies to create, monitor, manage, and control the ecosystem of digital insurance. It helps and encourages companies to switch to the insurance process that is digitalized. These systems include claim management, policy implementation, regulatory filing, reinsurance management, and billing & premium accounting.
These platforms also provide a portal that offers customers easy and remote access to their databases. Many companies that offer digital insurance policies emphasize on delivering customized solutions along with end-to-end digital integration of business operations, application, and third-party services.
Moreover, companies are providing digital insurance as a service (DIaaS) as well, which includes primary insurance applications, infrastructure, and business process services in a single solution to clients. Digital Insurance as a Service (DIaaS) comprises of administration systems such as billing, claims, infrastructure, applications, and cybersecurity services.
The rapid increase in digitalization, especially in nations such as China, India, Brazil, and South Africa, is expected to provide a lucrative opportunity for the growth of the market. However, factors such as the limited penetration of advanced technology in emerging nations are expected to hinder the growth of the market.
Key participants Accenture, SAP, IBM, Microsoft, Oracle, Infosys, Pegasystems, TCS, DXC Technology, and Mindtree, among others.
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The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.
The Digital Insurance Platform Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Digital Insurance Platform Market.
Further key findings from the report suggest
- Managed services held a larger market share of 67.8% in the year 2018. The providers of managed services help the organization in increasing their productivity and ensure services without any hassle with efficient utilization of resources. Managed services also help organizations to formulate strategies to solve complex business problems.
- Small and medium-sized enterprises (SMEs) grow with a higher CAGR of 13.7% during the forecast period. SMEs prefer cloud-based solutions instead of on-premises, and this is expected to grow over the forecast period. SMEs provide huge potential for growth in the digital insurance platform market.
- Insurance companies are forecasted to grow with a CAGR of 13.7% during the forecast period. These companies are investing in the growth of the digital sector as they are not only cost-effective but also makes the whole process easier for the clients and them.
- Cloud-based deployment type held the largest market share of 57.2% in the year 2018. Increasing understanding and awareness of the cloud has led companies to rely on cloud-based deployment more and more. It is a ‘gateway technology’ for the insurance companies to access other digital solutions. It is also a foundation for most of the insurance companies to introduce new functionalities to the marketplace.
- Automotive and transportation insurance companies are rapidly adopting the latest technologies to deliver new products to meet the continuously changing demand of consumers. APAC is forecasted to grow with the highest CAGR of 14.2% during the forecast period.
- The Asia Pacific region is forecasted to have the highest growth rate of 14.2% during the forecast period owing to the lucrative opportunities provided by the commercial investment in different industry verticals in the region. Rise of multinational companies is anticipated to explore the region by partnering and merging with local companies, technology partners, and channel partners.
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For the purpose of this report, Reports and Data have segmented into the global Digital Insurance Platform market on the basis of services, deployment type, organization size, end-user, applications, and region:
Services Outlook (Revenue, USD Billion; 2016-2026)
- Managed Services
- Professional Services
Deployment Type Outlook (Revenue, USD Billion; 2016-2026)
Organization Size Outlook (Revenue, USD Billion; 2016-2026)
- Small and Medium-Sized Enterprises
- Large Enterprises
End-User Outlook (Revenue, USD Billion; 2016-2026)
- Insurance Companies
- Third-Party Administrators
Application Outlook (Revenue, USD Billion; 2016-2026)
- Automotive and Transportation
- Home and Commercial Buildings
- Life and Health
- Business and Enterprise
- Consumer Electronics and Industrial Machines
Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
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Key Advantages of Digital Insurance Platform Market:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Digital Insurance Platform industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Digital Insurance Platform Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
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