Insurtech Market is Expected to Reach USD 53.91 Billion By 2028
The latest industry analysis report published by Reports and Data offers deep, actionable insights into the Insurtech industry and its leading segments. The report serves as a paradigmatic representation of the global Insurtech market, and it elaborates on the core structure of the market. Advanced analytical tools used by our team of market experts include Porter’s Five Forces Analysis, SWOT analysis, investment return analysis, and feasibility analysis. The report highlights some major factors that influence the revenue growth of this market, such as market share, revenue growth drivers, restraints, potential challenges & threats, emerging opportunities & trends, revenue growth rate, industry statistics, and technological breakthroughs. It further throws light on factors such as production & consumption patterns, demand & supply graphs, import/export analysis, shifting consumer tastes and preferences, and a multitude of macro-economic and micro-economic factors.
According to the market intelligence report, Insurtech market size is expected to increase from USD 2,750.9 Million in 2020 to USD 53.91 Billion in 2028 and register a CAGR of 44.3% over the forecast period.
Revenue growth of the global ICT (Information and Communications Technology) industry is primarily attributed to factors such as fast-paced urbanization, rapid digitization across the healthcare, banking & finance, automotive, education, agriculture, and food & beverage industries, and increasing penetration of smart communication devices such as smart phones and tablets. Growing availability and affordability of the Internet, rapid adoption of advanced Wi-Fi systems, introduction of faster Internet services, emergence of the 5G technology, and emerging industrial applications of state-of-the-art technologies such as AI, machine learning, big data analytics, Internet of Things (IoT), cloud computing, and blockchain are among the other important factors creating revenue growth opportunities for the global ICT industry.
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Insurtech market in North America accounted for the largest revenue share in 2020, attributed to increasing acceptance of IoT, machine learning, and blockchain technologies by insurance service providers and presence of a large customer base for insurance solutions and services. In addition, presence of leading insurtech companies and emergence of various startups in the region spur the market growth.
The market in Asia Pacific region is forecasted to register the fastest CAGR over the forecast period, attributed to growing use of technologically advanced insurance software to manage payments functionality and risks. In addition, rising disposable income and presence of a large population in region provide lucrative opportunities for market growth in the region.
By service type, managed services segment contributed to a larger revenue share in the global insurtech market in 2020.
By type, auto segment is expected to grow at a rapid rate during the forecast period.
By industry vertical, healthcare segment is expected to grow at the fastest rate during the forecast period.
Insurtech market revenue in Europe is expected to grow at a rate of 43.9% during the forecast period.
Top 10 Companies Operating in the Global Insurtech Market:
Insurance Technology Services, Oscar Insurance, Wipro Limited, Damco Group, Trov Insurance Solutions LLC, Haven Life Insurance Agency LLC, Shift Technology, DXC Technology Company, Quantemplate, and Alan SA
Major Points Covered in This Section:
Detailed overview of each market player’s company profile and product & service portfolios
Revenue share contribution by each market player
Industrial chain analysis of each market player
Sales network, distribution channels, and net profits & losses incurred by each company
Latest developments and key business growth strategies undertaken by each of these market players
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