Dublin, May 26, 2021 (GLOBE NEWSWIRE) -- The "Insurtech Market Share, Size, Trends, Industry Analysis Report, By Deployment Model; By Insurance Type; By End-Use; By Technology; By Regions; Segment Forecast, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
The global insurtech market size is expected to reach USD 45.09 billion by 2028
Significant increase in the data generation coupled with increasing adoption of wearable tech, rising use of social media to identify gaps and offer improved customer services provide numerous growth opportunities for the market.
The growing adoption of smartphones and other mobile devices combined with reducing data storage costs also fuels the market growth. An increasing need for risk modeling and fraud analytics, and the growing integration of technologies such as IoT, blockchain, cloud computing, and artificial intelligence among others boosts the market growth of the global Insurtech industry.
Cloud-based deployment is set to play an increasingly important role across diverse industries owing to increasing dependence on the cloud for data storage and instant access of vital data at any time and place. It enables efficient application development, management, and access. Cloud-based deployment provides rapid delivery, efficient use of shared resources, and increased scalability.
The different insurance types covered in the report include commercial insurance, property and casualty insurance, health insurance, life insurance, and others. There has been an increasing trend of using geospatial analytics for property insurance. Organizations are integrating affordable aerial imagery with machine learning for property insurance. The adoption of geospatial analytics offers enhanced decision-making and fewer actions during property inspections.
The end-users covered in the report include BFSI, healthcare, manufacturing, government, retail, transportation, and others. There is a major demand for insurtech from the BFSI sector owing to the increasing need for risk modeling and analysis, and fraud prevention. The data generated by banking and financial institutes are highly confidential and improvement in data security provided by the integration of advanced technologies such as blockchain, cloud computing, and machine learning would boost the adoption of insurtech during the forecast period.
Predictive analytics is a major part of insurtech, which is being implemented by organizations to predict probable future events by reviewing current and historical data and using modeling techniques. It uses mathematical and data techniques to explore predictive patterns and trends. It includes data mining, web mining, text mining, and statistical time series forecasting. Organizations implement predictive analytics for the identification of risks and opportunities. Predictive analytics is experiencing increased adoption owing to predictive modeling, decision analysis, and optimization, and transaction profiling.
North America market dominated the global insurtech industry in 2020 and is expected to maintain its dominance over the forecast period. Rising adoption in industries such as retail, healthcare, transportation, and manufacturing in the North American region is a significant driver for market growth.
The rise in investment by small and medium-sized businesses, along with technological advancement in the telecommunication industry is expected to drive the market growth for insurtech during the forecast period. Businesses are adopting insurtech to gain valuable consumer and market insights, gain knowledge about probable future events, make data-driven business decisions, and offer improved customer services.
DXC Technology Company
Insurance Technology Services
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