PUBLISHER: Grand View Research | PRODUCT CODE: 1611124
PUBLISHER: Grand View Research | PRODUCT CODE: 1611124
The global insurance analytics market size is expected to reach USD 31.33 billion by 2030, registering a CAGR of 14.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. Rising use of big data and artificial intelligence (AI) by insurance organizations to automate decision-making process and customer targeting is anticipated to propel the market growth. Furthermore, increasing usage of smartphones and growing demand for digitalization across organizations to streamline their operations is expected to propel the demand for insurance analytics in the market.
Emergence of internet and social media along with increased affordability of storage systems has led to assimilation and generation of the large amount of unstructured data. Insurance companies today, are watching out for intends to effectively use the available information for better decision-making. The analytics solution helps the insurance organizations to predict the expected cost of insurance related with the coverage, enhance risk assessment process, and allow organization to prevent and detect fraudulent activities.
Rising adoption of machine learning and AI in developing insurance analytics tools is gaining popularity across the globe as it offers security control and real-time intelligence with enhanced user experience. Furthermore, increasing adoption of IoT insurance as it increases customer satisfaction, mitigate risks, and lower costs is expected to drive the market growth. Insurance organizations focus on prioritizing technology investments to analyze and gain new insights from customer data, which allow organizations to offer better services to their clients.
Vendors focus on expanding their capabilities in insurance offerings through merger & acquisitions and new product development. For instance, in January 2018, Sapiens International acquired KnowledgePrice, a provider of digital consulting services to insurers. The acquisition helped the former company to expand its capabilities in digital customer services for insurers.