PUBLISHER: TechNavio | PRODUCT CODE: 1502582
PUBLISHER: TechNavio | PRODUCT CODE: 1502582
Technavio has been monitoring the insurance market and is forecast to grow by USD 1401.1 bn during 2023-2028, accelerating at a CAGR of 4.25% during the forecast period. Our report on the insurance market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing government regulations on mandatory insurance coverage in developing countries, uncertain catastrophic events leading to increasing demand for insurance, and digitalization of insurance industry.
Technavio's insurance market is segmented as below:
Market Scope | |
---|---|
Base Year | 2024 |
End Year | 2028 |
Series Year | 2024-2028 |
Growth Momentum | Accelerate |
YOY 2024 | 4.08% |
CAGR | 4.25% |
Incremental Value | $1401.1bn |
By Distribution Channel
By Type
By Geographical Landscape
This study identifies the integration of wearables into customer engagement metrics for life insurance software as one of the prime reasons driving the insurance market growth during the next few years. Also, investors collaborating with insurtech firms and new technological developments in home insurance industry will lead to sizable demand in the market.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on the insurance market covers the following areas:
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading insurance market vendors that include Aditya Birla Management Corp. Pvt. Ltd., Allianz SE, American International Group Inc., AXA Group, Bank of America Corp., Berkshire Hathaway Inc., Canara Bank, Citigroup Inc., Go Digit General Insurance Ltd., HDFC Ltd., JPMorgan Chase and Co., Kotak Mahindra Bank Ltd., Life Insurance Corp. of India, Microsoft Corp., State Bank of India, Tata Sons Pvt. Ltd., THE PNC FINANCIAL SERVICES GROUP INC., Truist Financial Corp., U.S. Bancorp, and Wells Fargo and Co.. Also, the insurance market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.
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