The InsurTech Market is being driven by Increasing need to improve business efficiency
The InsurTech Market is expected to grow at a CAGR of 42.35% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 77.41 billion. InsurTech firms, or technology-driven insurance startups, have garnered significant attention from investors, as evidenced by the recent conference attended by approximately 1,500 investors, entrepreneurs, and insurance executives worldwide. The primary focus of the event was the impact of technology on insurance industry operations. Technology has revolutionized the insurance value chain, enhancing costing processes, improving consumer experience, increasing transparency, decreasing fraud through advanced data analysis, and streamlining claims processing for customers. InsurTech vendors are prioritizing the growing consumer demand for customized insurance products and personalized services.
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The market is segmented based on segments_for_ai.nslist
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 42.35% |
Market growth 2024-2028 |
USD 77.41 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
40.22 |
Key countries |
US, China, India, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The Insurance Technology (InsurTech) sector encompasses the creation, distribution, and administration of insurance products utilizing advanced technologies such as ultra-customized policies through machine learning and artificial intelligence, social insurance with customer data management, cloud computing deployment models, blockchain, business analytics, IoT, and various types of insurance including life & health, auto, marine, liability, buildings, commercial buildings, home, dwelling coverage, and contents coverage.
The InsurTech market is a significant segment of the global application software market, which is a part of the larger IT software market. This market encompasses organizations specializing in the creation, distribution, and administration of insurance products utilizing technology. According to Technavio, the global application software market consists of businesses involved in developing and producing software for specialized business or consumer applications. This market includes enterprise and technical software, as well as cloud-based solutions. Notably, it excludes entities classified under the interactive home entertainment sub-industry and those producing systems or database management software classified under the systems software sub-industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
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