Market Research Future (MRFR) has published a cooked research report on the “Global Insurtech Market” that contains information from 2018 to 2032. The Insurtech market is estimated to register a CAGR of 53.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Insurtech market— Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, TrÅv, Inc., Wipro Limited, and ZhongAnInsurance
The global Insurtech market is accounted to register a CAGR of 53.50% during the forecast period and is estimated to reach USD 264.4 Billion by 2032.
The term "insurtech" refers to technical advancements developed and put into practice to increase the efficiency of the insurance industry. The development, distribution, and management of the insurance industry are all supported by insurtech. Due to the protection industry's readiness to take advantage of challenging and creative innovation, venture capitalists are interested in insurtech.
One of the key drivers of the market's expansion is the rise in insurance claims across the globe. The three types of insurance claims that people most frequently secure are auto, life, and house. 36% of American respondents to an Insurance Barometer research from 2021 said they intended to buy life insurance in that year. In order to cut operating expenses, increase operational effectiveness, and enhance the entire client experience, insurance companies are investing more and more in digital technologies.
The global insurtech market has been segmented based type, service, technology and end-use.
On the basis of type, the market is segmented into auto, business, health, home, specialty, travel, and others. The health segment was attributed to holding the largest market share in 2022.
Based on service, the global Insurtech market has been segmented into consulting, support & maintenance, and managed services. The managed services segment was expected to hold the largest market share in 2022.
Based on technology, the global Insurtech market has been segmented into blockchain, cloud computing, IoT, machine learning, robo advisory, and others. The cloud computing segment was expected to hold the largest market share in 2022.
Based on end use, the global Insurtech market has been segmented into automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others. The BFSI segment was expected to hold the largest market share in 2022.
The global Insurtech market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Insurtech market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Insurtech market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Insurtech market comprises of Middle East, Africa, and Latin America.
The largest market share for Insurtech was maintained by the North American regional sector. The region is seeing a surge in the utilization of insurtech solutions as a result of rising consumer spending on insurance-related products. Additionally, these solutions offer customizable and tailored health and property insurance policies. The growth of insurtech companies is another factor driving the regional industry's progress.
Moreover, Europe the insurtech market is expected to expand gradually over the coming years as a result of the enormous increase in demand for quick services, more efficiency, and automated insurance operations. The established internet infrastructure in the area and the rising adoption of cutting-edge technologies in the insurance sector are what are causing the market for insurtech to flourish.
Additionally, Asia Pacific is anticipated to expand the fastest during the timeframe of the forecast. The region is expected to grow significantly because Singapore, India, and Hong Kong each contain several emerging economies and financial hubs.
Furthermore, the rest of the world's Insurtech market is divided into the Middle East, Africa, and Latin America. The insurtech market in LATAM and MEA is poised for significant growth in the coming years, driven by a combination of technological advancements, changing customer expectations, and increased investment and competition.
Key Findings of the Study