Global Insurance Technology Market Report 2021-2029: Growing Technology Driven New Entrants Along with Rising Demand for Digitization will Boost the Market
DUBLIN, March 09, 2022--(BUSINESS WIRE)--The "Insurance Technology Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global insurance technology market is projected to grow at a CAGR of 36.7% during the expected period from 2021 to 2029, starting from US$ 1.28 billion in 2020.
Growing technology-driven new entrants along with rising demand for digitization will boost the market
Innovation through new technologies is a key driver of change in the financial sector. In the coming years, innovations coupled with new technological developments, is likely to drive the demand for insurance technology globally.
Rising demand for digital platform coupled with consulting & managed services will drive the demand for health insurance globally
Insurance establishments within the health domain are concentrating on machine learning, artificial intelligence, and internet of things (IoT) in order to provide advanced application systems, which will further improve customer experience and automate internal business processes.
Rising demand for digital platforms which will connect brokers, carriers, providers coupled with exchanges in health insurance is predicted to drive demand for the health segment on a global scale. Furthermore, health insurance businesses are focusing on rationalization of processes by implementing digital practices such as digital payments, automated underwriting, connected and collaborative care delivery and digital enrolment processes which will foster improvements in the healthcare system.
Regional Analysis
North America dominated the market for Insurtech in 2020. This dominance can be attributed to increasing demand for end-to-end digitally advanced financial solutions and the significant presence of technology providers.
Furthermore, the customization and flexibility offered by different Insurtech products like life insurance and health policies will allow customers to pick between the best plans. Financial associations across North America are considerably focused towards the implementation of digital competences into their offerings in order to sustain a significant competitive advantage.
List of Companies Covered:
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Damco Group
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DXC Technology Company
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Majesco
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Oscar Insurance
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Quantemplate
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Shift Technology
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Trov, Inc.
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Wipro Limited
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Zhongan Insurance
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Friendsurance
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Allay
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GetInsured
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Claim Di
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CommonEasy
Key Topics Covered
1. Preface
2. Executive Summary
2.1. Market Snapshot: Global Insurance Technology (IT) Market
2.2. Global IT Market, by Type, 2020 (US$ Bn)
2.3. Global IT Market, by Technology, 2020 (US$ Bn)
2.4. Global IT Market, by Services, 2020 (US$ Bn)
2.5. Global IT Market, by End-use, 2020 (US$ Bn)
2.6. Global IT Market, by Geography, 2020 (US$ Bn)
3. Market Dynamics
3.1. Introduction
3.1.1. Global IT Market Value, 2019-2029, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2020
3.4. Market Positioning of Key Players, 2020
3.4.1. Major Strategies Adopted by Key Players
4. Global Insurance Technology Market, by Type , 2019-2029 (US$ Bn)
4.1. Overview
4.2. Home
4.3. Health
4.4. Business
4.5. Automotive
4.6. Others (Specialty, Travel, etc.)
5. Global Insurance Technology Market, by Technology, 2019-2029 (US$ Bn)
5.1. Overview
5.2. IoT
5.3. Block Chain
5.4. Cloud Computing
5.5. Machine Learning
5.6. Others (Robo Advisory, etc.)
6. Global Insurance Technology Market, by Services, 2019-2029 (US$ Bn)
6.1. Overview
6.2. Consulting
6.3. Managed Services
6.4. Support & Maintenance
7. Global Insurance Technology Market, by End-use, 2019-2029 (US$ Bn)
7.1. Overview
7.2. BSFI
7.3. Retail
7.4. Automotive
7.5. Government
7.6. Healthcare
7.7. Others (Transportation, Manufacturing, etc.)
For more information about this report visit https://www.researchandmarkets.com/r/4ke3r7
View source version on businesswire.com: https://www.businesswire.com/news/home/20220309005693/en/
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