As stated by Fact.MR, a market intelligence and competitive intelligence provider, the Insurance Analytics market is estimated to attain a value of $13.15 billion this year with a growth rate of about 88% by 2033. A report made by fact.mr for 2018-2022 and prediction data for 2023-2033 on insurance analytics market.
This study reveals critical information of the market related to components, enterprises, insurance companies, etc., considering North America, Latin America, Europe, East Asia, South Asia and Oceania, and MEA.
What Fact.MR report says
|Value Projection (2033)||USD 49 Billion|
|Growth Rate (2023-2033)||14% CAGR|
Edge Analytics Market: The edge analytics market valuation stands at about USD 7 billion in the current year with a projected estimate of USD 62 billion touching by the end of 2033 at 24.3 percent annual growth rate.
Big Data Analytics in Healthcare Market: The total market size of this market will reach an estimated USD 39.7 billion by fiscal year 2022 against USD 33.8 billion during fiscal year 2021.
Financial Analytics Market: During the year 2021, the revenue for the financial analytics was recorded at around US$ 9.3 billion and is expected to grow more than 11% into US$ 10.3 billion.
Global Insurance Analytics Market
Insureds are quick adapting to new emerging trends and have data based solutions that provide them with information for effective decision making as well as enhance their service delivery quality. The merger of artificial intelligence and machine learning is set to revolutionize underwriting, claims handling, as well as anti-fraud efforts.
Analytics is enabling insurers to obtain improved understanding of the risk attributes which translates into accurate policy underwriting and prudent risk administration. one important factor that drives the insurance analytics business is the use of data-driven decisions.
Fraud is detected with the help of data analytics solutions where large data sets are evaluated for anomalous pattern, unusual behavior and potential fraud indicators. Several insurers are included in a network which shares data about perceived insurance scams.
While there is stiff competition in the insurance analytics market between established industry players and startup innovators. Among other prominent corporations, including IBM, SAS, and Oracle, there are diverse insurance analytics options. there are also other startups like DataRobot and Shift Technology that focus on fraud detection and claims processing.
- In October 2022, Guidewire and One Inc teamed up to provide insurers a plug and play solution that facilitates a smooth experience for their clients, adjusters, agents and suppliers.
- IBM launched a new risk-centered product IBM Risk Analytics in September 2020.
- Exprius was announced by WNS in August of 2020, it is an AI & analytics driven customer experience solution.
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