Insurance Analytics Market Size Is Anticipated To Reach USD 31.33 Billion By 2030

Posted by Neha Bora on January 6th, 2025

San Francisco, 6 January 2025: The Report Insurance Analytics Market Size, Share & Trends Analysis Report By Component, By Application, By Deployment, By Enterprise Size, By End Use, By Region And Segment Forecasts, 2025 - 2030

The global insurance analytics market size is expected to reach USD 31.33 billion by 2030, registering a CAGR of 14.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. Rising use of big data and artificial intelligence (AI) by insurance organizations to automate decision-making process and customer targeting is anticipated to propel the market growth. Furthermore, increasing usage of smartphones and growing demand for digitalization across organizations to streamline their operations is expected to propel the demand for insurance analytics in the market.

Emergence of internet and social media along with increased affordability of storage systems has led to assimilation and generation of the large amount of unstructured data. Insurance companies today, are watching out for intends to effectively use the available information for better decision-making. The analytics solution helps the insurance organizations to predict the expected cost of insurance related with the coverage, enhance risk assessment process, and allow organization to prevent and detect fraudulent activities.

Rising adoption of machine learning and AI in developing insurance analytics tools is gaining popularity across the globe as it offers security control and real-time intelligence with enhanced user experience. Furthermore, increasing adoption of IoT insurance as it increases customer satisfaction, mitigate risks, and lower costs is expected to drive the market growth. Insurance organizations focus on prioritizing technology investments to analyze and gain new insights from customer data, which allow organizations to offer better services to their clients.

Vendors focus on expanding their capabilities in insurance offerings through merger & acquisitions and new product development. For instance, in January 2018, Sapiens International acquired KnowledgePrice, a provider of digital consulting services to insurers. The acquisition helped the former company to expand its capabilities in digital customer services for insurers.

Access Research Report of Insurance Analytics Market @ https://www.grandviewresearch.com/industry-analysis/insurance-analytics-market

 Insurance Analytics Market Report Highlights

• The service segment is expected to register the fastest growth from 2025 to 2030 due to rising demand for analysis and protection of critical data, and professional guidance for new technologies
• The customer management & personalization segment is anticipated to register the fastest CAGR over the forecast period on account of rising adoption of advanced analytics techniques and data-driven decision-making process
• Cloud deployment is anticipated to be the largest as well as the fastest segment from 2025 to 2030
• The Small & Medium Enterprises (SME) segment is expected to have the highest CAGR over the forecast period due to increasing number of SMEs and growing demand for customer-centric insurance policies
• The third-party administrators, brokers, & consultancies segment is expected to register fastest growth over the forecast period due to rising number of online channels and growing awareness about the investment market
• North America was the dominant region in 2024 and is anticipated to retain its leading position over the next eight years 

Insurance Analytics Market Report Scope

List Of Key Players Insurance Analytics Market

• Hexaware Technologies Limited
• LexisNexis Risk Solutions
• Microsoft
• MicroStrategy Incorporated
• Open Text Corporation
• Oracle
• Pegasystems Inc.
• Sapiens International
• Tableau Software, LLC
• Verisk Analytics, Inc.

Access Press Release of Insurance Analytics Market @ https://www.grandviewresearch.com/press-release/global-insurance-analytics-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon