The global insurtech market size is anticipated to value USD 16.8 billion until 2025. It is also expected to register a CAGR of 43.0% over the forecasted years, 2019 to 2025. The rising usage of advanced technologies like AI (Artificial Intelligence) and ML (Machine Learning) across many insurance companies for targeting customers and maintaining their records is projected to drive market growth.
The cloud computing technology segment is projected to witness significant growth due to rising consumer demand for hybrid and customized services related to insurance. While the blockchain technological segment is anticipated to register 44.9% CAGR from 2019 to 2025 due to the need for enhancing operational speed and transparency in the process of insurance claims.
The BFSI end-use segment dominated the global market in 2018 on account of the increasing deployment of several digital platforms across banking sectors and financial institutions. While the healthcare segment is projected to register the highest CAGR owing to rising concerns regarding health prevailing among the millennial population.
In 2018, North America dominated the global market due to the increasing number of service providers across this region. While the Asia Pacific is anticipated to register substantial growth over the forecasted years owing to the rising number of insurance companies across this region coupled with their attractive offerings for customer engagement across countries like China and India.
The Insurtech market includes key players such as Oscar Insurance, DXC Technology Company, Majesco, Damco Group, and Quantemplate. They are also engaged in product development and innovation. Also, they are implementing strategies like acquisitions and mergers to widen their global reach.
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Further key findings from the report suggest:
• The segment of managed services accounted for largest share across the global market in 2018.
• The blockchain technological segment is anticipated to register 44.9% CAGR over the forecasted years.
• In 2018, North America dominated the global market.
• The key players in this market are Oscar Insurance, DXC Technology Company, Majesco, Damco Group and Quantemplate.
Million Insights has segmented the global insurtech market based on type, service, technology, end use and region:
Insurtech Type Outlook (Revenue, USD Million, 2014 - 2025)
Insurtech Service Outlook (Revenue, USD Million, 2014 - 2025)
• Support & Maintenance
• Managed Services
Insurtech Technology Outlook (Revenue, USD Million, 2014 - 2025)
• Cloud Computing
• Machine Learning
• Robo Advisory
Insurtech End-use Outlook (Revenue, USD Million, 2014 - 2025)
Insurtech Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa