Global Insurtech Market, By Type (Auto, Business, Health, Home, Specialty, Travel, Others), By Service (Consulting, Support & Maintenance, Managed Services), By Technology (Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, Others), By End
Description
Global Insurtech Market, By Type (Auto, Business, Health, Home, Specialty, Travel, Others), By Service (Consulting, Support & Maintenance, Managed Services), By Technology (Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, Others), By End-User (Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Global Insurtech Market Witnessing a Positive Shift: Forecast to Grow at a CAGR of 10.6% by 2027
The global Insurtech market is thriving as a growing number of insurers are turning to Insurtech for innovation and scalability. To learn more about the latest trends and drivers of the Insurtech industry…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global Insurtech market was worth USD 5.3 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 10.6%, earning revenue of around USD 10.7 billion by the end of 2027. The global Insurtech market is driven by the rapid digitization and growing adoption of advanced technologies, such as machine learning, the Internet of Things (IoT), cloud computing, etc. These technologies generate large volumes of data that help insurance companies track and analyze consumer behavior and remodel the insurance industry model to fill the scantiness of the market. Additionally, developing economies such as India, China, Singapore, China, etc., are emerging with growth potential due to the rising number of Insurtech startups. Data privacy and cyberattacks, however, may be a major constraint on the global Insurtech market.
Growing Adoption of Cloud Computing Driving the Global Insurtech Market
Cloud computing has revolutionized many industries with its ease of deployment, resiliency, and versatility, and the insurance industry is no exception. The rising adoption of cloud computing in various industry verticals, especially after the COVID-19 outbreak is significantly driving the growth of the Insurtech market. Insurance companies across the globe are deploying cloud computing to improve their business model. Cloud computing offers better internal and external data management with a higher level of security. It also provides rapid deployment and easy integration that does not hinder the workflow. Furthermore, the application of cloud computing also helps in risk management by integrating risk data and indicators, along with various assessment reports. Such benefits of cloud computing are driving the overall market growth.
Rising demand for Managed Services Propelling the Global Insurtech Market
Based on services, the Insurtech market is segmented into consulting, support & maintenance, and managed services. The managed services segment accounts for the largest share in the Insurtech market. Managed service providers provide insurance companies with their expertise and knowledge of advanced technologies to improve business efficiency and bring out the best in their business models. On the other hand, the support & maintenance services are also projected to gain substantial growth during the forecast period due to the rising deployment of advanced technologies such as IoT, blockchain, etc., by insurance companies.
Global Insurtech Market - By End-User
Based on end-users, the Insurtech market is segmented into automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others. BFSI has dominated the market due to the expanding banking sector and the growing volume of data which can now be tapped into by Insurtech companies for better services, enabling businesses to improve efficiency and optimize overall costs. As a result of rapid digitization and the increasing use of data-generating devices such as wearable devices, the healthcare sector is also emerging as having great potential. This is further driving the demand for better management of data in the healthcare sector and propelling its overall growth.
Global Insurtech Market - Regional Insights
Geographically, the Insurtech market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Among these, North America dominates the Insurtech market. However, the Asia-Pacific region is projected to emerge with the highest CAGR during the forecast period. Economies such as Singapore, India, Hong Kong, are emerging as Insurtech hubs in the global market with an increasing number of potential Insurtech startups. Furthermore, rapid digitization in the banking, finance, and insurance sector and the rising adoption of technologies like cloud computing is significantly propelling the growth of the market.
Impact of COVID-19 on Insurtech Market
The COVID-19 pandemic offered lucrative growth opportunities to the global Insurtech market. The Insurtech companies registered significant growth through capital investment to meet the changing scenario of the industry. The pandemic has also boosted the adoption of technologies, such as cloud computing to boost customer engagement and virtual interaction. Furthermore, the insurance technologies provided a platform for the insurers to demonstrate their services among policy seekers which helped them boost their sales and keep their business floating during such unprecedented times.
Global Insurtech Market - Competitive Landscape
The leading players in the Insurtech market are Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Clover Health Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcery, Sureify, Insurance Technology Services, and other prominent players.
The market is highly consolidated and dominated by industry giants. However, the market is still in its infancy. Thus, several Insurtech startups are emerging and claiming their spots in the market by offering a new and wide range of services. They are also attracting significant investment which helps them in expansion. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Global Insurtech Market Witnessing a Positive Shift: Forecast to Grow at a CAGR of 10.6% by 2027
The global Insurtech market is thriving as a growing number of insurers are turning to Insurtech for innovation and scalability. To learn more about the latest trends and drivers of the Insurtech industry…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global Insurtech market was worth USD 5.3 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 10.6%, earning revenue of around USD 10.7 billion by the end of 2027. The global Insurtech market is driven by the rapid digitization and growing adoption of advanced technologies, such as machine learning, the Internet of Things (IoT), cloud computing, etc. These technologies generate large volumes of data that help insurance companies track and analyze consumer behavior and remodel the insurance industry model to fill the scantiness of the market. Additionally, developing economies such as India, China, Singapore, China, etc., are emerging with growth potential due to the rising number of Insurtech startups. Data privacy and cyberattacks, however, may be a major constraint on the global Insurtech market.
Growing Adoption of Cloud Computing Driving the Global Insurtech Market
Cloud computing has revolutionized many industries with its ease of deployment, resiliency, and versatility, and the insurance industry is no exception. The rising adoption of cloud computing in various industry verticals, especially after the COVID-19 outbreak is significantly driving the growth of the Insurtech market. Insurance companies across the globe are deploying cloud computing to improve their business model. Cloud computing offers better internal and external data management with a higher level of security. It also provides rapid deployment and easy integration that does not hinder the workflow. Furthermore, the application of cloud computing also helps in risk management by integrating risk data and indicators, along with various assessment reports. Such benefits of cloud computing are driving the overall market growth.
Rising demand for Managed Services Propelling the Global Insurtech Market
Based on services, the Insurtech market is segmented into consulting, support & maintenance, and managed services. The managed services segment accounts for the largest share in the Insurtech market. Managed service providers provide insurance companies with their expertise and knowledge of advanced technologies to improve business efficiency and bring out the best in their business models. On the other hand, the support & maintenance services are also projected to gain substantial growth during the forecast period due to the rising deployment of advanced technologies such as IoT, blockchain, etc., by insurance companies.
Global Insurtech Market - By End-User
Based on end-users, the Insurtech market is segmented into automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others. BFSI has dominated the market due to the expanding banking sector and the growing volume of data which can now be tapped into by Insurtech companies for better services, enabling businesses to improve efficiency and optimize overall costs. As a result of rapid digitization and the increasing use of data-generating devices such as wearable devices, the healthcare sector is also emerging as having great potential. This is further driving the demand for better management of data in the healthcare sector and propelling its overall growth.
Global Insurtech Market - Regional Insights
Geographically, the Insurtech market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Among these, North America dominates the Insurtech market. However, the Asia-Pacific region is projected to emerge with the highest CAGR during the forecast period. Economies such as Singapore, India, Hong Kong, are emerging as Insurtech hubs in the global market with an increasing number of potential Insurtech startups. Furthermore, rapid digitization in the banking, finance, and insurance sector and the rising adoption of technologies like cloud computing is significantly propelling the growth of the market.
Impact of COVID-19 on Insurtech Market
The COVID-19 pandemic offered lucrative growth opportunities to the global Insurtech market. The Insurtech companies registered significant growth through capital investment to meet the changing scenario of the industry. The pandemic has also boosted the adoption of technologies, such as cloud computing to boost customer engagement and virtual interaction. Furthermore, the insurance technologies provided a platform for the insurers to demonstrate their services among policy seekers which helped them boost their sales and keep their business floating during such unprecedented times.
Global Insurtech Market - Competitive Landscape
The leading players in the Insurtech market are Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Clover Health Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcery, Sureify, Insurance Technology Services, and other prominent players.
The market is highly consolidated and dominated by industry giants. However, the market is still in its infancy. Thus, several Insurtech startups are emerging and claiming their spots in the market by offering a new and wide range of services. They are also attracting significant investment which helps them in expansion. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Table of Contents
190 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Service Overview
- 1.3. Key Market Segments
- 2. Research Methodology
- 2.1. Qualitative Research
- 2.2. Methodology
- 2.3. Regional Split of Primary & Secondary Research
- 2.4. Secondary Research
- 2.5. Primary Research
- 2.5.1. Breakdown of Primary Research Respondents, By Region
- 2.5.2. Breakdown of Primary Research Respondents, By Industry Participants
- 2.6. Market Size Estimation
- 2.7. Assumptions for the Study
- 2.8. Market Breakdown & Data Triangulation
- 3. Executive Summary
- 4. Industry Insight and Growth Strategy
- 4.1. Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Market Drivers
- 4.2.1.1. Rapid Digitization and Adoption of Advanced Technologies
- 4.2.1.2. Growth Opportunities in The Untapped Market
- 4.2.2. Market Restraints
- 4.2.2.1. Concerns Over Data Privacy and Cyberattacks
- 4.2.3. Market Challenges
- 4.2.3.1. Lack of Digital Infrastructure in Low-Income Countries
- 4.2.4. Market Opportunity
- 4.2.4.1. Growing Adoption of Cloud Computing
- 4.2.4.2. Rising demand for Managed Services
- 4.3. Recent Developments
- 4.4. Porter’s Five Forces Analysis
- 4.4.1. Bargaining Power of Buyers
- 4.4.2. Bargaining Power of Suppliers
- 4.4.3. Intensity of Rivalry
- 4.4.4. Threat of New Entrants
- 4.4.5. Threat of Substitutes
- 5. Insurtech Market Overview
- 5.1. Market Size & Forecast by Value, 2017-2027
- 5.2. Market Size and Forecast, By Segment
- 5.2.1. By Type
- 5.2.1.1. Auto
- 5.2.1.2. Business
- 5.2.1.3. Health
- 5.2.1.4. Home
- 5.2.1.5. Specialty
- 5.2.1.6. Travel
- 5.2.1.7. Others
- 5.2.2. By Service
- 5.2.2.1. Consulting
- 5.2.2.2. Support & Maintenance
- 5.2.2.3. Managed Services
- 5.2.3. By Technology
- 5.2.3.1. Blockchain
- 5.2.3.2. Cloud Computing
- 5.2.3.3. IoT
- 5.2.3.4. Machine Learning
- 5.2.3.5. Robo Advisory
- 5.2.3.6. Others
- 5.2.4. By End-User
- 5.2.4.1. Automotive
- 5.2.4.2. BFSI
- 5.2.4.3. Government
- 5.2.4.4. Healthcare
- 5.2.4.5. Manufacturing
- 5.2.4.6. Retail
- 5.2.4.7. Transportation
- 5.2.4.8. Others
- 5.2.5. By Region
- 5.2.5.1. North America
- 5.2.5.2. Europe
- 5.2.5.3. Asia-Pacific
- 5.2.5.4. Latin America
- 5.2.5.5. Middle East & Africa
- 6. North America Insurtech Market Overview
- 6.1. Market Size and Forecast
- 6.1.1. By Value (USD Billion), 2020-2027
- 6.2. Market Share and Forecast
- 6.2.1. By Type
- 6.2.2. By Service
- 6.2.3. By Technology
- 6.2.4. By End-User
- 6.2.5. By Country
- 6.2.5.1. U.S.
- 6.2.5.2. Canada
- 7. Europe Insurtech Market Overview
- 7.1. Market Size and Forecast
- 7.1.1. By Value (USD Billion), 2020-2027
- 7.2. Market Share and Forecast
- 7.2.1. By Type
- 7.2.2. By Service
- 7.2.3. By Technology
- 7.2.4. By End-User
- 7.2.5. By Country
- 7.2.5.1. Germany
- 7.2.5.2. U.K.
- 7.2.5.3. Russia
- 7.2.5.4. France
- 7.2.5.5. Italy
- 7.2.5.6. Spain
- 7.2.5.7. Rest of Europe
- 8. APAC Insurtech Market Overview
- 8.1. Market Size and Forecast
- 8.1.1. By Value (USD Billion), 2020-2027
- 8.2. Market Share and Forecast
- 8.2.1. By Type
- 8.2.2. By Service
- 8.2.3. By Technology
- 8.2.4. By End-User
- 8.2.5. By Country
- 8.2.5.1. China
- 8.2.5.2. India
- 8.2.5.3. Japan
- 8.2.5.4. South Korea
- 8.2.5.5. Rest of APAC
- 9. LATAM Insurtech Market Overview
- 9.1. Market Size and Forecast
- 9.1.1. By Value (USD Billion), 2020-2027
- 9.2. Market Share and Forecast
- 9.2.1. By Type
- 9.2.2. By Service
- 9.2.3. By Technology
- 9.2.4. By End-User
- 9.2.5. By Country
- 9.2.5.1. Mexico
- 9.2.5.2. Brazil
- 9.2.5.3. Rest of LATAM
- 10. MEA Insurtech Market Overview
- 10.1. Market Size and Forecast
- 10.1.1. By Value (USD Billion), 2020-2027
- 10.2. Market Share and Forecast
- 10.3. By Type
- 10.4. By Service
- 10.5. By Technology
- 10.6. By End-User
- 10.7. By Country
- 10.7.1. Saudi Arabia
- 10.7.2. UAE
- 10.7.3. South Africa
- 10.7.4. Rest of MEA
- 11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. Market Share Analysis (2020)
- 11.3. Competitive Benchmarking by Operating Parameters
- 12. Impact of COVID-19 on Insurtech Market
- 13. Company Profiles (Company Overview, Financial Matrix, Key Service landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
- 13.1. Zhongan Insurance
- 13.2. Damco Group
- 13.3. Wipro Limited
- 13.4. DXC Technology Company
- 13.5. Trov Insurance Solutions, LLC
- 13.6. Majesco
- 13.7. Shift Technology
- 13.8. Oscar Insurance
- 13.9. Quantemplate
- 13.10. OutSystems
- 13.11. Clover Health Insurance
- 13.12. Moonshot-Internet
- 13.13. Acko General Insurance Limited
- 13.14. ThingCo
- 13.15. Tractable
- 13.16. Halos
- 13.17. Sorcero
- 13.18. Sureify
- 13.19. Insurance Technology Services
- 13.20. Other Prominent Players
- 14. Key Strategic Recommendations
- List of Figures
- Figure 1: Insurtech Market Segmentation
- Figure 2: Insurtech Market Value Chain Analysis,
- Figure 3: Company Market Share Analysis, 2020
- Figure 4: Insurtech Market Size, By Value (USD Billion), 2017-2027
- Figure 5: Insurtech Market Share (%), By Type, By Value, 2017-2027
- Figure 6: Insurtech Market Share (%), By Service, By Value, 2017-2027
- Figure 7: Insurtech Market Share (%), By Technology, By Value, 2017-2027
- Figure 8: Insurtech Market Share (%), By End-User, By Value, 2017-2027
- Figure 9: Insurtech Market Share (%), By Region, By Value, 2017-2027
- Figure 10: North America Insurtech Market Size, By Value (USD Billion), 2017-2027
- Figure 11: North America Insurtech Market Share (%), By Type, By Value, 2017-2027
- Figure 12: North America Insurtech Market Share (%), By Service, By Value, 2017-2027
- Figure 13: North America Insurtech Market Share (%), By Technology, By Value, 2017-2027
- Figure 14: North America Insurtech Market Share (%), By End-User, By Value, 2017-2027
- Figure 15: North America Insurtech Market Share (%), By Country, By Value, 2017-2027
- Figure 16: Europe Insurtech Market Size, By Value (USD Billion), 2017-2027
- Figure 17: Europe Insurtech Market Share (%), By Type, By Value, 2017-2027
- Figure 18: Europe Insurtech Market Share (%), By Service, By Value, 2017-2027
- Figure 19: Europe Insurtech Market Share (%), By Technology, By Value, 2017-2027
- Figure 20: Europe Insurtech Market Share (%), by End-User, By Value, 2017-2027
- Figure 21: Europe Insurtech Market Share (%), By Country, By Value, 2017-2027
- Figure 22: Asia-Pacific Insurtech Market Size, By Value (USD Billion), 2017-2027
- Figure 23: Asia-Pacific Insurtech Market Share (%), By Type, By Value, 2017-2027
- Figure 24: Asia-Pacific Insurtech Market Share (%), By Service, By Value, 2017-2027
- Figure 25: Asia-Pacific Insurtech Market Share (%), By Technology, By Value, 2017-2027
- Figure 26: Asia-Pacific Insurtech Market Share (%), By End-User, By Value, 2017-2027
- Figure 27: Asia-Pacific Insurtech Market Share (%), By Country, By Value, 2017-2027
- Figure 28: Latin America Insurtech Market Size, By Value (USD Billion), 2017-2027
- Figure 29: Latin America Insurtech Market Share (%), By Type, By Value, 2017-2027
- Figure 30: Latin America Insurtech Market Share (%), By Service, By Value, 2017-2027
- Figure 31: Latin America Insurtech Market Share (%), By Technology, By Value, 2017-2027
- Figure 32: Latin America Insurtech Market Share (%), By End-User, By Value, 2017-2027
- Figure 33: Latin America Insurtech Market Share (%), By Country, By Value, 2017-2027
- Figure 34: Middle East & Africa Insurtech Market Size, By Value (USD Billion), 2017-2027
- Figure 35: Middle East & Africa Insurtech Market Share (%), By Type, By Value, 2017-2027
- Figure 36: Middle East & Africa Insurtech Market Share (%), By Service, By Value, 2017-2027
- Figure 37: Middle East & Africa Insurtech Market Share (%), By Technology, By Value, 2017-2027
- Figure 38: Middle East & Africa Insurtech Market Share (%), By End-User, By Value, 2017-2027
- Figure 39: Middle East & Africa Insurtech Market Share (%), By Region, By Value, 2017-2027
- List of Tables
- Table 1: Insurtech Market Size, By Type, By Value, 2017-2027
- Table 2: Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027
- Table 3: Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027
- Table 4: Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027
- Table 5: Insurtech Market Size, By Region, By Value (USD Billion), 2017-2027
- Table 6: North America Insurtech Market Size, By Type, By Value (USD Billion), 2017-2027
- Table 7: North America Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027
- Table 8: North America Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027
- Table 9: North America Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027,
- Table 10: Europe Insurtech Market Size, By Type, By Value (USD Billion), 2017-2027
- Table 11: Europe Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027
- Table 12: Europe Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027
- Table 13: Europe Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027
- Table 14: the Asia-Pacific Insurtech Market Size, By Type, By Value (USD Billion), 2017-2027
- Table 15: the Asia-Pacific Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027
- Table 16: the Asia-Pacific Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027
- Table 17: the Asia-Pacific Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027
- Table 18: Latin America Insurtech Market Size, By Type, By Value (USD Billion), 2017-2027
- Table 19: Latin America Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027
- Table 20: Latin America Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027
- Table 21: Latin America Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027
- Table 22: The Middle-East & Africa Insurtech Market Size, By Type, By Value (USD Billion), 2017-2027
- Table 23: The Middle-East & Africa Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027
- Table 24: The Middle-East & Africa Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027
- Table 25: The Middle-East & Africa Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027
- Table 26: Zhongan Insurance Financial Analysis
- Table 27: Zhongan Insurance Business Overview
- Table 28: Damco Group Financial Analysis
- Table 29: Damco Group Business Overview
- Table 30: Wipro Limited Corporation Financial Analysis
- Table 31: Wipro Limited Corporation Business Overview
- Table 32: DXC Technology Company Financial Analysis
- Table 33: DXC Technology Company Business Overview
- Table 34: Trov Insurance Solutions, LLC Financial Analysis
- Table 35: Trov Insurance Solutions, LLC Business Overview
- Table 36: Majesco Financial Analysis
- Table 37: Majesco Business Overview
- Table 38: Shift Technology Financial Analysis
- Table 39: Shift Technology Business Overview
- Table 40: Oscar Insurance Financial Analysis
- Table 41: Oscar Insurance Business Overview
- Table 42: Quantemplate Financial Analysis
- Table 43: Quantemplate Business Overview
- Table 44: OutSystems Financial Analysis
- Table 45: OutSystems Business Overview
- Table 46: Clover Health Insurance Financial Analysis
- Table 47: Clover Health Insurance Financial Analysis
- Table 48: Moonshot-Internet Financial Analysis
- Table 49: Moonshot-Internet Business Overview
- Table 50: Acko General Insurance Limited Financial Analysis
- Table 51: Acko General Insurance Limited Business Overview
- Table 52: ThingCo Financial Analysis
- Table 53: ThingCo Business Overview
- Table 54: Tractable Financial Analysis
- Table 55: Tractable Business Overview
- Table 56: Halos Financial Analysis
- Table 57: Halos Business Overview
- Table 58: Sorcero Financial Analysis
- Table 59: Sorcero Business Overview
- Table 60: Sureify Financial Analysis
- Table 61: Sureify Business Overview
- Table 62: Insurance Technology Services Financial Analysis
- Table 63: Insurance Technology Services Business Overview
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.