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Augmented Reality in Insurance - Thematic Research

Publisher GlobalData
Published Apr 03, 2024
Length 65 Pages
SKU # GBDT18743726

Description

Augmented Reality in Insurance - Thematic Research


Summary

This report provides an in-depth look at the augmented reality (AR) theme within the insurance sector, covering industry challenges (and how AR can tackle them), investments in the technology, case studies, the AR value chain, key players within the space, and more.

Augmented reality (AR) is a technology that allows the user to see the real world overlaid with digital data. According to GlobalData forecasts, the AR market will be worth $100 billion by 2030, up from $22 billion in 2022. AR software will generate most of this revenue, with limited spending on AR headsets and AR smart glasses. Smartphones are the primary device for AR applications today. While Big Tech is developing new AR headsets and smart glasses, smartphones are gaining AR capabilities like advanced spatial awareness, precise positional tracking, and artificial intelligence (AI) tools. This promises to bring more realistic and immersive experiences to mobile AR in the next couple of years. In the meantime, insurers are already adopting other use cases for AR technology, such as live video claims and risk visualization to estimate damage.

Scope

The use cases of AR can help solve some of the challenges insurers face, while also changing the way providers advertise and the way they engage with customers.
As more insurance companies use AR, they will see benefits such as an improved customer experience and increased operational efficiency.
According to GlobalData forecasts, AR will become a $100 billion market by 2030.

Reasons to Buy

Benchmark yourself against the rest of the market.
Gain valuable insights into the intersection of AR and the insurance industry.
Understand the potential benefits and opportunities of integrating AR technology into insurance processes.
Ensure you remain competitive as new innovations and developments in AR transform the insurance industry.
Position yourself for success by understanding the ways in which AR can help solve major challenges within the insurance space, including ESG and cybersecurity risks.

Table of Contents

65 Pages
Executive Summary
Players
Insurance Challenges
The Impact of Augmented Reality on Insurance
How AR helps tackle the challenge of ESG
How AR helps tackle the challenge of insurtech
How AR helps tackle the challenge of cybersecurity risks
How AR helps tackle the challenge of digitalization among the younger generation
How AR helps tackle the challenge of a lack of trust in insurers
Case Studies
Sjóvá used SightCall to increase the efficiency of the claims process
AiBorne Tech’s platform is streamlining vehicle inspections using AR and AI
Mercury Insurance provided an AR experience in partnership with the LA Kings
Augmented Reality Timeline
Market Size and Growth Forecasts
AR software
AR hardware
Signals
M&A trends
Patent trends
Company filing trends
Hiring trends
Augmented Reality Value Chain
Semiconductors
Central processing units
Graphics processing units
Vision processing units
Image processors
Communication chips
Micro-electromechanical systems (MEMS)
Memory chips
Components
Motion tracking
Batteries
Displays
Cameras and 3D lenses
Audio component
Machine vision
Devices
Smartphones
AR smart glasses
AR headsets
Platforms
Artificial intelligence
The impact of generative AI
Apps and content
Companies
Leading augmented reality adopters in insurance
Leading augmented reality vendors
Specialist augmented reality vendors in insurance
Sector Scorecards
Non-life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Life insurance sector scorecard
Who’s who
Thematic screen
Life insurance valuation screen
Risk screen
Glossary
Further Reading
GlobalData reports
Our Thematic Research Methodology
About GlobalData
Contact Us
List of Tables
Table 1: key challenges currently facing the insurance sector.
Table 2: M&A trends
Table 3: Leading augmented reality adopters in insurance
Table 4: Leading augmented reality vendors
Table 5: Specialist augmented reality vendors in insurance
Table 6: Glossary
Table 7: GlobalData reports
List of Figures
Figure 1: Key players in augmented reality
Figure 2: AR is considered to be a disruptive technology by over half of all poll respondents
Figure 3: Thematic investment matrix
Figure 4: Sjóvá has improved the way it processes claims by using SightCalls AR platform
Figure 5: The platform combines AI and AR with human expertise to speed up inspections
Figure 6: Mercury Insurance's AR experience with the LA Kings
Figure 7: The augmented reality story
Figure 8: AR will become a $100 billion market by 2030
Figure 9: Enterprise AR will continue to be more lucrative than the consumer market by 2030
Figure 10: AR software will dominate the market over the forecast period
Figure 11: The AR software market will generate $82 billion in revenue by 2030
Figure 12: The AR hardware market will be worth $18 billion by 2030
Figure 13: AR headsets will lead the AR hardware market
Figure 14: In 2023, AR-related patent activity in the insurance sector peaked at 63 publications in April 2023
Figure 15: AR-related mentions in company filings are steadily decreasing
Figure 16: AR-related jobs have been decreasing in the insurance sector
Figure 17: The augmented reality value chain
Figure 18: AR value chain – Semiconductors
Figure 19: AR value chain – Components
Figure 20: AR value chain – Devices
Figure 21: AR value chain – Platforms
Figure 22: AR value chain – Platforms - AI
Figure 23: AR value chain – Apps and content
Figure 24: Who does what in the non-life insurance space?
Figure 25: Thematic screen - Non-life insurance sector scorecard
Figure 26: Valuation screen - Non-life insurance sector scorecard
Figure 27: Risk screen - Non-life insurance sector scorecard
Figure 28: Who does what in the life insurance space?
Figure 29: Thematic screen - Life insurance sector scorecard
Figure 30: Valuation screen - Life insurance sector scorecard
Figure 31: Risk screen - Life insurance sector scorecard
Figure 32: Our five-step approach for generating a sector scorecard

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