Market Research Logo

Insurance Analytics Market by Component, Business Application (Claims Management, Risk Management, Customer Management and Personalization, Process Optimization), Deployment Model, Organization Size, End-User, and Region - Global Forecast to 2023

Insurance Analytics Market by Component, Business Application (Claims Management, Risk Management, Customer Management and Personalization, Process Optimization), Deployment Model, Organization Size, End-User, and Region - Global Forecast to 2023

“The rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the insurance analytics market”
MarketsandMarkets expects the global insurance analytics market to grow from USD 6.63 billion in 2018 to USD 11.96 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. Rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the market. However, the lack of integration with legacy systems and varying structure of regulation policies are anticipated to limit the growth of the insurance analytics market.

“The risk management business application is expected to hold the largest market size by 2023”
Insurers require to effectively use their data to understand the potential risks, use counter measures to mitigate losses, or at the least, screen, pre-empt, and price for them in the underwriting process. Risk management involves identification, assessment, and management incorporating use of analytics to support decision-making process through clearly stating business goals and objectives, precise information management with better understanding of the trade-offs between risk and reward.

“Insurance companies are estimated to be the largest adopter of insurance analytics solution in 2018”
Insurance companies are now widely adopting various technology solutions including analytics for their internal and customer-facing services. For example, multi-line carriers that supply both consumer policies — for homes, cars and small groups — in addition to business services, such as P&C insurance, run many applications to handle underwriting, claims, and CRM. Increasing service demand and critical end-of-year fiscal reporting force these organizations to adopt advanced technological solutions. This, in turn, drive the insurance companies’ market size in the insurance analytics market during the forecast period.

“Asia Pacific (APAC) is projected to grow at the highest CAGR and North America to hold the largest market size”
The APAC region is expected to grow at the fastest rate in the global insurance analytics market during the forecast period, due to its growing technology adoption rate. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the insurance analytics market in the APAC region. North America, followed by Europe, is expected to continue being the largest revenue-generating region for the insurance analytics vendors, over the next 5 years. This is mainly due to the presence of developed economies, such as Canada and US, and the high focus on innovations in R&D and technology across industry verticals.

In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the insurance analytics marketplace.
By Company - Tier 1 - 22%, Tier 2 - 30%, and Tier 3 - 48%
By Designation - C-Level - 30%, Director Level - 45%, and Others - 25%
By Region - North America - 41%, Europe - 25%, APAC - 20%, and RoW - 14%

The insurance analytics ecosystem comprises the following major vendors:
1. IBM (US)
2. Microsoft (US)
3. Oracle (US)
4. SAP SE (Germany)
5. Salesforce (US)
6. SAS Institute (US)
7. OpenText (Canada)
8. Verisk Analytics (US)
9. Tableau Software (US)
10. Pegasystems (US)
11. Hexaware (India)
12. Guidewire (US)
13. MicroStrategy (US)
14. Sapiens International (Israel)
15. LexisNexis (US)
16. Palantir (US)
17. TIBCO Software (US)
18. Applied Systems (US)
19. Birst (US)
20. BOARD International (Switzerland)
21. Mitchell International (US)
22. QlikTech (US)
23. Vertafore (US)
24. PrADS Inc. (US)
25. BRIDGEi2i (India)

Research Coverage
The insurance analytics market revenue is primarily classified into revenues from tools and services. Revenue from tools is associated with software and platform offerings, while revenue from services is associated with managed services and professional services. The professional services comprise deployment and integration, support and training, and consulting services. The market is also segmented on the basis of business application, end-user, organization size, deployment model, and region.

Reasons to Buy the Report
To get a comprehensive overview of the global insurance analytics market
To gain a wide range information about the top players in this marketspace, their product portfolios, and the key strategies adopted by them
To gain insights of the major countries/regions, in which the insurance analytics market is flourishing in various industry verticals


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • MARKET DEFINITION
    • MARKET SCOPE
    • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY
      • Table UNITED STATES DOLLAR EXCHANGE RATE, 2015–2017
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET SIZE ESTIMATION
    • RESEARCH ASSUMPTIONS
    • LIMITATIONS
  • EXECUTIVE SUMMARY
  • PREMIUM INSIGHTS
    • ATTRACTIVE MARKET OPPORTUNITIES IN THE INSURANCE ANALYTICS MARKET
    • INSURANCE ANALYTICS MARKET: MARKET SHARE ACROSS VARIOUS REGIONS
    • INSURANCE ANALYTICS MARKET, BY BUSINESS APPLICATION AND REGION
    • INSURANCE ANALYTICS MARKET: PROFESSIONAL SERVICES, BY REGION
  • MARKET OVERVIEW AND INDUSTRY TRENDS
    • MARKET OVERVIEW
      • INTRODUCTION
      • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
    • INDUSTRY TRENDS
      • INSURANCE ANALYTICS MARKET: TOP TRENDS
      • INSURANCE ANALYTICS MARKET: USE CASES
  • INSURANCE ANALYTICS MARKET, BY COMPONENT
    • INTRODUCTION
      • Table INSURANCE ANALYTICS MARKET SIZE, BY COMPONENT, 2016–2023 (USD MILLION)
    • TOOLS
      • Table TOOLS: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
    • SERVICES
      • Table SERVICES: INSURANCE ANALYTICS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
      • Table SERVICES: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
      • MANAGED SERVICES
        • Table MANAGED SERVICES MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
      • PROFESSIONAL SERVICES
        • Table PROFESSIONAL SERVICES MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
        • Table PROFESSIONAL SERVICES MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
        • Table DEPLOYMENT AND INTEGRATION MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
        • Table SUPPORT AND MAINTENANCE MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
        • Table CONSULTING MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
  • INSURANCE ANALYTICS MARKET, BY BUSINESS APPLICATION
    • INTRODUCTION
      • Table INSURANCE ANALYTICS MARKET SIZE, BY BUSINESS APPLICATION, 2016–2023 (USD MILLION)
    • CLAIMS MANAGEMENT
      • Table CLAIMS MANAGEMENT: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
    • RISK MANAGEMENT
      • Table RISK MANAGEMENT: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
    • CUSTOMER MANAGEMENT AND PERSONALIZATION
      • Table CUSTOMER MANAGEMENT AND PERSONALIZATION: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
    • PROCESS OPTIMIZATION
      • Table PROCESS OPTIMIZATION: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
    • OTHERS
      • Table OTHERS: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
  • INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODEL
    • INTRODUCTION
      • Table INSURANCE ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL, 2016–2023 (USD MILLION)
    • ON-PREMISES
      • Table ON-PREMISES: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
    • 0N-CLOUD
      • Table ON-CLOUD: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
  • INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE
    • INTRODUCTION
      • Table INSURANCE ANALYTICS MARKET SIZE, BY ORGANIZATION SIZE, 2016–2023 (USD MILLION)
    • LARGE ENTERPRISES
      • Table LARGE ENTERPRISES: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
    • SMALL AND MEDIUM-SIZED ENTERPRISES
      • Table SMALL AND MEDIUM-SIZED ENTERPRISES: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
  • INSURANCE ANALYTICS MARKET, BY END-USER
    • INTRODUCTION
      • Table INSURANCE ANALYTICS MARKET SIZE, BY END-USER, 2016–2023 (USD MILLION)
    • INSURANCE COMPANIES
      • Table INSURANCE COMPANIES: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
    • GOVERNMENT AGENCIES
      • Table GOVERNMENT AGENCIES: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
    • THIRD-PARTY ADMINISTRATORS, BROKERS, AND CONSULTANCIES
      • Table THIRD-PARTY ADMINISTRATORS, BROKERS, AND CONSULTANCIES: INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016– 2023 (USD MILLION)
  • INSURANCE ANALYTICS MARKET, BY REGION
    • INTRODUCTION
      • Table INSURANCE ANALYTICS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
    • NORTH AMERICA
      • BY COUNTRY
        • Table NORTH AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION)
      • BY COMPONENT
        • Table NORTH AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY COMPONENT, 2016–2023 (USD MILLION)
        • Table NORTH AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY SERVICE, 2016–2023 (USD MILLION)
        • Table NORTH AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY PROFESSIONAL SERVICE, 2016–2023 (USD MILLION)
      • BY BUSINESS APPLICATION
        • Table NORTH AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY BUSINESS APPLICATION, 2016–2023 (USD MILLION)
      • BY DEPLOYMENT MODEL
        • Table NORTH AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL, 2016–2023 (USD MILLION)
      • BY ORGANIZATION SIZE
        • Table NORTH AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY ORGANIZATION SIZE, 2016–2023 (USD MILLION)
      • BY END-USER
        • Table NORTH AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY END-USER, 2018–2023 (USD MILLION)
    • EUROPE
      • BY COUNTRY
        • Table EUROPE: INSURANCE ANALYTICS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION)
      • BY COMPONENT
        • Table EUROPE: INSURANCE ANALYTICS MARKET SIZE, BY COMPONENT, 2016–2023 (USD MILLION)
        • Table EUROPE: INSURANCE ANALYTICS MARKET SIZE, BY SERVICE, 2016–2023 (USD MILLION)
        • Table EUROPE: INSURANCE ANALYTICS MARKET SIZE, BY PROFESSIONAL SERVICE, 2016–2023 (USD MILLION)
      • BY BUSINESS APPLICATION
        • Table EUROPE: INSURANCE ANALYTICS MARKET SIZE, BY BUSINESS APPLICATION, 2016–2023 (USD MILLION)
      • BY DEPLOYMENT MODEL
        • Table EUROPE: INSURANCE ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL, 2016–2023 (USD MILLION)
      • BY ORGANIZATION SIZE
        • Table EUROPE: INSURANCE ANALYTICS MARKET SIZE, BY ORGANIZATION SIZE, 2016–2023 (USD MILLION)
      • BY END-USER
        • Table EUROPE: INSURANCE ANALYTICS MARKET SIZE, BY END-USER, 2016–2023 (USD MILLION)
    • ASIA PACIFIC
      • BY COUNTRY
        • Table NORTH AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION)
      • BY COMPONENT
        • Table ASIA PACIFIC: INSURANCE ANALYTICS MARKET SIZE, BY COMPONENT, 2016–2023 (USD MILLION)
        • Table ASIA PACIFIC: INSURANCE ANALYTICS MARKET SIZE, BY SERVICE, 2016–2023 (USD MILLION)
        • Table ASIA PACIFIC: INSURANCE ANALYTICS MARKET SIZE, BY PROFESSIONAL SERVICE, 2016–2023 (USD MILLION)
      • BY BUSINESS APPLICATION
        • Table ASIA PACIFIC: INSURANCE ANALYTICS MARKET SIZE, BY BUSINESS APPLICATION, 2016–2023 (USD MILLION)
      • BY DEPLOYMENT MODEL
        • Table ASIA PACIFIC: INSURANCE ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL, 2016–2023 (USD MILLION)
      • BY ORGANIZATION SIZE
        • Table ASIA PACIFIC: INSURANCE ANALYTICS MARKET SIZE, BY ORGANIZATION SIZE, 2016–2023 (USD MILLION)
      • BY END-USER
        • Table ASIA PACIFIC: INSURANCE ANALYTICS MARKET SIZE, BY END-USER, 2016–2023 (USD MILLION)
    • LATIN AMERICA
      • BY COUNTRY
        • Table LATIN AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION)
      • BY COMPONENT
        • Table LATIN AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY COMPONENT, 2016–2023 (USD MILLION)
        • Table LATIN AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY SERVICE, 2016–2023 (USD MILLION)
        • Table LATIN AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY PROFESSIONAL SERVICE, 2016–2023 (USD MILLION)
      • BY BUSINESS APPLICATION
        • Table LATIN AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY BUSINESS APPLICATION, 2016–2023 (USD MILLION)
      • BY DEPLOYMENT MODEL
        • Table LATIN AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL, 2016–2023 (USD MILLION)
      • BY ORGANIZATION SIZE
        • Table LATIN AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY ORGANIZATION SIZE, 2016–2023 (USD MILLION)
      • BY END-USER
        • Table LATIN AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY END-USER, 2016–2023 (USD MILLION)
    • MIDDLE EAST AND AFRICA
      • BY COUNTRY
        • Table NORTH AMERICA: INSURANCE ANALYTICS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION)
      • BY COMPONENT
        • Table MIDDLE EAST AND AFRICA: INSURANCE ANALYTICS MARKET SIZE, BY COMPONENT, 2016–2023 (USD MILLION)
        • Table MIDDLE EAST AND AFRICA: INSURANCE ANALYTICS MARKET SIZE, BY SERVICE, 2016–2023 (USD MILLION)
        • Table MIDDLE EAST AND AFRICA: INSURANCE ANALYTICS MARKET SIZE, BY PROFESSIONAL SERVICE, 2016–2023 (USD MILLION)
      • BY BUSINESS APPLICATION
        • Table MIDDLE EAST AND AFRICA: INSURANCE ANALYTICS MARKET SIZE, BY BUSINESS APPLICATION, 2016–2023 (USD MILLION)
      • BY DEPLOYMENT MODEL
        • Table MIDDLE EAST AND AFRICA: INSURANCE ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL, 2016–2023 (USD MILLION)
      • BY ORGANIZATION SIZE
        • Table MIDDLE EAST AND AFRICA: INSURANCE ANALYTICS MARKET SIZE, BY ORGANIZATION SIZE, 2016–2023 (USD MILLION)
      • BY END-USER
        • Table MIDDLE EAST AND AFRICA: INSURANCE ANALYTICS MARKET SIZE, BY END-USER, 2016–2023 (USD MILLION)
  • COMPETITIVE LANDSCAPE
    • OVERVIEW
    • COMPETITIVE SCENARIO
      • NEW PRODUCT LAUNCHES AND PRODUCT UPGRADATIONS
        • Table NEW PRODUCT LAUNCHES AND PRODUCT UPGRADATIONS, 2016–2018
      • PARTNERSHIPS AND COLLABORATIONS
        • Table PARTNERSHIPS AND COLLABORATIONS, 2016–2017
      • ACQUISITIONS
        • Table ACQUISITIONS, 2016–2017
      • BUSINESS EXPANSIONS
        • Table BUSINESS EXPANSIONS, 2016–2017
    • INSURANCE ANALYTICS MARKET: PROMINENT PLAYERS
      • Table KEY PLAYERS IN THE INSURANCE ANALYTICS MARKET
  • COMPANY PROFILES
    • MICROSOFT
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • IBM
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • ORACLE
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • SAP
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • SALESFORCE
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • SAS INSTITUTE
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • OPENTEXT
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • VERISK ANALYTICS
      • BUSINESS OVERVIEW
      • TOOLS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • TABLEAU SOFTWARE
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • PEGASYSTEMS
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • HEXAWARE
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • GUIDEWIRE
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • MICROSTRATEGY
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • SAPIENS INTERNATIONAL
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • LEXISNEXIS
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • PALANTIR
      • BUSINESS OVERVIEW
      • TOOLS OFFERED
      • RECENT DEVELOPMENTS
    • TIBCO SOFTWARE
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • APPLIED SYSTEMS
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • BIRST
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • BOARD INTERNATIONAL
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • BRIDGEI2I
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • MITCHELL INTERNATIONAL
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • QLIK
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • VERTAFORE
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
    • PRADS INC.
      • BUSINESS OVERVIEW
      • TOOLS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
  • APPENDIX
    • INSIGHTS OF INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE
    • AVAILABLE CUSTOMIZATION
    • RELATED REPORTS
    • AUTHOR DETAILS

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report