AI in the insurance market projected to hit USD 40.1 billion at a 32.6% CAGR by 2030
The Global
AI in Insurance market is projected
to grow from USD 4.2 billion in 2022 to USD 40.1 billion by 2030, exhibiting a
compound annual growth rate (CAGR) of 32.6% during the forecast period (2022 -
2030). It is predicted that the insurance market will grow in 2020 as a result
of the adoption of AI in insurance procedures, particularly in developed
economies. Market Research Future creates the ICT industry reports, which
highlight potential markets for market growth. The global market is expected to
experience an excellent CAGR during the forecast period.
The need to maintain market competitiveness is anticipated to drive AI's
market share in insurance in the future. In the near future, AI in the
insurance business is expected to gain from the increasing volume and rate of
data generation.
Segmental Analysis
The segmental review of the AI in the insurance market has been
carried out on the basis of application, technology, deployment, component, and
sector. Based on the technology, the AI in the insurance market has been
segmented into natural language processing (NLP), machine vision, machine
learning, robotic automation, and deep learning. On the basis of component, the
AI in the insurance market has been segmented into software, hardware, and
services. Based on the deployments, the AI in the insurance market has
been segmented into on-premise and on-cloud. The application-based
segmentation of the AI in the insurance market includes personalized
recommendation, risk management, and compliance, claims processing, chatbots,
and others. By the sector, the AI in the insurance market has been
segmented into health insurance, life insurance, title insurance, auto
insurance, and others.
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Detailed Regional Analysis
The regional evaluation of the AI in the insurance
market includes regions such as Europe, the Middle East, South America,
Asia-Pacific, North America, and Africa. The regional market in North
America presently leads the global market. The US is credited for the biggest
market share due to an extremely skilled workforce in enterprises and research
& development ability, intended at developing AI technologies for insurance
process quality. The European region comes second in the global market due to
the growing adoption of digital technologies to automate business processes is
inspiring the market growth in the European region. The Asia-Pacific
regional market is expected to be the fastest-growing region in the forecast
period. The AI in insurance market in the Middle Eastern & African and
South American regions is also anticipated to develop at a considerable rate
throughout the forecast period.
Competitive Analysis
The stress on enhancing the production potential
and upgradation of the workforce are the top priorities to reinvigorate the
development potential of the market in the coming period. The competitors
present in the market are recalibrating their market share to open up new areas
of development in the market. The establishment of robust distribution channels
is estimated to define the development of the market in the future. The
investment in robotic elements in the supply chain is estimated to be seen in the
future to reduce the impact of the human capital on the long term market
expansion. The state of the market is extremely indecisive due to the effect of
the macro factors operating in the global economy. The road to the resurgence
of the market is estimated to be extensive and arduous due to the degree of
setbacks it has suffered. The prospects for growth in the market have to be
carefully sought out and examined to ensure that they will ensure the favorable
development of the market in the coming period.
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The outstanding contenders in the AI in
insurance market are PolicyPal (Singapore), Insurmi (US), Planck Re (US),
Microsoft Corporation (US), IBM Corporation (US), Wipro Limited (India), BIMA
(UK), Quantemplate (US), Cape Analytics LLC (US), Zurich Insurance Group
(Switzerland), Amazon Web Services Inc. (US),Lemonade (US), Trov (Japan),
ZhongAn (China), Acko General Insurance (India), Shift Technology (France),
Slice (US), Insurify (US), Avaamo Inc (US), and Tractable (UK) are some of the
other players in the market.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions &
Limitations
2.3 Market Structure
Continued…
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