AI in Insurance Market to Reach $45.74 Billion, Globally, by 2031 at 32.5% CAGR: Allied Market Research
Increase in investment by insurance companies in AI & machine learning and rise in preference for personalized insurance services boost the growth of the global AI in insurance market.
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Prime Determinants of growth
Increase in investment by insurance companies in AI & machine learning, surge in collaboration between insurance companies and AI & machine learning solution companies, and rise in preference for personalized insurance services boost the growth of the global AI in insurance market. However, high deployment cost of AI & advanced machine learning and lack of skilled labor hamper the market growth. On the contrary, increase in government initiatives and rise in investments to leverage the AI technology are expected to offer remunerative opportunities for expansion of the market during the forecast period.
Scope of the Report:
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Report Attribute |
Details |
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Revenue forecast in 2031 |
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Growth rate |
CAGR of 32.56% from 2022 to 2031 |
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Forecast period |
2022 - 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Regional scope |
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Country scope |
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Key companies profiled |
Applied Systems, |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global AI in insurance market, owing to implementation of the global lockdown, due to which, various government, public, and other AI insurance organization adopted work from home culture for their employees.
- Furthermore, with rapid digital transformation, various governments introduced stringent regulations such as General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) to protect end user's data. Thus, governments in various countries have taken strict actions toward the policy limit, personal information of policy holder and coverage damages of COVID-19 regulations, and natural language processing technology. This is helping insurance companies scan their internal policies as well as claims documents to check their compliance with different regulatory policies.
- Moreover, insurance companies are expanding product offerings and services to make them widely available throughout the world. As a result, there is a rise in number of software-as-a-service (SaaS), cloud-based client interaction, remote connection, and fraud detection solutions during the COVID-19 pandemic. The trend is going to continue post-pandemic as well.
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The software segment to maintain its leadership status throughout the forecast period
Based on offerings, the software segment held the highest market share in 2021, accounting for more than two-thirds of the global AI in insurance market, and is estimated to maintain its leadership status throughout the forecast period, owing to management of the massive volume of data and generation of meaningful insights for better-informed decisions. However, the service segment is projected to manifest the highest CAGR of 34.8% from 2022 to 2031, due to rise in demand for software-as-a-service (SaaS) because of its numerous benefits such as scalability and one-time customer acquisition cost.
The on-premise Segment To Maintain its Lead Position During the Forecast Period
Based on deployment mode, the on-premise segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global AI in insurance market, and is projected to maintain its lead position during the forecast period. This is attributed to ability to gather, display, and organize important business data using company's own IT infrastructure, which allows companies to keep the data secure. However, the cloud segment is expected to portray the largest CAGR of 33.6% from 2022 to 2031, as it provides the IT team with a greater prospect to facilitate real business value to the organization through lower expected cost and an improved ability to focus on innovation and differentiation.
The Machine Learning Segment to maintain its Lead Position during the Forecast Period
Based on technology, the machine learning segment accounted for the largest share in 2021, contributing to more than half of the global AI in insurance market, and is projected to maintain its lead position during the forecast period. This is attributed to increase in adoption of AI to support AI software developed by various companies to improve their decisions while doing critical jobs. However, the natural language processing segment is expected to portray the largest CAGR of 36.2% from 2022 to 2031, as these services reduce time and costs associated with optimizing systems in the initial phase of deployment.
Based on region,
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Leading Market Players: -
- Applied Systems
- IBM Corporation
- Microsoft Corporation
OpenText Corporation - Oracle Corporation
- Pegasystems Inc.
- Quantemplate
Salesforce, Inc. - SAP SE
SAS Institute Inc. - Shift Technology
- SimpleFinance
- Slice Insurance Technologies
Vertafore, Inc. - Zego
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the AI in Insurance market analysis from 2021 to 2031 to identify the prevailing AI in Insurance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the AI in Insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global AI in Insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
Offering
- Hardware
- Software
- Service
Deployment Model
- On-premise
- Cloud
Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Others
Enterprise Size
Large Enterprises - SMEs
End-user
Life and Health Insurance Property and Casualty Insurance
Application
- Fraud Detection and Credit Analysis
- Customer Profiling and Segmentation
- Product and Policy Design
- Underwriting and Claims Assessment
By Region
North America U.S. Canada Europe United Kingdom Germany France Italy Spain Netherlands - Rest of
Europe Asia-Pacific China India Japan South Korea Australia - Rest of
Asia-Pacific - LAMEA
Latin America Middle East Africa
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