Insurance technology market size in Europe to grow by USD 14,523.99 million between 2022 and 2027; Increasing collaborations between investors and insurance technology vendors to be a key trend – Technavio
The increasing collaborations between investors and insurance technology vendors are identified as the key trend in the market. The market is witnessing an increased number of collaborations between investors and insurance technology firms. These players are focused on developing sophisticated and customized insurance products and personalized services to cater to growing consumer demand. In addition, the trend of purchasing insurance over an application has also increased investors' collaboration with insurance technology firms. For instance, in
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Akur8,
Although the increased adoption of cloud-based solutions will offer immense growth opportunities, changing skill requirements will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market is driven by the increased adoption of cloud-based solutions. Cloud-based solutions provide organizations the flexibility to scale up or down depending on their requirements. Cloud-based solutions also ensure high-speed deployment and low upfront costs. Also, it allows organizations to access data and services remotely through a web browser without installing and managing the application software. Many such benefits are increasing the adoption of cloud-based among end-users, which is driving the growth of the market.
Insurance Technology Market in
- Type
- Solution
- Service
- Technology
- Cloud Computing
- IoT
- Big Data and Business Analytics
- Blockchain
- Others
The market growth in the solution segment will be significant over the forecast period. The growth of the segment is driven by the digital transformation of insurance, coupled with the increasing demand for improved, customer-centric solutions. In addition, the development of new products to meet the changing needs of customers and improve transparency are driving the growth of the segment.
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Insurance Technology Market in
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our insurance technology market in
- Insurance Technology Market Size
- Insurance Technology Market Trends
- Insurance Technology Market Analysis
- Insurance Technology Market Five Forces Analysis
- Insurance Technology Market Competitive Landscape
Insurance Technology Market in
Changing skill requirements will challenge the growth of the market. Technological innovations have enabled vendors to provide customer-centric applications in the market. The incorporation of data analytics has enabled insurance companies to derive insights, detect fraud, and predict claim patterns. Similarly, blockchain technology and cloud insurance solutions have become more efficient and secure. However, the market faces a shortage of skilled professionals to implement digital technologies. This is hindering the adoption of technology among insurance companies, which is negatively affecting the growth of the market.
Insurance Technology Market in
We provide a detailed analysis of around 25 vendors operating in the insurance technology market in
Anorak Technologies Ltd. - The company offers insurance technology solutions such as the Adviser platform and the Consumer platform.Charles Taylor Ltd. - The company offers insurance technology solutions such as InHub.- Descartes Underwriting SAS - The company offers insurance technology solutions for parametric insurance.
- FRISS - The company offers insurance technology solutions such as
Create Insurance ,Distribute Insurance , Manage your Insurance, and Insurance Reporting. Alan SA Digital Fineprint Ltd. F2X Group Ltd. Getsafe Digital GmbH INZMO Europe GmbH Majesco Powszechny Zaklad Ubezpieczen Spolka Akcyjna Group Qidenus Group GmbH Qover SA Quantemplate Technologies Inc. - Shift Technology
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Insurance Technology Market in
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist insurance technology market growth in
Europe during the next five years - Estimation of the insurance technology market size in
Europe and its contribution to the parent market - Predictions on upcoming trends and changes in consumer behavior
- The growth of the insurance technology market in
Europe - Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of insurance technology market vendors in
Europe
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The insurtech market is estimated to grow at a CAGR of 44.05% between 2022 and 2027. The size of the market is forecasted to increase by
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Insurance Technology Market in |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 34.58% |
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Market growth 2023-2027 |
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|
Market structure |
Fragmented |
|
YoY growth 2022- 2023 (%) |
24.0 |
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Key countries |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Akur8, |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Browse through Technavio's Information Technology Market Reports
Table of contents:
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Technology
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on
Europe - Market size and forecast 2022-2027 ($ million) - Exhibit 15: Data Table on Regional - Market size and forecast 2022-2027 ($ million)
- Exhibit 16: Chart on
Europe : Year-over-year growth 2022-2027 (%) - Exhibit 17: Data Table on Regional - Market size and forecast 2022-2027 ($ million)
4 Historic Market Size
- 4.1 Insurance technology market in
Europe 2017 - 2021 - Exhibit 18: Historic Market Size – Data Table on Insurance technology market in
Europe 2017 - 2021 ($ million)
- 4.2 Type Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)
- 4.3 Technology Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – Technology Segment 2017 - 2021 ($ million)
- 4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 22: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 23: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 24: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 25: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 26: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 27: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 28: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Type
- 6.1 Market segments
- Exhibit 29: Chart on Type - Market share 2022-2027 (%)
- Exhibit 30: Data Table on Type - Market share 2022-2027 (%)
- 6.2 Comparison by Type
- Exhibit 31: Chart on Comparison by Type
- Exhibit 32: Data Table on Comparison by Type
- 6.3 Solution - Market size and forecast 2022-2027
- Exhibit 33: Chart on Solution - Market size and forecast 2022-2027 ($ million)
- Exhibit 34: Data Table on Solution - Market size and forecast 2022-2027 ($ million)
- Exhibit 35: Chart on Solution - Year-over-year growth 2022-2027 (%)
- Exhibit 36: Data Table on Solution - Year-over-year growth 2022-2027 (%)
- 6.4 Service - Market size and forecast 2022-2027
- Exhibit 37: Chart on Service - Market size and forecast 2022-2027 ($ million)
- Exhibit 38: Data Table on Service - Market size and forecast 2022-2027 ($ million)
- Exhibit 39: Chart on Service - Year-over-year growth 2022-2027 (%)
- Exhibit 40: Data Table on Service - Year-over-year growth 2022-2027 (%)
- 6.5 Market opportunity by Type
- Exhibit 41: Market opportunity by Type ($ million)
- Exhibit 42: Data Table on Market opportunity by Type ($ million)
7 Market Segmentation by Technology
- 7.1 Market segments
- Exhibit 43: Chart on Technology - Market share 2022-2027 (%)
- Exhibit 44: Data Table on Technology - Market share 2022-2027 (%)
- 7.2 Comparison by Technology
- Exhibit 45: Chart on Comparison by Technology
- Exhibit 46: Data Table on Comparison by Technology
- 7.3 Cloud computing - Market size and forecast 2022-2027
- Exhibit 47: Chart on Cloud computing - Market size and forecast 2022-2027 ($ million)
- Exhibit 48: Data Table on Cloud computing - Market size and forecast 2022-2027 ($ million)
- Exhibit 49: Chart on Cloud computing - Year-over-year growth 2022-2027 (%)
- Exhibit 50: Data Table on Cloud computing - Year-over-year growth 2022-2027 (%)
- 7.4 IoT - Market size and forecast 2022-2027
- Exhibit 51: Chart on IoT - Market size and forecast 2022-2027 ($ million)
- Exhibit 52: Data Table on IoT - Market size and forecast 2022-2027 ($ million)
- Exhibit 53: Chart on IoT - Year-over-year growth 2022-2027 (%)
- Exhibit 54: Data Table on IoT - Year-over-year growth 2022-2027 (%)
- 7.5 Big data and business analytics - Market size and forecast 2022-2027
- Exhibit 55: Chart on Big data and business analytics - Market size and forecast 2022-2027 ($ million)
- Exhibit 56: Data Table on Big data and business analytics - Market size and forecast 2022-2027 ($ million)
- Exhibit 57: Chart on Big data and business analytics - Year-over-year growth 2022-2027 (%)
- Exhibit 58: Data Table on Big data and business analytics - Year-over-year growth 2022-2027 (%)
- 7.6 Blockchain - Market size and forecast 2022-2027
- Exhibit 59: Chart on Blockchain - Market size and forecast 2022-2027 ($ million)
- Exhibit 60: Data Table on Blockchain - Market size and forecast 2022-2027 ($ million)
- Exhibit 61: Chart on Blockchain - Year-over-year growth 2022-2027 (%)
- Exhibit 62: Data Table on Blockchain - Year-over-year growth 2022-2027 (%)
- 7.7 Others - Market size and forecast 2022-2027
- Exhibit 63: Chart on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 64: Data Table on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 65: Chart on Others - Year-over-year growth 2022-2027 (%)
- Exhibit 66: Data Table on Others - Year-over-year growth 2022-2027 (%)
- 7.8 Market opportunity by Technology
- Exhibit 67: Market opportunity by Technology ($ million)
- Exhibit 68: Data Table on Market opportunity by Technology ($ million)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 69: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 70: Chart on Market share by geography - 2022-2027 (%)
- Exhibit 71: Data Table on Market share by geography - 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 72: Chart on Geographic comparison
- Exhibit 73: Data Table on Geographic comparison
- 9.3
UK - Market size and forecast 2022-2027 - Exhibit 74: Chart on
UK - Market size and forecast 2022-2027 ($ million) - Exhibit 75: Data Table on
UK - Market size and forecast 2022-2027 ($ million) - Exhibit 76: Chart on
UK - Year-over-year growth 2022-2027 (%) - Exhibit 77: Data Table on
UK - Year-over-year growth 2022-2027 (%)
- 9.4
France - Market size and forecast 2022-2027 - Exhibit 78: Chart on
France - Market size and forecast 2022-2027 ($ million) - Exhibit 79: Data Table on
France - Market size and forecast 2022-2027 ($ million) - Exhibit 80: Chart on
France - Year-over-year growth 2022-2027 (%) - Exhibit 81: Data Table on
France - Year-over-year growth 2022-2027 (%)
- 9.5
Germany - Market size and forecast 2022-2027 - Exhibit 82: Chart on
Germany - Market size and forecast 2022-2027 ($ million) - Exhibit 83: Data Table on
Germany - Market size and forecast 2022-2027 ($ million) - Exhibit 84: Chart on
Germany - Year-over-year growth 2022-2027 (%) - Exhibit 85: Data Table on
Germany - Year-over-year growth 2022-2027 (%)
- 9.6
Italy - Market size and forecast 2022-2027 - Exhibit 86: Chart on
Italy - Market size and forecast 2022-2027 ($ million) - Exhibit 87: Data Table on
Italy - Market size and forecast 2022-2027 ($ million) - Exhibit 88: Chart on
Italy - Year-over-year growth 2022-2027 (%) - Exhibit 89: Data Table on
Italy - Year-over-year growth 2022-2027 (%)
- 9.7 Rest of
Europe - Market size and forecast 2022-2027 - Exhibit 90: Chart on Rest of
Europe - Market size and forecast 2022-2027 ($ million) - Exhibit 91: Data Table on Rest of
Europe - Market size and forecast 2022-2027 ($ million) - Exhibit 92: Chart on Rest of
Europe - Year-over-year growth 2022-2027 (%) - Exhibit 93: Data Table on Rest of
Europe - Year-over-year growth 2022-2027 (%)
- 9.8 Market opportunity by geography
- Exhibit 94: Market opportunity by geography ($ million)
- Exhibit 95: Data Table on Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 96: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 97: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 98: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 99: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 100: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 101: Matrix on vendor position and classification
- 12.3 Akur8
- Exhibit 102: Akur8 - Overview
- Exhibit 103: Akur8 - Product / Service
- Exhibit 104: Akur8 - Key offerings
- 12.4 Anorak Technologies Ltd.
- Exhibit 105:
Anorak Technologies Ltd. - Overview - Exhibit 106:
Anorak Technologies Ltd. - Product / Service - Exhibit 107:
Anorak Technologies Ltd. - Key offerings
- 12.5
Charles Taylor Ltd. - Exhibit 108:
Charles Taylor Ltd. - Overview - Exhibit 109:
Charles Taylor Ltd. - Product / Service - Exhibit 110:
Charles Taylor Ltd. - Key news - Exhibit 111:
Charles Taylor Ltd. - Key offerings
- 12.6 Descartes Underwriting SAS
- Exhibit 112: Descartes Underwriting SAS - Overview
- Exhibit 113: Descartes Underwriting SAS - Product / Service
- Exhibit 114: Descartes Underwriting SAS - Key offerings
- 12.7 Duck Creek Technologies Inc.
- Exhibit 115: Duck Creek Technologies Inc. - Overview
- Exhibit 116: Duck Creek Technologies Inc. - Product / Service
- Exhibit 117: Duck Creek Technologies Inc. - Key news
- Exhibit 118: Duck Creek Technologies Inc. - Key offerings
- 12.8
F2X Group Ltd. - Exhibit 119:
F2X Group Ltd. - Overview - Exhibit 120:
F2X Group Ltd. - Product / Service - Exhibit 121:
F2X Group Ltd. - Key offerings
- 12.9 FRISS
- Exhibit 122: FRISS - Overview
- Exhibit 123: FRISS - Product / Service
- Exhibit 124: FRISS - Key offerings
- 12.10
Getsafe Digital GmbH - Exhibit 125:
Getsafe Digital GmbH - Overview - Exhibit 126:
Getsafe Digital GmbH - Product / Service - Exhibit 127:
Getsafe Digital GmbH - Key offerings
- 12.11
INZMO Europe GmbH - Exhibit 128:
INZMO Europe GmbH - Overview - Exhibit 129:
INZMO Europe GmbH - Product / Service - Exhibit 130:
INZMO Europe GmbH - Key offerings
- 12.12
Majesco - Exhibit 131:
Majesco - Overview - Exhibit 132:
Majesco - Product / Service - Exhibit 133:
Majesco - Key news - Exhibit 134:
Majesco - Key offerings
- 12.13 Powszechny Zaklad Ubezpieczen Spolka Akcyjna Group
- Exhibit 135:
Powszechny Zaklad Ubezpieczen Spolka Akcyjna Group - Overview - Exhibit 136:
Powszechny Zaklad Ubezpieczen Spolka Akcyjna Group - Business segments - Exhibit 137:
Powszechny Zaklad Ubezpieczen Spolka Akcyjna Group - Key offerings - Exhibit 138:
Powszechny Zaklad Ubezpieczen Spolka Akcyjna Group - Segment focus
- 12.14
Qover SA - Exhibit 139:
Qover SA - Overview - Exhibit 140:
Qover SA - Product / Service - Exhibit 141:
Qover SA - Key offerings
- 12.15 Quantemplate Technologies Inc.
- Exhibit 142:
Quantemplate Technologies Inc. - Overview - Exhibit 143:
Quantemplate Technologies Inc. - Product / Service - Exhibit 144:
Quantemplate Technologies Inc. - Key offerings
- 12.16 Shift Technology
- Exhibit 145: Shift Technology - Overview
- Exhibit 146: Shift Technology - Product / Service
- Exhibit 147: Shift Technology - Key offerings
- 12.17 simplesurance
GmbH - Exhibit 148: simplesurance
GmbH - Overview - Exhibit 149: simplesurance
GmbH - Product / Service - Exhibit 150: simplesurance
GmbH - Key offerings
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 151: Inclusions checklist
- Exhibit 152: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 153: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 154: Research methodology
- Exhibit 155: Validation techniques employed for market sizing
- Exhibit 156: Information sources
- 13.5 List of abbreviations
- Exhibit 157: List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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