The “InsurTech (Insurance Technology) Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global InsurTech (insurance technology) market is poised for substantial growth, projected to increase from $10.53 billion in 2022 to $14.37 billion in 2023 at a compound annual growth rate (CAGR) of 36.52%. Furthermore, the market is expected to reach $49.78 billion by 2027, with a CAGR of 36.42%.
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What is InsurTech?
InsurTech, or insurance technology, refers to the integration of technological advancements to enhance the insurance industry. It encompasses various solutions, platforms, and applications designed to improve efficiency, customer experience, and risk management in the insurance sector.
Key Players in the Market
The major players in the InsurTech market include Damco Group, DXC Technology Company, Shift Technology, Wipro Limited, Oscar Insurance Corporation, Quantemplate, Zhongan Insurance Company, Trov Insurance Solutions LLC, Clover Health Insurance, Insurance Technology Services, EIS Group, Acko General Insurance Company, Policy Bazaar, Simplesurance GmbH, and Amodo.
Factors Driving Market Growth
Several factors are driving the growth of the InsurTech market:
- Rising Health Consciousness: The adoption of InsurTech solutions is increasing as consumers seek convenient and tech-driven insurance services that align with their health and lifestyle needs.
- Declining Air Quality: The increasing awareness of deteriorating air quality and its impact on health is driving the demand for air purifiers.
- Innovative Product Offerings: Market players are introducing new and advanced products to cater to evolving consumer preferences, such as smartphone-controlled smart air purifiers.
- Global Pandemic Impact: The COVID-19 pandemic has underscored the importance of health and hygiene, leading to a surge in demand for health-enhancing products like air purifiers.
- Smart Technology Integration: The integration of smart technologies like IoT, AI, and machine learning is driving the development of smart air purifiers, appealing to tech-savvy consumers.
Rise of Smart Air Purifiers
Smart air purifiers, equipped with IoT and AI capabilities, are gaining traction. Consumers are attracted to features like smartphone app control and real-time monitoring, driving the demand for technologically advanced air purifiers. Companies like Koop Technologies are launching innovative products, such as robotic errors and omissions insurance targeted at manufacturers, operators, and service providers of robots and autonomous vehicles.
Market Region Insights
- North America dominated the InsurTech market in 2022.
- Asia-Pacific is projected to witness the fastest growth due to increasing adoption of technology and digitalization in the insurance sector.
Future Growth
The increasing demand for insurance services is expected to fuel the growth of the InsurTech market. Insurance companies are adopting technology solutions to enhance operations, improve customer experiences, and increase efficiency. The expanding global demand for insurance, particularly in sectors like health insurance, is driving the adoption of InsurTech.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 – 2027 |
| Estimated Market Value (USD) in 2023 | $14.37 billion |
| Forecasted Market Value (USD) by 2027 | $49.78 billion |
| Compound Annual Growth Rate | 36.4% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. InsurTech (Insurance Technology) Market Characteristics
3. InsurTech (Insurance Technology) Market Trends And Strategies
4. InsurTech (Insurance Technology) Market – Macro Economic Scenario
4.1. COVID-19 Impact On InsurTech (Insurance Technology) Market
4.2. Ukraine-Russia War Impact On InsurTech (Insurance Technology) Market
4.3. Impact Of High Inflation On InsurTech (Insurance Technology) Market
5. InsurTech (Insurance Technology) Market Size And Growth
5.1. Global InsurTech (Insurance Technology) Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global InsurTech (Insurance Technology) Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. InsurTech (Insurance Technology) Market Segmentation
6.1. Global InsurTech (Insurance Technology) Market, Segmentation By Offering, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Solution
- Service
6.2. Global InsurTech (Insurance Technology) Market, Segmentation By Insurance Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Commercial Insurance
- Property And Casualty Insurance
- Health Insurance
- Life Insurance
- Other Insurance Types
6.3. Global InsurTech (Insurance Technology) Market, Segmentation By Deployment Model, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- On-Premise
- Cloud
6.4. Global InsurTech (Insurance Technology) Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cloud Computing
- Blockchain
- Big Data And Analytics
- Artificial Intelligence
- Internet Of Things (IoT)
- Machine Learning
- Other Technologies
6.5. Global InsurTech (Insurance Technology) Market, Segmentation By End-Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Banking, Financial Services, And Insurance (BFSI)
- Healthcare
- Manufacturing
- Government
- Retail
- Other End Users
7. InsurTech (Insurance Technology) Market Regional And Country Analysis
7.1. Global InsurTech (Insurance Technology) Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global InsurTech (Insurance Technology) Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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