Allied Market Research published a report, titled, “AI in Insurance Market by Offering (Hardware, Software, Service), by Deployment Model (On-premise, Cloud), by Technology (Machine Learning, Natural Language Processing, Computer Vision, Others), by Enterprise Size (Large Enterprises, SMEs), by End-user (Life and Health Insurance, Property and Casualty Insurance), by Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global AI in insurance industry generated $2.74 billion in 2021, and is anticipated to generate $45.74 billion by 2031, witnessing a CAGR of 32.5% from 2022 to 2031.
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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.
- 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
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.
North America to Maintain its Dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2021, accounting for nearly two-fifths of the global AI in insurance market, owing to high spending on data analytics and data processing solutions in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 35.4% from 2022 to 2031. This is attributed to the growing digital and economic transformation of the region.
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Leading Market Players: –
- Applied Systems
- IBM Corporation
- Microsoft Corporation
- OpenText Corporation
- Oracle Corporation
- Pegasystems Inc.
- Salesforce, Inc.
- SAP SE
- SAS Institute Inc.
- Shift Technology
- Slice Insurance Technologies
- Vertafore, Inc.
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
- Machine Learning
- Natural Language Processing
- Computer Vision
- Large Enterprises
- Life and Health Insurance
- Property and Casualty Insurance
- Fraud Detection and Credit Analysis
- Customer Profiling and Segmentation
- Product and Policy Design
- Underwriting and Claims Assessment
- North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
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