According to the report published by Allied Market Research, the global RPA in insurance market was estimated at $98.6 million in 2021 and is expected to hit $1.2 billion by 2031, registering a CAGR of 28.3% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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The global RPA in insurance market is analyzed across Component, Deployment Mode, Enterprise Size, Application, and Region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By component, the solution segment contributed to more than two-thirds of the global RPA in insurance market share in 2021, and is projected to rule the roost by 2031. The service segment, on the other hand, would display the fastest CAGR of 30.7% throughout the forecast period.
By deployment mode, the on-premise segment accounted for the highest share in 2021, generating around three-fifths of the global RPA in insurance market revenue. The cloud segment, however, would portray the fastest CAGR of 31.6% during the forecast period.
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By enterprise size, the large enterprise segment held the highest share in 2021, garnering around two-thirds of the global RPA in insurance market revenue. The small and medium-sized enterprises segment, however, would portray the fastest CAGR of 30.4% during the forecast period.
By application, the claims processing segment held nearly two-fifths of the global RPA in insurance market share in 2021, and is anticipated to retain its dominance from 2022 to 2031. The regulatory compliance segment, simultaneously, would display the fastest CAGR of 33.4% during the forecast period.
By region, North America held the major share in 2021, garnering nearly two-fifths of the global global RPA in insurance market revenue. Asia-Pacific, at the same time, would showcase the fastest CAGR of 32.4% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
The key market players analyzed in the global RPA in insurance market report include Automation Anywhere, Inc., Dynpro, Fidel Technologies, Vuram, Aspire Systems, Opteamix, Pegasystems, Inc., Royal Cyber Inc., UiPath, and Infosys Limited. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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