Insurtech Market Size Set to Achieve USD 166.4 Billion by 2030 growing at 39.1% CAGR – Exclusive Report by Acumen Research and Consulting

Acumen Research and Consulting recently published report titled “Insurtech Market Report and Region Forecast, 2022 – 2030”

TOKYO, Dec. 27, 2022 (GLOBE NEWSWIRE) — The Global Insurtech Market Size valued for USD 8.8 Billion in 2021 and is projected to occupy a market size of USD 166.4 Billion by 2030 growing at a CAGR of 39.1% from 2022 to 2030.

Insurance companies are developing new products to meet the changing needs of their customers, resulting in greater transparency. As a result, with the help of insurtech platforms, proper data and risk management can be achieved, thereby improving underwriting accuracy and loss prediction. This enables insurance companies to increase operational efficiency, lowering the costs of insurance products via insurtech platforms. This will assist insurance companies in earning higher profits throughout the forecasted years. Many insurance companies are skeptical of the rising competition, but insurtech start-ups will play a critical role in the broader ecosystem, which includes venture capital investors, consultants, accelerators, and corporations, over the next eight years.

Insurtech Market Statistics

  • Global insurtech market revenue valued at USD 8.8 Billion in 2021, with a 39.1% CAGR from 2022 to 2030
  • According the CDC data, 31.6 million people of all ages were uninsured in 2020
  • North America insurtech market share occupied over 36% in 2021
  • Asia-Pacific insurtech market growth is estimated to attain a noteworthy CAGR from 2022 to 2030
  • By technology, the cloud computing sub-segment seized USD 2.5 billion in market revenue in 2021
  • Based on end-use, the BFSI sub-segment gathered US$ 21 billion income in 2021
  • The growing adoption of cloud computing and AI is a key trend in the insurtech industry

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Insurtech Market Report Coverage:

Market Insurtech Market
Insurtech Market Size 2021 USD 8.8 Billion
Insurtech Market Forecast 2030 USD 166.4 Billion
Insurtech Market CAGR During 2022 – 2030 39.1%  
Insurtech Market Analysis Period 2018 – 2030
Insurtech Market Base Year 2021  
Insurtech Market Forecast Data 2022 – 2030
Segments Covered By Insurance Type, By Technology, By Services, By End-Use, And By Geography
Insurtech Market Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled Damco Group, DXC Technology Company, Insurance Technology Services, InsuerTech Nova, KFin Technologies, Majesco, Oscar Insurance, Quantemplatem, Shift Technology, Trov, Inc., Wipro Limited, and ZhongAn Insurance.
Report Coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Insurtech Market Dynamics

The growing digitization of business is the primary driver of the global insurtech market. Furthermore, the rapidly growing insurance service providers, combined with the increase in insurance service seekers, are increasing the value of the insurtech market. The rapidly increasing number of smartphone users, as well as the growing technologically aware population, has heavily favored digital business models, propelling the insurance technology industry forward.

Insurtech not only creates, manages, and distributes insurance products and services, but it also provides ultra-customized policies, social insurance, and uses new data streams from internet-enabled devices to proactively price premiums. This factor dramatically expands the usage of insurtech solutions. The increased implementation of AI, big data analytics, ML, and cloud computing significantly assist in saving the claims. As a result of the rapid adoption of these technologies, insurtech players may discover ways to reduce additional value-added service charges.

Furthermore, with increased availability of transactional data, insurtech players can easily handle massive amounts of data while lowering costs, increasing profits, and providing better customer service. However, data security and privacy concerns, as well as a changing regulatory framework, are expected to limit market growth.

Check the detailed table of contents of the report @

https://www.acumenresearchandconsulting.com/table-of-content/insurtech-market

Insurtech Market Segmentation

The global market has been split into insurance type, technology, services, end-use, and region.

The insurance type segment is further categorized into auto, business, health, home, specialty, travel, and others. Based on technology, the industry is split into artificial intelligence, big data and analytics, blockchain, cloud computing, IoT, machine learning, and others. Consulting, support & maintenance, and managed services are the splits of the services segment. By end-use, the segmentation includes BFSI, automotive, government, healthcare, retail, manufacturing, transportation, and others. Furthermore, the regional categorization is comprised of North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa.

Insurtech Market Share

According to our insurtech industry research, the health insurance type sub-segment will account for a sizable market share in 2021. In contrast, the home sub-segment is projected to expand significantly between 2022 and 2030. The cloud computing technology segment is predicted to gain a substantial market share by 2030, according to our insurtech market forecast. Managed services generated the most revenue among service segments in 2021 and are expected to do so in the future. Furthermore, demand for insurtech platforms has increased in the BFSI industry, and the healthcare industry is anticipated to expand in popularity in the coming years.

Insurtech Market Regional Outlook

According to our regional analysis, the North America region collected the most income in 2021 and is expected to maintain its dominance throughout the forecast timeframe. The early adoption of technologies, the presence of banking, insurance, IT, and healthcare behemoths, and the long-term implementation of AI, big data analytics, and cloud computing are all factors supporting the North American insurtech market.

The Asia-Pacific region, on the other hand, is expected to grow at a rapid pace during the forecasted years of 2022 to 2030. The Asia-Pacific insurtech industry will benefit from the rapid digitization of business, the increasing massive amount of data from various sectors, and the growing penetration of smartphone and online platforms for banking and insurance services.

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Insurtech Market Players

Some prominent insurtech companies covered in the industry are Damco Group, InsuerTech Nova, DXC Technology Company, Insurance Technology Services, KFin Technologies, Oscar Insurance, Majesco, Quantemplatem, Trov, Inc., Wipro Limited, Shift Technology, and ZhongAn Insurance.

Questions Answered By This Report

  • What was the market size of Insurtech Market in 2021?
  • What will be the CAGR of Insurtech Market during the forecast period from 2022 to 2030?
  • Who are the major players in Global Insurtech Market?
  • Which region held the largest share in Insurtech Market in 2021?
  • What are the key market drivers of Insurtech Market?
  • Who is the largest end user Insurtech Market?
  • What will be the Insurtech Market value in 2030?

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About Acumen Research and Consulting:

Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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