The global AI in insurance market revenue was around US$ 3.63 billion in 2022 and is estimated to reach US$ 45.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 32.56% during the forecast period from 2023 to 2031.
AI (Artificial Intelligence) assists insurance companies by lowering repeatable tasks from operating teams and performing more complicated actions. Furthermore, it aids in optimizing the services that insurers offer to brokers, customers, and other exterior third parties, based on their preferences, relationships, and past interactions.
Market Driving Factors
The surge in investment by insurance companies in machine learning and AI is estimated to drive the market. This is because AI and machine learning solutions alter the management process of insurtech and offer better services to end users. Additionally, in the case of complexity and competition in the insurance sector, the demand for industry-specific solutions has surged to meet its objectives. Therefore, several insurance companies and insurtech are financing AI solutions to fulfill the requirements of customers which, in turn, propel the market growth.
The surge in preference for personalized insurance services is predicted to drive market growth. This is mainly due to the increase in the adoption of chatbots among personalized insurance services and the surge in competition among insurance firms to garner maximum market share. Thus, several insurance companies are offering budget management apps powered by machine learning, which assist clients in achieving their financial targets and enhance their money management process.
Data security and privacy concerns limit the market growth.
Regional Analysis
North America dominated the market in terms of growth rate and is expected to maintain its dominance. This can be primarily attributed to the existence of primary players that provided cutting-edge solutions and finance heavily in solutions such as the Internet of Things (IoT), and 5G technologies in the region.
Asia-Pacific is estimated to dominate the market in terms of revenue. This is because increase in awareness regarding the importance of maintaining the overall IoT, 5G technologies, and other technology services to ensure less price networking, storage solutions, servers, and communications service providers (CSPs).
Segmentation Insights
Offering Insight
The service segment is estimated to dominate the market in terms of the highest rate during the projection period. This is primarily due to the high level of expense savings on the total price of ownership, surge delivery speed, and quality.
Deployment Model Insight
The cloud segment is predicted to dominate the market in terms of revenue. This is primarily owing to the cloud-based AI platforms offering insurers with scalable and flexible surroundings to deploy, build, and manage AI models. Furthermore, these platforms provide pre-built AI tools, Application Programming Interfaces (APIs), and machine learning frameworks, making it more comfortable for insurers to make and integrate AI solutions into their existing systems.
Technology Insight
The machine learning segment is predicted to dominate the market in terms of growth rate. This is generally due to the machine learning algorithms play a crucial role in threat assessment and underwriting processes. Furthermore, machine learning models can detect patterns and trends in massive amounts of historical data, which helps insurers anticipate possible risks connected with insuring people or things more precisely.
Enterprise Size Insight
The large enterprise segment is estimated to dominate the market in terms of the largest shares. This is mainly owing to the large insurance companies utilizing virtual assistants and AI-powered chatbots to improve consumer support and interactions. Additionally, large insurers are harnessing the power of AI-driven predictive analytics to acquire beneficial business insights.
The SME segment is predicted to dominate the market in terms of the highest rate. This is mainly due to the surging number of insurtech companies assisting digitalized the insurance sector and lowering the AI services price.
Prominent Companies
Segmentation Outline
The global AI in Insurance market segmentation focuses on the Offering, Deployment Model, Technology, Enterprise Size, End-User, Application, and Region.
By Offering
By Deployment Model
By Technology
By Enterprise Size
By End-User
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL AI IN INSURANCE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: AI IN INSURANCE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL AI IN INSURANCE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE MODEL
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL AI IN INSURANCE MARKET, BY OFFERING
5.1 OVERVIEW
5.2 HARDWARE
5.3 SOFTWARE
5.4 SERVICE
6 GLOBAL AI IN INSURANCE MARKET, BY DEPLOYMENT MODEL
6.1 OVERVIEW
6.2 ON-PREMISE
6.3 CLOUD
7 GLOBAL AI IN INSURANCE MARKET, BY TECHNOLOGY
7.1 OVERVIEW
7.2 MACHINE LEARNING
7.3 NATURAL LANGUAGE PROCESSING
7.4 COMPUTER VISION
7.5 OTHERS
8 GLOBAL AI IN INSURANCE MARKET, BY ENTERPRISE SIZE
8.1 OVERVIEW
8.2 LARGE ENTERPRISES
8.3 SME
9 GLOBAL AI IN INSURANCE MARKET, BY END-USER
9.1 OVERVIEW
9.2 LIFE AND HEALTH INSURANCE
9.3 PROPERTY AND CASUALTY INSURANCE
10 GLOBAL AI IN INSURANCE MARKET, BY APPLICATION
10.1 OVERVIEW
10.2 FRAUD DETECTION AND CREDIT ANALYSIS
10.3 CUSTOMER PROFILING AND SEGMENTATION
10.4 PRODUCT AND POLICY DESIGN
10.5 UNDERWRITING AND CLAIMS ASSESSMENT
11 GLOBAL AI IN INSURANCE MARKET, BY GEOGRAPHY
11.1 OVERVIEW
11.2 NORTH AMERICA
11.2.1 NORTH AMERICA MARKET SNAPSHOT
11.2.2 U.S.
11.2.3 CANADA
11.2.4 MEXICO
11.3 EUROPE
11.3.1 EUROPE MARKET SNAPSHOT
11.3.2 WESTERN EUROPE
11.3.2.1 THE UK
11.3.2.2 GERMANY
11.3.2.3 FRANCE
11.3.2.4 ITALY
11.3.2.5 SPAIN
11.3.2.6 REST OF WESTERN EUROPE
11.3.3 EASTERN EUROPE
11.3.3.1 POLAND
11.3.3.2 RUSSIA
11.3.3.3 REST OF EASTERN EUROPE
11.4 ASIA PACIFIC
11.4.1 ASIA PACIFIC MARKET SNAPSHOT
11.4.2 CHINA
11.4.3 JAPAN
11.4.4 INDIA
11.4.5 AUSTRALIA & NEW ZEALAND
11.4.6 ASEAN
11.4.7 REST OF ASIA PACIFIC
11.5 MIDDLE EAST & AFRICA
11.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
11.5.2 UAE
11.5.3 SAUDI ARABIA
11.5.4 SOUTH AFRICA
11.5.5 REST OF MEA
11.6 SOUTH AMERICA
11.6.1 SOUTH AMERICA MARKET SNAPSHOT
11.6.2 BRAZIL
11.6.3 ARGENTINA
11.6.4 REST OF SOUTH AMERICA
12 GLOBAL AI IN INSURANCE MARKET COMPETITIVE LANDSCAPE
12.1 OVERVIEW
12.2 COMPANY MARKET RANKING
12.3 KEY DEVELOPMENT STRATEGIES
12.4 COMPETITIVE DASHBOARD
12.5 PRODUCT MAPPING
12.6 TOP PLAYER POSITIONING, 2022
12.7 COMPETITIVE HEATMAP
12.8 TOP WINNING STRATEGIES
13 COMPANY PROFILES
13.1 APPLIED SYSTEMS
13.1.1 OVERVIEW
13.1.2 FINANCIAL PERFORMANCE
13.1.3 PRODUCT OUTLOOK
13.1.4 KEY DEVELOPMENTS
13.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.2 SIMPLE FINANCE
13.2.1 OVERVIEW
13.2.2 FINANCIAL PERFORMANCE
13.2.3 PRODUCT OUTLOOK
13.2.4 KEY DEVELOPMENTS
13.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.3 SAP SE
13.3.1 OVERVIEW
13.3.2 FINANCIAL PERFORMANCE
13.3.3 PRODUCT OUTLOOK
13.3.4 KEY DEVELOPMENTS
13.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.4 OPENTEXT CORPORATION
13.4.1 OVERVIEW
13.4.2 FINANCIAL PERFORMANCE
13.4.3 PRODUCT OUTLOOK
13.4.4 KEY DEVELOPMENTS
13.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.5 IBM CORPORATION
13.5.1 OVERVIEW
13.5.2 FINANCIAL PERFORMANCE
13.5.3 PRODUCT OUTLOOK
13.5.4 KEY DEVELOPMENTS
13.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.6 VERTAFORE INC
13.6.1 OVERVIEW
13.6.2 FINANCIAL PERFORMANCE
13.6.3 PRODUCT OUTLOOK
13.6.4 KEY DEVELOPMENTS
13.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.7 ZEGO
13.7.1 OVERVIEW
13.7.2 FINANCIAL PERFORMANCE
13.7.3 PRODUCT OUTLOOK
13.7.4 KEY DEVELOPMENTS
13.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.8 ORACLE CORPORATION
13.8.1 OVERVIEW
13.8.2 FINANCIAL PERFORMANCE
13.8.3 PRODUCT OUTLOOK
13.8.4 KEY DEVELOPMENTS
13.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.9 QUANTEMPLATE
13.9.1 OVERVIEW
13.9.2 FINANCIAL PERFORMANCE
13.9.3 PRODUCT OUTLOOK
13.9.4 KEY DEVELOPMENTS
13.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.10 PEGASYSTEMS INC.
13.10.1 OVERVIEW
13.10.2 FINANCIAL PERFORMANCE
13.10.3 PRODUCT OUTLOOK
13.10.4 KEY DEVELOPMENTS
13.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.11 SLICE INSURANCE TECHNOLOGIES
13.11.1 OVERVIEW
13.11.2 FINANCIAL PERFORMANCE
13.11.3 PRODUCT OUTLOOK
13.11.4 KEY DEVELOPMENTS
13.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.12 MICROSOFT CORPORATION
13.12.1 OVERVIEW
13.12.2 FINANCIAL PERFORMANCE
13.12.3 PRODUCT OUTLOOK
13.12.4 KEY DEVELOPMENTS
13.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.13 SALESFORCE INC.
13.13.1 OVERVIEW
13.13.2 FINANCIAL PERFORMANCE
13.13.3 PRODUCT OUTLOOK
13.13.4 KEY DEVELOPMENTS
13.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.14 SHIFT TECHNOLOGY
13.14.1 OVERVIEW
13.14.2 FINANCIAL PERFORMANCE
13.14.3 PRODUCT OUTLOOK
13.14.4 KEY DEVELOPMENTS
13.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.15 SAS INSTITUTE INC.
13.15.1 OVERVIEW
13.15.2 FINANCIAL PERFORMANCE
13.15.3 PRODUCT OUTLOOK
13.15.4 KEY DEVELOPMENTS
13.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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