Global Artificial Intelligence (AI) Insurtech Market, By Component (Hardware, Software, Service), Technology (Machine Learning and Deep Learning, Natural Language Processing (NLP), Machine Vision, Robotic Automation), Deployment (On-Cloud, On-Premise), Application (Claims Management, Risk Management and Compliance, Chatbots, Others), Sector (Life Insurance, Health Insurance, Title Insurance, Auto Insurance, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights : Global Artificial Intelligence (AI) Insurtech Market
The artificial intelligence (AI) insurtech market is expected to witness market growth at a rate of 29.2% in the forecast period of 2021 to 2028. Data Bridge Market Research report on AI insurtech market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in the demand from various industry verticals is escalating the growth of artificial intelligence (AI) insurtech market.
Insurtech makes the use of technology and innovations for declining the time and saving from current insurance model. AI technologies including natural language processing (NLP), robotic automation, and machine learning and deep learning, assists in insurance lifecycle from customer acquisition to claims processing. The AI is used to create a new range of innovative products, such as on-demand property coverage and instantly customizable life insurance.
The increase in need to automate the operational process across the globe acts as one of the major factors driving the growth of artificial intelligence (AI) insurtech market. The rise in demand of machine learning and deep learning algorithms as they assist in driving smart, automated applications such as predictive maintenance, automated data centers, smart homes, healthcare diagnosis, customer service, and self-driving cars, accelerate the market growth. The increase in need to offer personalized insurance services and adoption of AI technologies among insurance professionals as these technologies are capable of handling huge volumes of customer and enterprise data and various tasks quickly and accurately further influence the market. Additionally, adoption of IoT technology, high internet connectivity, rapid urbanization and digitization and surge in data generation, positively affect the AI insurtech market. Furthermore, advancements in machine learning and deep learning algorithms extend profitable opportunities to the market players in the forecast period of 2021 to 2028.
On the other hand, risks related to data leaks and cybersecurity breaches are expected to obstruct the market growth. Lack of technical expertise is projected to challenge the artificial intelligence (AI) insurtech market in the forecast period of 2021-2028.
This artificial intelligence (AI) insurtech market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on artificial intelligence (AI) insurtech market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Artificial Intelligence (AI) Market Scope and Market Size
The artificial intelligence (AI) insurtech market is segmented on the basis of component, technology, deployment, application and sector. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the artificial intelligence (AI) insurtech market is segmented into hardware, software and service.
- On the basis of technology, the artificial intelligence (AI) insurtech market is segmented into machine learning and deep learning, natural language processing (NLP), machine vision and robotic automation.
- On the basis of deployment, the artificial intelligence (AI) insurtech market is segmented into on-cloud and on-premise.
- On the basis of application, the artificial intelligence (AI) insurtech market is segmented into claims management, risk management and compliance, chatbots and others.
- On the basis of sector, the artificial intelligence (AI) insurtech market is segmented into life insurance, health insurance, title insurance, auto insurance and others.
Artificial Intelligence (AI) Market Country Level Analysis
The artificial intelligence (AI) insurtech market is analyzed and market size, volume information is provided by country, component, technology, deployment, application and sector as referenced above.
The countries covered in the artificial intelligence (AI) insurtech market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the artificial intelligence (AI) insurtech market due to the presence of highly skilled workforce in enterprises and research and development capabilities within the region. Asia-Pacific is expected to witness highest growth during the forecast period of 2021 to 2028 because of the government initiatives supporting digitalization and growing investments on advanced technologies such as AI and IoT in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Artificial Intelligence (AI) Insurtech Market Share Analysis
The artificial intelligence (AI) insurtech market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to artificial intelligence (AI) insurtech market.
The major players covered in the artificial intelligence (AI) insurtech market report are IBM, Microsoft, Amazon Web Services Inc., Avaamo, Oracle, Cape Analytics, LLC, Quantemplate, Zurich, Lemonade, Trov, Inc., Slice Insurance Technologies Inc., Insurify, Inc., Insurmi, Planck Resolution LTD., Tractable Ltd., Google, Infosys Limited, Wipro Limited, Acko General Insurance, and Shift Technology, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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