Global Digital Insurance Platform Market, By Component(Tools, Services), Service(Managed Services, Professional Services), By Professional Service (Consulting, Implementation, Support and Maintenance), End-User (Insurance Companies, Third-Party Administrators & Brokers, Aggregators), Insurance Application (Automotive, Transportation, Home Commercial Buildings, Life & Health, Business & Enterprise, Consumer Electronics & Industrial Machines, Travel), Deployment Type (On-Premises, Cloud), Organization Size (Large Enterprises, Small & Medium-Sized Enterprises), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)– Industry Trends and Forecast to 2025
Market Analysis: Global Digital Insurance Platform Market
The Global Digital Insurance Platform Market is expected to reach USD 193.24 billion by 2025, from USD 78.47 billion in 2017 growing at a CAGR of 13.7% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Digital Insurance Platform Market
The various factors which has caused the introduction of digital insurance platform are increased customer expectations, need for simpler, more compelling products which provides a truly mni channel experience. The business today is facing issues related to digital disruption, are well known. But demonstrating a deep understanding of digital disruption is not insurers’ primary business challenge. Now the insurers want to innovate digitally, embrace the cloud and become more service enabled. In a simpler terminology the digital insurance can be termed as making every insurance experience easier-than-easy for customers. Various key players are investing more on the development of this platform. For instance Cogitate’s which is one of the major player in the market for digital insurance platform has designed and developed a platform to ensure that the insurer is prepared to meet the challenge of emerging and disruptive technologies which are rapidly entering the insurance industry sector. The company provides end-to-end digital integrated solutions and it will also web capabilities and adding new mobile opportunities. Such developments made by the key player acts as a major driving factor for the growth of the market.
- Growing adoption of IOT products
- Shift of insurers’ focus from product-based to customer-centric strategies
- Increased awareness among insurers about digital channels.
- Increased awareness among insurers to access a broader segment of the market
- Difficulty to integrate insurance platforms with legacy systems.
- Lack of skilled workforce
Segmentation: Global Digital Insurance Platform Market
- Managed Services
- Professional Services
By Professional Service
- Support and Maintenance
- Insurance Companies
- Third-Party Administrators and Brokers
By Insurance Application
- Automotive and Transportation
- Home and Commercial Buildings
- Life and Health
- Business and Enterprise
- Consumer Electronics
- Industrial Machines
By Deployment Type
By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
- North America
- South America
- Middle East & Africa
Competitive Landscape: Global Digital Insurance Platform Market
The global digital insurance platform market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of digital insurance platform market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Digital Insurance Platform Market
The key players operating in the global digital insurance platform market are –
The other players in the market are TCS, Cognizant, DXC Technology, Infosys, Pegasystems, Appian, Mindtree, Prima Solutions, Fineos, Bolt Solutions, Majesco, EIS Group, Cogitate, Inzura, Duck Creek Technologies, Vertafore, Internet Pipeline, Ebaotech, Stoneriver, RGI and many more.
Research Methodology: Global Digital Insurance Platform Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Historical and current market size and projection up to 2025
- Market trends impacting the growth of the global digital insurance platform market
- Analyze and forecast the digital insurance platform market on the basis of component, service, professional service, end-user, insurance application, deployment type and organization size
- Trends of key regional and country-level markets for component, service, professional service, end-user, insurance application, deployment type and organization size
- Company profiling of key players which includes business operations, product and services, geographic presence, recent developments and key financial analysis