Insurtech Market Size, Share & Trends Report

Insurtech Market Size, Share & Trends Analysis Report By Type (Auto, Business, Health, Home, Specialty, Travel), By Service (Consulting, Support & Maintenance, Managed Services), By Technology, By End Use, By Region, And Segment Forecasts, 2023 - 2030

Report ID: GVR-4-68038-093-4
Number of Pages: 161
Format: Electronic (PDF)

Historical Range: 2017 - 2021
Industry: Technology

Market Segmentation

Insurtech Type Outlook (Revenue, USD Million, 2017 - 2030)
- Auto
- Business
- Health
- Home
- Specialty
- Travel
- Others
Insurtech Service Outlook (Revenue, USD Million, 2017 - 2030)
- Consulting
- Support & Maintenance
- Managed Services
Insurtech Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
- Others
Insurtech End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Automotive
- BFSI
- Government
- Healthcare
- Manufacturing
- Retail
- Transportation
- Others
Insurtech Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
  - North America Insurtech Market, by Type
    - Auto
    - Business
    - Health
    - Home
    - Specialty
    - Travel
    - Others
  - North America Insurtech Market, by Service
    - Consulting
    - Support & Maintenance
    - Managed Services
  - North America Insurtech Market, by Technology
    - Blockchain
    - Cloud Computing
    - IoT
    - Machine Learning
    - Robo Advisory
    - Others
  - North America Insurtech Market, by End-Use
    - Automotive
    - BFSI
    - Government
    - Healthcare
    - Manufacturing
    - Retail
    - Transportation
    - Others
  - U.S.
  - Canada
    - Canada Insurtech Market, by Type
      - Auto
      - Business
      - Health
      - Home
      - Specialty
      - Travel
      - Others
    - Canada Insurtech Market, by Service
      - Consulting
      - Support & Maintenance
      - Managed Services
    - Canada Insurtech Market, by Technology
      - Blockchain
      - Cloud Computing
      - IoT
      - Machine Learning
      - Robo Advisory
      - Others
    - Canada Insurtech Market, by End-Use
      - Automotive
      - BFSI
      - Government
      - Healthcare
      - Manufacturing
      - Retail
      - Transportation
      - Others
- Europe
  - Europe Insurtech Market, by Type
    - Auto
    - Business
    - Health
    - Home
    - Specialty
    - Travel
    - Others
  - Europe Insurtech Market, by Service
    - Consulting
    - Support & Maintenance
    - Managed Services
  - Europe Insurtech Market, by Technology
    - Blockchain
    - Cloud Computing
    - IoT
    - Machine Learning
    - Robo Advisory
    - Others
  - Europe Insurtech Market, by End-Use
    - Automotive
    - BFSI
    - Government
    - Healthcare
    - Manufacturing
    - Retail
    - Transportation
    - Others
  - Germany
    - Germany Insurtech Market, by Type
      - Auto
      - Business
      - Health
      - Home
      - Specialty
      - Travel
      - Others
    - Germany Insurtech Market, by Service
      - Consulting
      - Support & Maintenance
      - Managed Services
    - Germany Insurtech Market, by Technology
      - Blockchain
      - Cloud Computing
      - IoT
      - Machine Learning
      - Robo Advisory
      - Others
    - Germany Insurtech Market, by End-Use
      - Automotive
      - BFSI
      - Government
      - Healthcare
      - Manufacturing
      - Retail
      - Transportation
      - Others
  - U.K.
    - U.K. Insurtech Market, by Type
      - Auto
      - Business
      - Health
      - Home
      - Specialty
      - Travel
      - Others
    - U.K. Insurtech Market, by Service
      - Consulting
      - Support & Maintenance
      - Managed Services
    - U.K. Insurtech Market, by Technology
      - Blockchain
      - Cloud Computing
      - IoT
      - Machine Learning
      - Robo Advisory
      - Others
    - U.K. Insurtech Market, by End-Use
      - Automotive
      - BFSI
      - Government
      - Healthcare
      - Manufacturing
      - Retail
      - Transportation
      - Others
- Asia Pacific
- Latin America
  - Latin America Insurtech Market, by Type
    - Auto
    - Business
    - Health
    - Home
    - Specialty
    - Travel
    - Others
  - Latin America Insurtech Market, by Service
    - Consulting
    - Support & Maintenance
    - Managed Services
  - Latin America Insurtech Market, by Technology
    - Blockchain
    - Cloud Computing
    - IoT
    - Machine Learning
    - Robo Advisory
    - Others
  - Latin America Insurtech Market, by End-Use
    - Automotive
    - BFSI
    - Government
    - Healthcare
    - Manufacturing
    - Retail
    - Transportation
    - Others
  - Brazil
    - Brazil Insurtech Market, by Type
      - Auto
      - Business
      - Health
      - Home
      - Specialty
      - Travel
      - Others
    - Brazil Insurtech Market, by Service
      - Consulting
      - Support & Maintenance
      - Managed Services
    - Brazil Insurtech Market, by Technology
      - Blockchain
      - Cloud Computing
      - IoT
      - Machine Learning
      - Robo Advisory
      - Others
    - Brazil Insurtech Market, by End-Use
      - Automotive
      - BFSI
      - Government
      - Healthcare
      - Manufacturing
      - Retail
      - Transportation
      - Others
- Middle East & Africa
  - Middle East & Africa Insurtech Market, by Type
    - Auto
    - Business
    - Health
    - Home
    - Specialty
    - Travel
    - Others
  - Middle East & Africa Insurtech Market, by Service
    - Consulting
    - Support & Maintenance
    - Managed Services
  - Middle East & Africa Insurtech Market, by Technology
    - Blockchain
    - Cloud Computing
    - IoT
    - Machine Learning
    - Robo Advisory
    - Others
  - Middle East & Africa Insurtech Market, by End-Use
    - Automotive
    - BFSI
    - Government
    - Healthcare
    - Manufacturing
    - Retail
    - Transportation
    - Others

Insurtech Market Dynamics

Drivers: Growing adoption of predictive analytics

The insurance industry is undergoing significant transformation, addressing challenges by leveraging innovative technologies such as predictive analytics, artificial intelligence, machine learning, and robotic process automation. The focus of insurance services has changed from the traditional personal relationship approach to a more automated approach, emphasizing low-cost advisory services. In addition, financial advisors across the globe are observed opting for Insurtech over wire-house operating models, which has boosted the demand for the market. The growing volume of customer data has led to an increased demand for secure and efficient data storage facilities. In addition, improved computing power has led to the introduction of artificial intelligence and machine learning algorithms. Increasing passive investments and decreasing spending by clients on financial advisory services have led insurance firms to invest in technologies to minimize operating costs and comply with regulatory scrutiny. Furthermore, clients of insurance firms are demanding data-driven and personalized insights, which has led insurance firms to opt for big data and analytics applications.

Increasing shift towards cloud computing

Cloud computing is a technology in which the internet and one remote server are used to maintain data and various applications. Various businesses are moving toward cloud computing due to advantages such as security, mobility, decreased cost of ownership, optimized business processes, scalability, and customization, among others. Cloud computing provides scalability, where businesses can alter their computing requirements by increasing or reducing them as per their market demand. Cloud computing is generating growth prospects for virtual teams and mobile executives. The versatility of the cloud indicates that the employees can remain connected to businesses remotely and from any device. It also empowers employees to collaborate with others effortlessly from different locations. Numerous enterprises are moving their emphasis toward cloud computing owing to improved data security. Data stored on cloud can be simply recovered on any device and removed from any stolen devices. Cloud computing is one of the many trends the insurance industry has embraced to meet its need for strengthening information security, which arises from the growing amount of data collected and widespread adoption of Bring Your Own Device (BYOD) policies.

Restraints: Data security and privacy concerns

Insurtech solutions also remain vulnerable to security loopholes associated with undefined data and information risks. Businesses particularly face issues such as security breaches and a majority of these threats originate from providers. These factors are estimated to lead to increased preference among individuals for traditional insurance processes. Although Insurtech solutions are adopted to counter security issues, theft, or misuses, they pose a severe risk to an individual’s data privacy. In many countries, privacy is a sensitive topic and individuals are reluctant to be tracked by using such data, which leads to their inherent disregard for technology. Informational concerns are often related to the fears around data mishandling and misuse.

What Does This Report Include?

This section will provide insights into the contents included in this insurtech market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Insurtech market qualitative analysis

Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
- Company overview
- Financial performance
- Product benchmarking
- Latest strategic developments

Insurtech market quantitative analysis

Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance

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