Market Snapshot
The global AI in insurance market is estimated to secure USD 4.5 Bn, recording a CAGR of 24% during the forecast period. Rapid technological development and increasing competition in the insurance sector are expected to play a vital role in driving the market in the forecast period. Also, insurance companies use chatbots to interact with customers and offer personalized services, which is likely to augment the market size in the coming time. Therefore, growing technological development and improving the consumer experience contribute immensely to expanding the global AI in the insurance market in the assessment tenure.
On the contrary, limited expertise and high cost associated with technology implementation are projected to be key causes hampering the market expansion in the coming time. However, surging demand for automated data processing is anticipated to offer remunerative growth opportunities to the market in the forecast period.
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Market Segmentation
The global AI in the insurance market can be segmented into deployment, application, component, technology, and sector.
- Based on deployment, the global AI in the insurance market can be segmented into on-premises and on-cloud. The on-cloud segment is anticipated to garner more considerable traction during the forecast period between the two.
- The global AI in the insurance market can be segmented into chatbots, personalized recommendation claims processing, risk management, compliance, and others. The chatbots segment is anticipated to gain a larger market share during the forecast period.
- The global AI in the insurance market can be segmented into services, hardware, and software based on components. The software segment is projected to procure maximum market share due to the growing demand for efficiency in the insurance sector and reducing manual labor.
- The global AI in the insurance market can be segmented into natural language processing (NLP), machine learning and deep learning, robotic automation, and machine vision. The machine learning and deep learning segment are predicted to grow at a significant CAGR.
- Based on sector, the global AI in the insurance market can be segmented into life insurance, health insurance, title insurance, auto insurance, and others. The life insurance segment is projected to secure a dominant position in the market.
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Regional Analysis
As per the analysis, North America is anticipated to dominate the global market. Expansion of the regional market can be attributed to the presence of a highly skilled workforce in enterprises. The U.S is projected to make the most significant contribution to developing the market.
Europe is anticipated to secure significant market share owing to the growing usage of digital technologies to ease the business process and offer better customer service is expected to augment the regional market. However, the U.K is projected to make the most significant contribution to strengthening the market.
APAC is projected to be the fastest-growing market in the assessment period. Government policies and the surging investments in advancing technology like IoT and AI are expected to make significant participation in propelling the market. Besides, emerging economies such as India, China, and Japan are expected to make a notable contribution to fuelling the demand.
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List of Key Players Covered in the AI in Insurance Market:
- IBM Corp.
- Applied Systems
- Microsoft
- Oracle
- Pegasystems Inc.
- And Open Text Corporation.
Some recent developments among players are:
- In March 2022, Gradient AI, a renowned player of AI solutions in the insurance industry, announced its strategic partnership with Socotra, the modern core platform provider for innovative insurers and insurance MGAs.
- In March 2022, Equity Association partnered with Shift Technology to offer a national fraud detection system using artificial intelligence (AI), a first for Property Casualty (PC) insurers and the Canadians who rely on them.
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Some Points from Table of Contents of The AI in Insurance Market: -
Chapter 1 AI in Insurance Market Overview
1.1 Product Overview and Scope of AI in Insurance
1.2 AI in Insurance Market Segmentation by Type
1.2.1 Global Production Market Share of AI in Insurance by Type in 2019
1.2.1 Type 1
1.2.2 Type 2
1.2.3 Type 3
1.3 AI in Insurance Market Segmentation by Application
1.3.1 AI in Insurance Consumption Market Share by Application in 2019
1.3.2 Application 1
1.3.3 Application 2
1.3.4 Application 3
1.4 AI in Insurance Market Segmentation by Regions
1.4.1 North America
1.4.2 China
1.4.3 Europe
1.4.4 Southeast Asia
1.4.5 Japan
1.4.6 India
1.5 Global Market Size (Value) of AI in Insurance (2014-2028)
Chapter 2 Global Economic Impact on AI in Insurance Industry
2.1 Global Macroeconomic Environment Analysis
2.1.1 Global Macroeconomic Analysis
2.1.2 Global Macroeconomic Environment Development Trend
2.2 Global Macroeconomic Environment Analysis by Regions
Chapter 3 Global AI in Insurance Market Competition by Manufacturers
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