Worldwide Insurance Analytics Industry to 2027 - Players Include MicroStrategy Incorporated, Tibco Software and SAS Institute Among Others
DUBLIN, Feb. 23, 2021 /PRNewswire/ -- The "Insurance Analytics Market by Component, Business Application, Deployment, Organization Size, End-User, and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The research report provides in-depth analysis of the insurance analytics market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2027. The insurance analytics market is expected to reach $18.5 billion by 2027, growing at a CAGR of 12.2% during the forecast period of 2020 to 2027. The growth of this market is mainly driven by growing digitalization in the insurance industry and the rising adoption of advanced analytics and data-driven decision-making techniques. In addition, the increasing adoption of IoT technology in the insurance industry and the growing acceptance of insurance analytics among small and medium-sized enterprises are expected to create tremendous opportunities for the growth of the insurance analytics market during the forecast period.
Based on geography, the insurance analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America is expected to account for the largest share of the insurance analytics market. North America's large share is attributed to the availability of sensor-driven data in the region, greater adoption of advanced technologies, a growing sense of safety and security among consumers, increased need for energy-efficient products and systems, rising innovation in the field of analytics, and the presence of major players in this region.
The key players profiled in the insurance analytics market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Salesforce.SE (U.S.), MicroStrategy Incorporate (U.S.), TIBCO Software Inc. (U.S.), SAP SE (U.S.), and Tableau Software LLC. (U.S.), Applied Systems (U.S.), Open Text Corporation (Canada), Pegasystems, Inc. (U.S.), Verisk Analytics, Inc. (U.S.), Hexaware Technologies Limited (India), Palantir Technologies (U.S.), Sapiens International Corporation (Israel), Guidewire Software Inc., (U.S.), LexisNexis Risk Solutions (U.S.), and Vertafore, Inc. (U.S.).
Key questions answered in the report:
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