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Tech-Driven Insurance Revolution: Asia-Pacific's InsurTech Market to Soar, Anticipating 36.42% CAGR Growth by 2027DUBLIN, Aug. 30, 2023 /PRNewswire/ -- The "InsurTech (Insurance Technology) Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering. The global InsurTech (insurance technology) market is poised for substantial growth, projected to increase from $10.53 billion in 2022 to $14.37 billion in 2023 at a compound annual growth rate (CAGR) of 36.52%. Furthermore, the market is expected to reach $49.78 billion by 2027, with a CAGR of 36.42%. What is InsurTech? InsurTech, or insurance technology, refers to the integration of technological advancements to enhance the insurance industry. It encompasses various solutions, platforms, and applications designed to improve efficiency, customer experience, and risk management in the insurance sector. Key Players in the Market The major players in the InsurTech market include Damco Group, DXC Technology Company, Shift Technology, Wipro Limited, Oscar Insurance Corporation, Quantemplate, Zhongan Insurance Company, Trov Insurance Solutions LLC, Clover Health Insurance, Insurance Technology Services, EIS Group, Acko General Insurance Company, Policy Bazaar, Simplesurance GmbH, and Amodo. Factors Driving Market Growth Several factors are driving the growth of the InsurTech market:
Rise of Smart Air Purifiers Smart air purifiers, equipped with IoT and AI capabilities, are gaining traction. Consumers are attracted to features like smartphone app control and real-time monitoring, driving the demand for technologically advanced air purifiers. Companies like Koop Technologies are launching innovative products, such as robotic errors and omissions insurance targeted at manufacturers, operators, and service providers of robots and autonomous vehicles. Market Region Insights
Future Growth The increasing demand for insurance services is expected to fuel the growth of the InsurTech market. Insurance companies are adopting technology solutions to enhance operations, improve customer experiences, and increase efficiency. The expanding global demand for insurance, particularly in sectors like health insurance, is driving the adoption of InsurTech. Key Attributes:
Key Topics Covered:
6.2. Global InsurTech (Insurance Technology) Market, Segmentation By Insurance Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global InsurTech (Insurance Technology) Market, Segmentation By Deployment Model, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.4. Global InsurTech (Insurance Technology) Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.5. Global InsurTech (Insurance Technology) Market, Segmentation By End-Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. InsurTech (Insurance Technology) Market Regional And Country Analysis For more information about this report visit https://www.researchandmarkets.com/r/e4qcna About ResearchAndMarkets.com Media Contact: Research and Markets For E.S.T Office Hours Call +1-917-300-0470 U.S. Fax: 646-607-1907 Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/tech-driven-insurance-revolution-asia-pacifics-insurtech-market-to-soar-anticipating-36-42-cagr-growth-by-2027--301913808.html SOURCE Research and Markets |