Thursday, May 24, 2018

Insurance analytics market to double by 2023

The global insurance analytics market is forecast to nearly double to US$11.96 billion by 2023, up from US$6.63 billion this year, according a report released by MarketsandMarkets.

The report expects a 12.5% annual growth rate for the market on the back of the rapid adoption of data-driven decision-making processes and increasing adoption of advanced analytics techniques.

The market size in Asia Pacific is expected to grow at the highest rate from 2018 to 2023, owing to the increasing adoption of automation, and huge opportunities across industries in the region, especially in Australia, China and Japan.

North America is estimated to still hold the largest share of the insurance analytics market for this year, as it remains the largest insurance market by premium amount, in addition to its early adoption of technology advancements and analytics.

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