AI in Insurance Market Growth Projections Organization Adoption Of Technology, Revenue, Manufacturers, Suppliers, Key Players by Scenario Forecast Till 2027 | Market Research Future
Market Scenario:
Market
Research Future (MRFR) report on the global AI in
Insurance Market (2019-2025) addresses the COVID-19
analysis of a critical factor affecting the market growth. The research
examines competition in the regional and global markets, providing a holistic
evaluation of factors that could have a significant impact on the industry's
outlook over the forecast period.
Artificial
Intelligence is affecting every step of the insurance value chain. AI
technologies like machine vision, machine learning and deep learning, natural
language processing (NLP), and robotic automation can re-imagine the entire
insurance lifecycle from customer acquisition to claims processing. Adopting AI
allows insurance companies to stay competitive on the market, drive operational
excellence, and boost growth.
Machine
learning and deep learning algorithms help drive smart, automated applications
like healthcare diagnosis, predictive maintenance, customer service,
self-driving cars, automated data centers, and smart homes. The rising need to
offer personalized insurance services and automate the operational process are
factors propelling the growth of Artificial Intelligence in Insurance industry around
the globe. AI technologies are capable of managing vast quantities of customer
and enterprise data and different tasks more efficiently and reliably compared
to humans, enabling insurance professionals to concentrate more on challenging
and high-value activities. AI is becoming an expert at recognizing faces or
images and spoken language with the aid of technologies like NLP and computer
vision that give intuitive experience. In addition, the increasing acceptance
of IoT technology is also expected to fuel market growth. Growing volume and
speed of data generation with the adoption of IoT is anticipated to push the
need to automate the process of generating actionable insights using advanced
machine learning and deep learning algorithms.
Nevertheless,
the lack of technical expertise related to complex AI algorithms is hindering
market development. The industry is looking for opportunities for advances in
machine learning and deep learning algorithms. Whereas the risks associated
with data leakage and cybersecurity breaches are significant challenges facing
the industry.
Interactive
insurance chatbots, insurance analytics, customized claims settlements,
behavioral premium pricing, fraud, and risk management are various AI cases in
the insurance industry. Adoption of UAVs and smart devices for extreme
surveillance are the prevailing trends in the market. The insurance industry is
expected to be mainly impacted by technologies such as blockchains and big data
analytics.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/8465 Competitive
Outlook:
MRFR has considered Microsoft Corporation
(US), Amazon Web Services Inc. (US), IBM Corporation (US), Avaamo Inc (US),
Cape Analytics LLC (US), Wipro Limited (India), ZhongAn (China), Acko General
Insurance (India), Shift Technology (France), BIMA (UK), Quantemplate (US),
Zurich Insurance Group (Switzerland), Lemonade (US), Trov (Japan), and Slice
(US) as some of the key players in the Global AI in Insurance Market.
Insurify (US), Insurmi (US), PolicyPal (Singapore),
Planck Re (US), and Tractable (UK) are some of the other players in the
market.
Segmentation:
The segmental review of the AI in the insurance
market has been carried out on the basis of application, technology,
deployment, component, and sector. Based on the technology, the AI in the
insurance market has been segmented into natural language processing (NLP),
machine vision, machine learning, robotic automation, and deep learning. On the
basis of component, the AI in the insurance market has been segmented into
software, hardware, and services. Based on the deployments, the AI in the
insurance market has been segmented into on-premise and on-cloud. The application-based
segmentation of the AI in the insurance market includes personalized
recommendation, risk management, and compliance, claims processing, chatbots,
and others. By the sector, the AI in the insurance market has been segmented
into health insurance, life insurance, title insurance, auto insurance, and
others.
Regional Analysis:
The geographic analysis of AI in insurance market
has been done for North America (the US, Canada, and Mexico), Europe (Germany,
the UK, France, Spain, Norway, Benelux, and Italy), Asia-Pacific (China, Japan,
India, South Korea, Australia, Malaysia, Indonesia, and the Philippines),
Middle East and Africa (Saudi Arabia, Israel, Turkey, and South Africa)
and South America (Brazil, Peru, Chile, and Argentina).
North America is currently dominating the global AI
in the insurance market. The US followed by Canada is currently leading the
market as the country has been the earliest adopter of advanced technologies.
Additionally, well-established network infrastructure, developed economy, and
development activities of advanced technologies such as AI and IoT are driving
the growth of the market in the US. Furthermore, the region houses the majority
of the key players who are focused on developing AI platforms for insurance
providers to help them in offering personalized services and fraud and risk
management which is also contributing to the growth of AI in the insurance
market in the region.
Europe holds a considerable share in the global AI
in the insurance market. Increasing the adoption of digital technologies across
the insurance industry to enhance the operational processes and growth in the
insurance industry across major European countries such as the UK, Germany, and
France is expected to increase the demand for AI in insurance processes.
However, lack of compliance with stringent government regulations such as GDPR
is expected to hamper the market growth.
Asia-Pacific region is projected to grow at the
fastest CAGR in the global AI in the insurance market. Government initiatives
supporting digitization, rising adoption of advanced technologies such as AI,
IoT, analytics, and cloud is expected to drive the market growth. Furthermore,
the Asia-Pacific is the second-largest region following North America in the
insurance market share and has a huge number of startups developing AI
solutions for insurance companies which further drives the market growth.
The Middle East and Africa and South America are
expected to grow at a steady pace in the AI in the insurance market.
Growing demand across insurance companies in the region to automate the claims
management process and enhance fraud and risk management to enhance the
operational process, and rising adoption of AI solutions to improve
customer engagement, customer satisfaction ratio, and customer experience is
expected by offering personalized recommendation and chatbots is expected to
increase the demand for AI in insurance.
Browse
Full Report Details @ https://www.marketresearchfuture.com/reports/ai-in-insurance-market-8465
Table of Contents:
1 Executive
Summary
2 Scope of the
Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued….
Similar Report:
Application
Management Services Market: By Service-Type (System
Integration, Consulting Services, Modernization Services, And Others), By
Organization Size, By Deployment, And By End-Users
Open
Source Intelligence (OSINT) Market: By Security Type (Human
Intelligence, Content Intelligence, Dark Web Analysis, Link/Network Analysis,
Data Analytics, Text Analytics, Artificial Intelligence, Big Data, Others),
Technology (Bid Data Software, Video Analytics, Text Analytics, Visualization
Tool, Cyber Security, Web Analysis, Social Media Analysis, Others), Application
(Military & Defense, Homeland Security, Private Sector, Public Sector,
National Security, Others)
About Market Research Future:
Market Research Future
(MRFR) has created a niche in the world of market research. It is counted among
the top market research companies that offer well-researched and updated market
research reports and insights to businesses of all sizes. What sets us apart is
our super-responsive team that offers quality work keeping clients abridged of
the prospective challenges and opportunities in various markets. Our team is
adept in their space as well as patiently listens to every client.
The best part is they know
their work inside out and possess the expertise to guide the client in the
right direction and achieve results on a tight deadline. We are a one-stop
solution for all your data research needs. Our team does not believe in the
“one size fits all” approach to creating a report that is detailed and concise.
We handle 13 industry verticals including Healthcare, Chemicals and Materials,
Information and Communications Technology, Semiconductor and Electronics,
Energy and Power, Food, Beverages & Nutrition, Automobile, Consumer and
Retail, Aerospace and Defense, Industrial Automation and Equipment, Packaging
& Transport, Construction, and Agriculture. With our unique approach for
every market report, we aim to reach the zenith in qualitative business intelligence
and syndicated market research.
Contact:
Market
Research Future (Part of Wantstats Research and Media Private Limited)
99
Hudson Street, 5Th Floor
New
York, NY 10013
United
States of America
+1
628 258 0071 (US)
+44
2035 002 764 (UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
#market #research #industry #data #growth #trend #report #analyis #google #size #share #marketing #forecast #digital #geographic #demographic #news #tech #researchreport #marketreport #futrue
Comments
Post a Comment