The digital insurance platform market size is expected to see rapid growth in the next few years. It will grow to $231.89 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to increased emphasis on customer engagement, rise of usage-based insurance models, expansion of digital ecosystems, focus on climate and environmental risks, rising cybersecurity concerns. Major trends in the forecast period include collaboration with insurtech startups, integration with iot devices, advancements in blockchain technology, artificial intelligence for automation, on-demand insurance models.
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Segmentation & Regional Insights
The digital insurance platform market covered in this report is segmented –
1) By Deployment: Cloud, On-Premise
2) By Professional Service: Consulting, Implementation, Support And Maintenance
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Automotive And Transportation, Home And Commercial Buildings, Life And Health, Business And Enterprise, Consumer Electronics, Industrial Machines, Travel
5) By End-User: Insurance Companies, Third-Party Administrators And Brokers, Aggregators
North America was the largest region in the digital insurance platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global digital insurance platform market during the forecast period. The regions covered in the digital insurance platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing adoption of cloud computing is expected to propel the growth of the digital insurance platform market going forward. Cloud computing refers to a type of technology that allows customers to access storage spaces. files, applications, and databases via internet-connected devices such as desktops, laptops, tablets, and sensors. Cloud computing services are beneficial to the digital insurance platform market because they store and evaluate information at a location separate from their clients. For instance, according to Eurostat, a UK-based Directorate-General of the European Commission, in 2021, 41% of EU businesses used the cloud for file storage and e-mail. And, the EU, cloud computing usage grew in 2021 compared to 2020, especially in the retail sector. Therefore, growing cloud adoption is driving the growth of the digital insurance platform market.
Key Industry Players
Major companies operating in the digital insurance platform market report are International Business Machines Corporation, Microsoft Corp., Infosys Ltd., Pegasystems Inc., Oracle Corp., Accenture Inc., Tata Consultancy Services Limited, Cognizant Technology Solutions Corp., Majesco Inc., DXC Technology Co., Appian Corp., Mindtree Ltd., Prima Solutions SA, SAP SE, EIS Software Limited, Fineos Corporation Ltd., Inzura Limited, Cogitate Technology Solutions Inc., OutSystems Inc., PolicyBazaar.com, PolicyGenius Inc., PolicyPal Network Technology Co. Ltd., PolicyX.com, Quantemplate Technologies Inc., Root Insurance Company, Slice Labs Inc., Trov Inc., Wefox Group GmbH, Zego Insurance Services Limited, Acko General Insurance Limited, Cover Genius Pty. Ltd., Shift Technology Inc.
The digital insurance platform market report table of contents includes:
1. Executive Summary
2. Digital Insurance Platform Market Characteristics
3. Digital Insurance Platform Market Trends And Strategies
4. Digital Insurance Platform Market – Macro Economic Scenario
5. Global Digital Insurance Platform Market Size and Growth
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31. Global Digital Insurance Platform Market Competitive Benchmarking
32. Global Digital Insurance Platform Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Digital Insurance Platform Market
34. Digital Insurance Platform Market Future Outlook and Potential Analysis
35. Appendix
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