The unemployment insurance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Unemployment Insurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The unemployment insurance market size has grown strongly in recent years. It will grow from $91.97 billion in 2023 to $98.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing inflation rates, increasing cost of living, an increasing number of bankruptcies, increasing outsourcing of jobs overseas, and increasing economic recessions.
The unemployment insurance market size is expected to see strong growth in the next few years. It will grow to $129.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to increasing automation in the workforce, increasing prevalence of remote work, increasing globalization, increasing investment in smart city infrastructure, and increasing cyber threats. Major trends in the forecast period include technological advancements, the adoption of artificial intelligence, blockchain technology, augmented reality, and the integration of the Internet of Things.
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Scope Of Unemployment Insurance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Unemployment Insurance Market Overview
Market Drivers –
The rising job insecurity is expected to propel the growth of the unemployment insurance market going forward. Job insecurity refers to the uncertainty or fear that an individual may lose their job or face a reduced employment status, such as fewer hours or lower wages. The rise in job insecurity is due to economic uncertainty, contract and gig work, corporate restructuring, sector-specific challenges, and workplace changes. Unemployment insurance (UI) is used to mitigate the effects of job insecurity by providing financial support and stability to individuals who lose their jobs or face reduced working hours. For instance, in February 2024, according to Lancaster University, a UK-based public university, the UK insecure work index increased by 500,000 people in 2022 and 600,000 people in 2023. Therefore, rising job insecurity is driving the growth of the unemployment insurance market.
Market Trends —
Major companies operating in the unemployment insurance market are focused on developing advanced digital solutions, such as online insurance platforms, to streamline the application process and enhance accessibility. Online insurance platforms are digital platforms that allow users to purchase, manage, and track insurance policies through the Internet. For instance, in March 2024, the Oregon Employment Department (OED), a US-based government agency, launched Frances Online, a new online system for unemployment insurance benefits. It is a new digital platform to manage unemployment insurance benefits and Paid Leave Oregon applications. It enables employees and claimants to apply for benefits, upload required documents, and manage their claims online. Frances Online marks a significant improvement in processing unemployment and paid leave claims in Oregon, illustrating a wider shift towards digital solutions in public services.
The unemployment insurance market covered in this report is segmented —
1) By Type: Structural Unemployment, Cyclical Unemployment, Frictional Unemployment, Other Types
2) By Insurance Type: Involuntary Unemployment Insurance, Mortgage Unemployment Insurance
3) By Distribution Channel: Agents Or Brokers, Direct Response
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Regional Insights —
North America was the largest region in the unemployment insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the unemployment insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies —
Major companies operating in the unemployment insurance market are Cigna Corporation, Allianz SE, State Farm Mutual Automobile Insurance Company, The Allstate Corporation, Banco Bilbao Vizcaya Argentaria S.A., Achmea B.V., Banco Bradesco S.A., CNP Assurances S.A., Assurant Inc., Cook County Government, Great American Insurance Group, Hiscox Ltd., American Association of Retired Persons, Anadolu Hayat Emeklilik A.Ş., BNP Paribas Cardif, Allied Solutions LLC, G&A Partners, Paisabazaar.com, Garanti BBVA Emeklilik ve Hayat A.Ş., AlfaStrakhovanie, Axcet HR Solutions, Aegon Asset Management, Flex HR LLC, LifeQuote Inc., Personnel Planners< /b>
Table of Contents
1. Executive Summary
2. Unemployment Insurance Market Report Structure
3. Unemployment Insurance Market Trends And Strategies
4. Unemployment Insurance Market — Macro Economic Scenario
5. Unemployment Insurance Market Size And Growth
…..
27. Unemployment Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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