The insurance analytics market is expected to reach $18.5 billion by 2027, at a CAGR of 12.2% during the forecast period of 2020 to 2027.
The growth of insurance analytics market is mainly driven by growing digitalization in the insurance industry and the rising adoption of advanced analytics and data-driven decision-making techniques. In addition, the increasing adoption of IoT technology in the insurance industry and the growing acceptance of insurance analytics among small and medium-sized enterprises are expected to create tremendous opportunities for the growth of the insurance analytics market during the forecast period. However, the lack of a skilled workforce and unwillingness to adopt insurance analytics coupled with data privacy & security concerns are expected to hinder the growth of this market.
Here are the top 10 companies operating in Insurance Analytics Market
IBM functions through five key segments—cognitive solutions, technology services & cloud platforms, global business services, systems, and global financing. The company manufactures and sells hardware & software and delivers numerous hosting and consulting services from mainframe processors to nanotechnology domains. The company has a diverse and vast products and services portfolio covering artificial intelligence, IoT, cloud computing, security, and more.
IBM is the world’s enterprise AI leader and largest cybersecurity enterprise. It provides services to enterprises of all sizes and leaders in diverse industries including financial services, manufacturing, and retail. Some of the subsidiaries of IBM are Red Hat Software, Aspera, Trusteer, FileNet, and Kenexa. The company helps its clients transform their businesses and engage clients and employees in new ways.
SAP SE is a leading player in enterprise application software and a leading analytics and business intelligence company. It offers enterprise software that helps organizations manage business operations and customer relations. The company uses machine learning, the Internet of Things (IoT), and advanced analytics technologies to help turn customers’ businesses into intelligent enterprises.
With its subsidiaries and a strong distribution network, the company has its presence in various regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Some of the subsidiaries of SAP SE are SuccessFactors (U.S.), Qualtrics (U.S.), and SAP Concur (U.S.). As of 2019, the company had a headcount of 100,330 employees worldwide. Also, SAP SE directly or indirectly controls a worldwide group of 265 subsidiaries that develop, distribute, and provide its products, solutions, and services.
Oracle Corporation provides solutions and products to various industry verticals. The company offers autonomous databases, business analytics, developer tools, engineered systems, IT infrastructure, java solutions, middleware, applications, customer experience management solutions, enterprise performance management solutions, ERP solutions, human capital management solutions, supply chain management solutions, and NetSuite, among others. The company’s analytics solutions are designed for the corporate and education sectors and enhance the productivity and performance of the workforce. The company operates in several industry verticals, such as financial services, insurance, automotive, communications, construction and engineering, food & beverage, healthcare, high technology, higher education, hospitality, industrial manufacturing, life sciences, public sector, research, retail, and utilities.
With its subsidiaries and a strong distribution network, the company has its presence in North America, Europe, Asia-Pacific, and Latin America. Some of the subsidiaries of Oracle Corporation include NetSuite, Taleo, BlueKai, Dyn, Responsys, Textura Corporation, Endeca, and Opower.
Palantir Technologies is a software company that offers big data analytics solutions to various industries. The company offers data fusion platforms for integrating, managing, and securing diverse data on a large scale. Palantir provides its solutions to various industries, such as automotive, cyber, financial compliance, insurance, law enforcement, and manufacturing. The company’s product, Foundry, helps insurers by offering a secure and scalable environment to integrate highly sensitive insurance data.
With its subsidiaries and a strong distribution network, the company has its presence in the Americas, Asia-Pacific, Europe, and the Middle East & Africa. Some of the subsidiaries of Palantir Technologies are Silk, Propeller, Inc., Markover Inc., Kimonolabs Inc., Palantir Technologies, U.K. Ltd., and FT Technologies Inc.
is a multinational technology company founded by Paul Allen & Bill Gates and ranked no. 30 in the 2018 Fortune 500 companies list. It is best known for software products such as Internet Explorer, Microsoft Windows OS, Microsoft Office Suite, and Edge Web browsers. Its leading hardware products are the Microsoft Surface lineup of individual touchscreen computers and Xbox videogame consoles. It is specialized in cloud computing, quantum computing, business software, IT professional solutions and services, developer tools, educational software, search engines, advertising, the windows operating system, windows applications & platforms, smartphones, future of work, productivity, artificial intelligence, machine learning, laptops, and virtual reality.
With its subsidiaries and strong distribution network, the company has its presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Some of the subsidiaries of Microsoft are Double Fine Productions, GitHub, Semantic Machines, Mojang, Skype, and LinkedIn Corporation.
A report into the projected growth of the current Insurance Analytics Market by Meticulous Research® has produced some incredible forecasts for the industry. By 2027, it’s expected to have grown at a CAGR of 12.2%, reaching over $18.5 billion.
SAS Institute, Inc.
The SAS Institute, Inc. is an analytics solutions provider that helps organizations seek immediate value from their data. The company’s analytics solutions help businesses in gaining insights, identifying issues and solving them, and making decisions to drive relevant changes. The company offers its products and solutions to various industry verticals such as insurance, banking, communication, education, healthcare, life sciences, public sector, retail, and utilities. Moreover, the company’s SAS platform is one of the well-known products in the analytics industry, offering improved data analysis, pre-processing, and integral development complemented with advanced technologies.
With its subsidiaries and a strong distribution network, the company has its presence across North America, Europe, Latin America, and the Middle East & Africa. Some of the subsidiaries of SAS include Scandinavian Airlines, SAS Danmark A/S, Air Greenland, Scandinavian Airlines System AB, SAS Cargo Group, and SAS Ground Services AB.
Salesforce.com, Inc. is an American software company that offers cloud-based customer relationship management (CRM) solutions and services and a complementary suite of enterprise applications focused on analytics, customer service, marketing automation, and application development. The company operates in the financial services & insurance, retail, communication, healthcare & life sciences, consumer goods, media, government, manufacturing, transportation, hospitality, and automotive verticals. Also, the company delivers innovative tools with personalized user interfaces to empower its customers.
With its subsidiaries and a strong distribution network, the company has its presence in the Americas, Asia-Pacific, Europe, and the Middle East & Africa. Some of the subsidiaries of Salesforce.com, Inc. are Pardot, Tableau Heroku, MuleSoft, and Vlosity, Inc.
OpenText Corporation is a software company that offers solutions that help various companies, government agencies, and professional service firms to manage their content or unstructured data. The company offers industry solutions, platform solutions, specialty technologies and compliance, risk management, and governance. It also offers analytics and business management solutions to the automotive, energy, engineering and construction, financial services, healthcare, legal, life sciences, manufacturing, media & entertainment industries, and the public sector. The company focuses on integrating innovative technologies with its analytics solutions to satisfy customers, simplify usage, and optimize the outputs from its solutions.
With its subsidiaries and a strong distribution network, the company has its presence in Canada, the U.S., Latin America, Asia-Pacific, Japan, Europe, and the Middle East & Africa. Some of the subsidiaries of OpenText Corporation are Carbonite Inc., Webroot, Hightail, Covisint, Bluebird Systems Inc., StremServe, and Recommind.
LexisNexis Risk Solutions is a decision tools and solutions provider that combines industry- and public-specific content with advanced technology and analytics to support its customers in evaluating and predicting risks and enhancing operational efficiency. The company offers its solutions to financial services and insurance organizations and non-profits and corporations on a large scale across various countries. The company strongly focuses on data analytics, claims management, fraud management, and underwriting applications while developing its solutions, and assists clients in leveraging the power of data and analytics to mitigate risks and uncover opportunities.
The company itself is a subsidiary of RELX plc. a British corporation group providing analytics solutions to various industries. Some of the subsidiaries of LexisNexis Risk Solutions are ChoicePoint Services, InsurQuote, Insurity LLC, Charles Jones LLC, Short Stop, and ID Analytics LLC. With its subsidiaries and a strong distribution network, the company has its presence in the U.S., the U.K., Australia, Brazil, China, Hong Kong SAR, India, Ireland, Israel, and the Philippines.
MicroStrategy Incorporated offers software solutions and expert services that empower institutions and organizations with actionable insights. It offers high-performance analytics solutions that cater to both business and IT applications. The company provides its solutions to several industries, including insurance, banking, food & beverage, healthcare, manufacturing, retail, energy & utilities, transportation & logistics, and higher education. The company offers solutions integrated with innovative features for all business applications in the insurance sector.
With its subsidiaries and strong distribution network, the company has its presence across North America, South America, Europe, and the rest of the world. Some of the subsidiaries of MicroStrategy Incorporated are MicroStrategy U.K. Limited, MicroStrategy Brasil Ltda, MicroStrategy India Pvt. Ltd, and MicroStrategy Austria GmbH.
Popular Mentions: TIBCO Software, Inc., Microsoft Corporation, Tableau Software LLC, Applied Systems, Pegasystems, Inc., Verisk Analytics, Inc., Hexaware Technologies Limited, Sapiens International Corporation, Guidewire Software, Inc., and Vertafore, Inc.
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Authoritative Research on the Insurance Analytics Market- Global Opportunity Analysis and Industry Forecast (2020-2027)
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