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Insurance Analytics Market Share

Report ID: GMI9132
Published Date: Apr 2024
Report Format: PDF

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Insurance Analytics Market Share

Microsoft, IBM, and Oracle are among the key players in the insurance analytics industry holding 16% market share. Microsoft offers a comprehensive suite of cloud-based solutions, including Azure Analytics Services, empowering insurers with scalable data analytics and AI capabilities. IBM's Watson Analytics platform provides insurers with advanced predictive analytics tools, leveraging AI and machine learning algorithms to enhance risk assessment and claims management. Oracle offers a range of analytics solutions tailored for insurance companies, such as Oracle Insurance Insight, enabling insurers to extract actionable insights from their data to drive business growth and improve customer experiences.

Microsoft excels in cloud-based solutions, IBM boasts powerful AI-driven analytics, and Oracle provides tailored industry-specific offerings. As insurers increasingly prioritize data-driven decision-making, competition among these tech giants is expected to intensify, driving innovation in insurance analytics.

Insurance Analytics Market Companies

Major companies operating in the insurance analytics industry are:

Deloitte
IBM
Microsoft
OpenText
Oracle
Salesforce
SAP
Tableau Software
TIBCO Software
Verisk Analytics

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of insurance analytics reached USD 9.6 billion in 2023 and is set to witness 13% CAGR between 2024 and 2032, led by the increasing convergence of AI & ML technologies.

The cloud segment is expected to exceed USD 21.5 billion in revenue by 2032, owing to the migration towards hybrid cloud environments.

North America market accounted for 33% revenue share in 2023, attributed to the notable shift towards increased adoption of predictive analytics in the insurance sector.

Deloitte, IBM, Microsoft, OpenText, Oracle, Salesforce, SAP, Tableau Software, TIBCO Software and Verisk Analytics.