Insurtech Market: By Type, By Material Type, By Services, By End Users and Geography
Insurtech Market size was valued at US$ 9,415.28 million in 2023 and is poised to grow at a CAGR of 29.4% from 2024-2030. InsurTech or Insurance Technology denotes the usage of technology that involves the distribution, creation, and management of insurance services and products. Insurtech is determining solutions such as vigorously presenting ultra-customized policies, social insurance, and via the new flow of data from Internet-permitted devices to price payments. Insurtech helps insurers analyze and collect customer data, which can be precisely used to aim for the correct customers with a reasonable price quotation.
Moreover, using machine learning, cloud computing, and artificial intelligence, Insurtech helps better forecast consumer wants and purchase quantity and enhances decision-making and insurance planning. Technologies such as blockchain, artificial intelligence, cloud computing, and machine learning allow real-tracking of time and monitoring data concerning the movement of insured for specific business lines and streamline and update business operations which can lead to the Insurtech market growth. Moreover, due to altering business models, insurance companies are developing advanced digital solutions to grow their businesses and products based on the prerequisite of niche customers. These are some primary factors that can boost the global Insurtech market. However, some aspects, such as different regulations and standards for the insurance business and security and privacy concerns, can restrain the market growth. The integration of technologies, such as artificial intelligence, cloud computing, and blockchain, for enabling the prediction and prevention of losses, monitoring of risk, and streamlining claims processing can create an opportunity for the global Insurtech market growth.
Study Period
2024-2030Base Year
2023CAGR
29.4%Largest Market
Asia PacificFastest Growing Market
North America
Technological progress is one of the primary reasons for the global Insurtech market growth. Insurance industries use advanced digital solutions to spread their processes and find product lines based on niche client demand. Shifting to new business models is expected to propel the market’s growth in the forecast period. Insurance industries are using advanced digital solutions to spread their processes and found product lines based on niche client demand because they are shifting to new business models, contributing considerably to market growth. For forecast and prevention of losses, claims processing, and risk monitoring, the addition of technologies such as artificial intelligence, cloud computing, and blockchain is becoming an essential element that can further the market growth.
Report Benchmarks |
Details |
Report Study Period |
2024-2030 |
Market Size in 2023 |
US$ 9,415.28 million |
Market CAGR |
29.4% |
By Type |
|
By Material Type |
|
By End User |
|
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The primary factors that drive the market are growing demand for data analysis and AI-based solutions among insurance companies to increase their business internationally by offering services digitally, raising awareness of insurtech and digital solutions among insurance businesses, and growing acceptance of insurtech with innovative technologies such as machine learning, blockchain technology, and artificial intelligence.
Damco Group, DXC Technology Company, Insurance Technology Service, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Wipro Limited, and ZhongAn Insurance are the key players in the market.
North America is dominating the Insurtech market.
AI and machine learning placed under the material type segment is the market’s fastest-growing segment.
1. Executive Summary |
2. Global Insurtech Market Introduction |
2.1. Global Insurtech Market Taxonomy |
2.2. Global Insurtech Market Definitions |
2.2.1. Type |
2.2.2. Material Type |
2.2.3. Service |
2.2.4. End User |
2.2.5. By Region |
3. Global Insurtech Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Global Insurtech Market Dynamic Factors - Impact Analysis |
3.6. Global Insurtech Market Competition Landscape |
3.7. Epidemiology |
4. Global Insurtech Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 |
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5. Global Insurtech Market, By Type, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
5.1. Auto |
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Business |
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Health |
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
5.4. Home |
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.4.3. Market Opportunity Analysis |
5.5. Specialty |
5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
5.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.5.3. Market Opportunity Analysis |
5.6. Travel |
5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
5.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.6.3. Market Opportunity Analysis |
5.7. Others |
5.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
5.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.7.3. Market Opportunity Analysis |
6. Global Insurtech Market, By Material Type, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
6.1. AI & Machine learning |
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. IoT |
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Blockchain |
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Cloud Computing |
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
6.5. Machine Learning |
6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.5.3. Market Opportunity Analysis |
6.6. Robo Advisory |
6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.6.3. Market Opportunity Analysis |
6.7. Others |
6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
6.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.7.3. Market Opportunity Analysis |
7. Global Insurtech Market, By Service, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
7.1. Consulting |
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Support & Maintenance |
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Managed Services |
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
8. Global Insurtech Market, By End User, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
8.1. Automotive |
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. BFSI |
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Government |
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Healthcare |
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Manufacturing |
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
8.6. Retail |
8.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
8.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.6.3. Market Opportunity Analysis |
8.7. Transportation |
8.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
8.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.7.3. Market Opportunity Analysis |
8.8. Others |
8.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
8.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.8.3. Market Opportunity Analysis |
9. Global Insurtech Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
9.1. North America |
9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.1.3. Market Opportunity Analysis |
9.2. Europe |
9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.2.3. Market Opportunity Analysis |
9.3. Asia-Pacific |
9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.3.3. Market Opportunity Analysis |
9.4. Latin America |
9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.4.3. Market Opportunity Analysis |
9.5. Middle East and Africa |
9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.5.3. Market Opportunity Analysis |
9.6. Global Insurtech Market - Opportunity Analysis Index, By Type, By Material Type, By Service, By End User, and Region, 2024 - 2030 |
10. North America Insurtech Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
10.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
10.1.1. Auto |
10.1.2. Business |
10.1.3. Health |
10.1.4. Home |
10.1.5. Specialty |
10.1.6. Travel |
10.1.7. Others |
10.2. Material Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
10.2.1. AI & Machine learning |
10.2.2. IoT |
10.2.3. Blockchain |
10.2.4. Cloud Computing |
10.2.5. Machine Learning |
10.2.6. Robo Advisory |
10.2.7. Others |
10.3. Service Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
10.3.1. Consulting |
10.3.2. Support & Maintenance |
10.3.3. Managed Services |
10.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
10.4.1. Automotive |
10.4.2. BFSI |
10.4.3. Government |
10.4.4. Healthcare |
10.4.5. Manufacturing |
10.4.6. Retail |
10.4.7. Transportation |
10.4.8. Others |
10.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
10.5.1. USA |
10.5.2. Canada |
10.6. North America Insurtech Market - Opportunity Analysis Index, By Type, By Material Type, By Service, By End User, and Country, 2024 - 2030 |
10.7. North America Insurtech Market Dynamics Trends |
11. Europe Insurtech Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
11.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
11.1.1. Auto |
11.1.2. Business |
11.1.3. Health |
11.1.4. Home |
11.1.5. Specialty |
11.1.6. Travel |
11.1.7. Others |
11.2. Material Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
11.2.1. AI & Machine learning |
11.2.2. IoT |
11.2.3. Blockchain |
11.2.4. Cloud Computing |
11.2.5. Machine Learning |
11.2.6. Robo Advisory |
11.2.7. Others |
11.3. Service Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
11.3.1. Consulting |
11.3.2. Support & Maintenance |
11.3.3. Managed Services |
11.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
11.4.1. Automotive |
11.4.2. BFSI |
11.4.3. Government |
11.4.4. Healthcare |
11.4.5. Manufacturing |
11.4.6. Retail |
11.4.7. Transportation |
11.4.8. Others |
11.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
11.5.1. Germany |
11.5.2. UK |
11.5.3. France |
11.5.4. Spain |
11.5.5. Italy |
11.5.6. Rest of Europe |
11.6. Europe Insurtech Market - Opportunity Analysis Index, By Type, By Material Type, By Service, By End User, and Country, 2024 - 2030 |
11.7. Europe Insurtech Market Dynamics Trends |
12. Asia-Pacific Insurtech Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
12.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
12.1.1. Auto |
12.1.2. Business |
12.1.3. Health |
12.1.4. Home |
12.1.5. Specialty |
12.1.6. Travel |
12.1.7. Others |
12.2. Material Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
12.2.1. AI & Machine learning |
12.2.2. IoT |
12.2.3. Blockchain |
12.2.4. Cloud Computing |
12.2.5. Machine Learning |
12.2.6. Robo Advisory |
12.2.7. Others |
12.3. Service Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
12.3.1. Consulting |
12.3.2. Support & Maintenance |
12.3.3. Managed Services |
12.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
12.4.1. Automotive |
12.4.2. BFSI |
12.4.3. Government |
12.4.4. Healthcare |
12.4.5. Manufacturing |
12.4.6. Retail |
12.4.7. Transportation |
12.4.8. Others |
12.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
12.5.1. China |
12.5.2. India |
12.5.3. Japan |
12.5.4. ASEAN |
12.5.5. Australia & New Zealand |
12.5.6. Rest of Asia-Pacific |
12.6. Asia-Pacific Insurtech Market - Opportunity Analysis Index, By Type, By Material Type, By Service, By End User, and Country, 2024 - 2030 |
12.7. Asia-Pacific Insurtech Market Dynamics Trends |
13. Latin America Insurtech Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
13.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
13.1.1. Auto |
13.1.2. Business |
13.1.3. Health |
13.1.4. Home |
13.1.5. Specialty |
13.1.6. Travel |
13.1.7. Others |
13.2. Material Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
13.2.1. AI & Machine learning |
13.2.2. IoT |
13.2.3. Blockchain |
13.2.4. Cloud Computing |
13.2.5. Machine Learning |
13.2.6. Robo Advisory |
13.2.7. Others |
13.3. Service Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
13.3.1. Consulting |
13.3.2. Support & Maintenance |
13.3.3. Managed Services |
13.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
13.4.1. Automotive |
13.4.2. BFSI |
13.4.3. Government |
13.4.4. Healthcare |
13.4.5. Manufacturing |
13.4.6. Retail |
13.4.7. Transportation |
13.4.8. Others |
13.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
13.5.1. Brazil |
13.5.2. Mexico |
13.5.3. Rest of Latin America |
13.6. Latin America Insurtech Market - Opportunity Analysis Index, By Type, By Material Type, By Service, By End User, and Country, 2024 - 2030 |
13.7. Latin America Insurtech Market Dynamics Trends |
14. Middle East and Africa Insurtech Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
14.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
14.1.1. Auto |
14.1.2. Business |
14.1.3. Health |
14.1.4. Home |
14.1.5. Specialty |
14.1.6. Travel |
14.1.7. Others |
14.2. Material Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
14.2.1. AI & Machine learning |
14.2.2. IoT |
14.2.3. Blockchain |
14.2.4. Cloud Computing |
14.2.5. Machine Learning |
14.2.6. Robo Advisory |
14.2.7. Others |
14.3. Service Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
14.3.1. Consulting |
14.3.2. Support & Maintenance |
14.3.3. Managed Services |
14.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
14.4.1. Automotive |
14.4.2. BFSI |
14.4.3. Government |
14.4.4. Healthcare |
14.4.5. Manufacturing |
14.4.6. Retail |
14.4.7. Transportation |
14.4.8. Others |
14.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
14.5.1. Gulf Cooperation Council (GCC) Countries |
14.5.2. South Africa |
14.5.3. Rest of MEA |
14.6. MEA Insurtech Market- Opportunity Analysis Index, By Type, By Material Type, By Service, By End User, and Country, 2024 - 2030 |
14.7. MEA Insurtech Market Dynamics Trends |
15. Competition Landscape |
15.1. Strategic Dashboard of Top Market Players |
15.2. Company Profiles (Introduction, Financial Analysis, Key Types, Key Developments, Strategies, and SWOT Analysis) |
15.2.1. Damco Group |
15.2.2. DXC Technology Company |
15.2.3. Insurance Technology Services |
15.2.4. Majesco |
15.2.5. Oscar Insurance |
15.2.6. Quantemplate |
15.2.7. Shift Technology |
15.2.8. Wipro Limited |
15.2.9. ZhongAn Insurance |
16. Research Methodology |
17. Key Assumptions and Acronyms |
Key Market Players