REDDING, Calif., May 12, 2021 /PRNewswire/ — According to a new market research report “Insurance Analytics Market by Component, Business Application (Claims Management, Pricing & Risk Management, Customer Management & Personalization), Deployment, Organization Size, End-User (Agencies, Brokers), and Geography – Global Forecast to 2027″, published by Meticulous Research®, 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.
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The growth of this 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.
Based on component, the insurance analytics market is segmented into solutions and services. In 2020, the solutions segment commanded the largest share of the overall insurance analytics market, owing to the…