What Has Been the Growth Trajectory for the Digital Insurance Platform Market in Recent Years?
The digital insurance platform market has seen considerable growth due to a variety of factors.
•The rapid expansion of the digital insurance platform market has been observed in recent years. The estimated market size is set to escalate from $137.75 billion in 2024 to an increased value of $154.11 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.9%.
Various factors have contributed to the historical period's growth, which includes customer preferences for streamlined digital interactions, regulatory modifications promoting digital conversion, the international spread of insurance services, the advent of fresh distribution channels, operational effectiveness, and cost savings.
How Does the Forecast Look for the Digital Insurance Platform Market?
The digital insurance platform market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the digital insurance platform is projected to experience substantial growth in the upcoming years, with estimates suggesting it will reach "$271.04 billion by 2029, with a compound annual growth rate (CAGR) of 15.2%.
The growth during the forecasted period can be associated with factors such as an intensified focus on customer engagement, the emergence of usage-based insurance models, broadening digital ecosystems, concentration on climate and environmental hazards, and growing cybersecurity threats. Noteworthy trends during the forecast period encompass partnerships with insurtech startups, integration of IoT devices, breakthroughs in blockchain technology, the use of artificial intelligence for automation, and the advent of on-demand insurance models.
What Are the Critical Driver Fuelling the Digital Insurance Platform Market's Growth?
The continued rise in cloud computing utilization is anticipated to stimulate the expansion of the digital insurance platform market in the future. Cloud computing is a tech innovation that enables users to access storage spaces, files, applications, and databases over the internet through devices such as personal computers, laptops, tablets, and sensors. This service is beneficial to the digital insurance platform market as it offers off-site storage and data analysis. Citing data from the European Commission, a government organization based in Belgium, in April 2024, it was noted that 77.6% of large enterprises reported use of cloud computing services in 2023, a growth of 6 percentage points from 2021. Medium-sized enterprises had 59% acquisition of cloud services in 2023, up from 53% in 2021. Small businesses saw a rise of 3.8 percentage points, hitting 41.7% in the same timespan. Hence, the escalating adoption of cloud computing is propelling the evolution of the digital insurance platform market.
How Is the Digital Insurance Platform Market segmented?
The digital insurance platform market covered in this report is segmented –
1) By Deployment: Cloud, On-Premise
2) By Professional Service: Consulting, Implementation, Support And Maintenance
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Automotive And Transportation, Home And Commercial Buildings, Life And Health, Business And Enterprise, Consumer Electronics, Industrial Machines, Travel
5) By End-User: Insurance Companies, Third-Party Administrators And Brokers, Aggregators
Subsegments
1) By Cloud: Public Cloud, Private Cloud, Hybrid Cloud, On-Premise
2) By On-Premise Software Solutions: On-Premise Software Solutions, Custom On-Premise Deployments
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What New Trends Are Influencing the Digital Insurance Platform Market?
Current technological innovations are an emerging trend in the digital insurance platform market. To maintain their market position, leading businesses are incorporating fresh technologies. For example, in June 2024, Sapiens International Corporation, a firm based in Israel focusing on smart software solutions, introduced its next-gen intelligent insurance platform. This AI-enabled, open, integrated, cloud-native solution was developed to boost insurers' capabilities. Its goal is to simplify procedures and strengthen decision-making across a range of insurance fields. As insurance providers are challenged with upgrading efficiency and consumer experiences, tools such as the Sapiens Insurance Platform are expected to play a significant role in assisting them to fulfill these objectives.
Who Are the Key Players in the Digital Insurance Platform Market?
Major companies operating in the digital insurance platform market include:
• International Business Machines Corporation
• Microsoft Corp.
• Infosys Ltd.
• Pegasystems Inc.
• Oracle Corp.
• Accenture Inc.
• Tata Consultancy Services Limited
• Cognizant Technology Solutions Corp.
• Majesco Inc.
• DXC Technology Co.
• Appian Corp.
• Mindtree Ltd.
• Prima Solutions SA
• SAP SE
• EIS Software Limited
• Fineos Corporation Ltd.
• Inzura Limited
• Cogitate Technology Solutions Inc.
• OutSystems Inc.
• PolicyBazaar.com
• PolicyGenius Inc.
• PolicyPal Network Technology Co. Ltd.
• PolicyX.com
• Quantemplate Technologies Inc.
• Root Insurance Company
• Slice Labs Inc.
• Trov Inc.
• Wefox Group GmbH
• Zego Insurance Services Limited
• Acko General Insurance Limited
• Cover Genius Pty. Ltd.
• Shift Technology Inc.
What Is The Most Dominant Region In The Digital Insurance Platform Market?
North America was the largest region in the digital insurance platform market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global digital insurance platform market during the forecast period. The regions covered in the digital insurance platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
