Kathmandu. The insurance analytics market in the Asia Pacific region expects an annual average rate of 15.9% from 2020 to 2027.
Allied Market Research has made this assumption. According to the research report, this growth in the Asia-Pacific region will be the fastest compared to other regions.
The global insurance analytics market is projected to grow from $7.91 billion in 2019 to $22.45 billion by 2027. Which will be achieved by an annual average growth of 14.2 percent.
This growth is driven by the adoption of advanced technology and increasing competition in the insurance sector. While privacy concerns and regulatory requirements remain major obstacles.
In 2019, the solutions segment accounted for nearly two-thirds of the insurance analysis market. It is expected to retain its leadership until 2027. While the services segment is expected to achieve the fastest growth rate of 15.5 percent.
Usage-wise risk management accounted for about 40 percent of the insurance analysis market in 2019. However, sales and marketing are expected to grow the fastest at an average annual rate of 17.3 per cent.
