Technavio: Global insurtech market to grow by over $15bn by 2023

By Olivia Minnock
Market research analyst Technavio has released its forecast for the global insurtech market for the period 2019-2023. The analysis looks at various segm...

Market research analyst Technavio has released its forecast for the global insurtech market for the period 2019-2023. The analysis looks at various segments of the market (marketing, IT support, policy management etc) as well as various regions (APAC, Europe, MEA, North and South America).

The company has outlined that the global insurtech market will grow at a CAGR of over 41% by 2023. Specific areas cited for growth are digitisation for machine-to-machine (M2M) communications and business process management. While these areas are set to grow significantly however, Technavio has also stated that year-over-year growth will decline over the period.

Big Data and AI will be key for the insurance sector as insurtech companies analyse data to improve customer service and identify new opportunities, as well as utilising robotics to automate processes.

A Technavio analyst stated that much of the growth will happen in Europe. “Data has become a strategic asset across Europe and the adoption rate of technology in this region is higher than other geographies,” they explained.

 

Share

Featured Articles

Top 10 crypto innovators

Crypto has come a long way in a decade. But while a lot of attention is given to crypto exchanges, we wanted to shine a light on the innovators behind them

Fintech Frontiers: Estonia's flourishing fintech ecosystem

As part of a new series, we're exploring emerging fintech hotspots. First up is Tallinn, the beating heart of Estonia's flourishing fintech ecosystem.

Fintech future: How soon will the world be cashless?

The diminishing role of cold, hard currency is transforming the way the world does business. We take a look at the pros and cons of a cashless economy.

Why 2022 is the year for personal finance to boom

Financial Services (FinServ)

FIVE key Fintech trends driving change in Digital Payments

Digital Payments

Pay Later: Does Apple's latest offering threaten BNPL?

Digital Payments