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

Bitcoin Reclaims US$1tn Valuation; the Bull Market is Here

Bitcoin, the world’s largest cryptocurrency, has hit the US$1tn valuation mark again after the cost of one Bitcoin jumped 22% to US$52,005

COMING SOON: Top 100 Women in FinTech 2024

This March in honour of International Women’s Day, FinTech Magazine will release its annual Top 100 Women supplement

FinTech LIVE Dubai: Linoy Kidd, CIO at HSBC

Linoy Kidd, CIO (Markets & Securities Services MENAT) at HSBC to speak at FinTech LIVE Dubai

NASDAQ: Banks Need Fintech Trust to Combat US$3tn in Fraud

Fraud & ID Verification

Wix’s Omer Shatzky to speak at FinTech LIVE Dubai

Digital Payments

Ramesh Narayanaswamy (CTO) to attend FinTech LIVE Singapore

Tech & AI