Artificial Intelligence (AI) For Insurance Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

Artificial intelligence (AI) for insurance refers to the use of AI techniques and algorithms, to enhance various aspects of the insurance industry. The application of AI in insurance aims to streamline processes, improve efficiency, enhance customer experience and make better data-driven decisions.

Sizing and Forecast
The artificial intelligence (AI) for insurance market size has grown exponentially in recent years. It will grow from $5.77 billion in 2023 to $7.71 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%.  The  growth in the historic period can be attributed to data explosion in insurance, risk assessment and underwriting, fraud detection and prevention, customer experience enhancement, operational efficiency and cost reduction.

The artificial intelligence (AI) for insurance market size is expected to see exponential growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%.  The growth in the forecast period can be attributed to advancements in ai algorithms, expansion of insurtech ecosystem, increased focus on personalization, integration with iot devices, evolving cyber insurance landscape. Major trends in the forecast period include collaboration with ecosystem partners, ethical and explainable ai, claims processing automation, customer experience enhancement, dynamic pricing strategies.

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Segmentation & Regional Insights
The artificial intelligence (ai) for insurance market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Other Technologies
3) By Application: Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment
4) By End User: Life And Health Insurance, Property And Casualty Insurance

North America was the largest region in the artificial intelligence (AI) for insurance market in 2023. The regions covered in the artificial intelligence (AI) for insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising investments in the insurance sector are expected to propel the growth of the artificial intelligence (AI) insurance market going forward. Investments refer to the allocation of money or resources to various assets or projects with the expectation of generating income or profit over time. AI in insurance for research and development, data infrastructure, technology development, and talent acquisition, ensuring comprehensiveness and providing innovative solutions to their customers. These investments are expected to fuel the development and adoption of AI-powered solutions, as insurers increasingly recognize the transformative potential of AI. For instance, in July 2023, according to a report published by Swiss Re, a Switzerland-based insurance company, investment rates increased from 6.2% in 2022 to 8.1% in 2023. Therefore, rising investments in the insurance sector are driving the growth of artificial intelligence (AI) for insurance market.

Key Industry Players
Major companies operating in the artificial intelligence (AI) for insurance market report are Amazon.com Inc., Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Baidu Inc., Infosys Limited, Wipro Products Limited, OpenText Corporation, SAS Institute Inc., Pegasystems Inc., Shift Technology, Vertafore, Inc., Applied Systems, Zego Inc., Acko General Insurance, Tractable Ltd , SimpleFinance, Insurify, Inc., Avaamo Inc., Slice Insurance Technologies, Quantemplate, Cape Analytics LLC

The artificial intelligence (ai) for insurance market report table of contents includes:
1. Executive Summary

2. Artificial Intelligence (AI) For Insurance Market Characteristics

3. Artificial Intelligence (AI) For Insurance Market Trends And Strategies

4. Artificial Intelligence (AI) For Insurance Market - Macro Economic Scenario

5. Global Artificial Intelligence (AI) For Insurance Market Size and Growth

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32. Global Artificial Intelligence (AI) For Insurance Market Competitive Benchmarking

33. Global Artificial Intelligence (AI) For Insurance Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Artificial Intelligence (AI) For Insurance Market

35. Artificial Intelligence (AI) For Insurance Market Future Outlook and Potential Analysis

36. Appendix

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