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Rising adoption of advanced analytics techniques and data-driven decision-making techniques, surging adoption of insurance analytics tools and services by the small- & medium-scale companies, rapidly maturing digital infrastructure, and increasing fraudulent activities in the insurance industry fuel the market growth. However, the data security concern is anticipated to hamper the market growth.
The insurance analytics market was valued at US$ 6.83 billion in 2019 and is anticipated to grow with a CAGR of 12.5% during the forecast period.
We are living in a data-driven and data-centric world that’s only going to produce more and more data with time. This new data is collected in an unstructured manner and processed into a structured form as per the requirement of a company. Later, meaningful insights are extracted from this data for decision-making purposes. All this process helps a company to grow in this competitive market. But, who…Continue