Insurance analytics market set to reach $29.4b by 2032

Data security, privacy, and analytical workflows pose concerns.

The global insurance analytics market was valued at $10.19b in 2023 and is projected to grow from $11.46b in 2024 to $29.40b by 2032, with a compound annual growth rate (CAGR) of 12.5%, according to Market Data Forecast.

The increasing digitisation of insurance services has generated vast amounts of data, making analytics essential for understanding customer behaviour and predicting demand for insurance products. 

The rise of e-commerce has also driven higher engagement on digital platforms, prompting businesses to adopt insurance analytics to gather customer insights. 

Despite its benefits, concerns over data security, privacy, and the complexity of analytical workflows pose challenges to market expansion during the forecast period, the report noted.