APAC insurance analytics market to grow 15.9% through 2027

Globally, the market is projected to grow from $8b in 2019 to $23b.

Asia-Pacific’s insurance analytics market is seen to register a compound annual growth rate (CAGR) of 15.9% from 2020 to 2027, the fastest compared to other regions, according to Allied Market Research. 

Globally, the market is projected to grow from $7.91b in 2019 to $22.45b by 2027, representing a CAGR of 14.2%.

Growth is being driven by increased adoption of advanced technologies and heightened competition in the insurance sector, whilst privacy concerns and regulatory requirements remain key constraints.

The solutions segment accounted for about two-thirds of the market in 2019 and is expected to maintain its lead through 2027, whilst the services segment is forecast to post the fastest CAGR at 15.5%. 

By application, risk management held nearly 40% of the market in 2019, though sales and marketing is set to grow the quickest at 17.3% annually.