Machine Learning Segment to Maintain Leading Position During Forecast Period – InsuranceNewsNet

AI in the Insurance Market: The Machine Learning Segment Will Maintain Its Leading Position During the Forecast Period

PORTLAND, OREGON, UNITED STATES, October 20, 2022 / — Allied Market Research released a report titled “AI in the Insurance Market by Offering (Hardware, Software, Service), by deployment model (on-premises, cloud), by technology (machine learning, natural language processing, computer visionOthers), by company size (Large companiesSMEs), per end user (Life and health insurance, P&C insurance), by Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, global AI in the insurance industry has generated $2.74 billion in 2021, and should generate $45.74 billion by 2031, with a CAGR of 32.5% from 2022 to 2031.

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Main determinants of growth

Increasing investment by insurance companies in AI and machine learning, increasing collaboration between insurance companies and AI and machine learning solution companies, and increasing of the preference for personalized insurance services are driving the growth of the global insurance AI market. However, high deployment cost of AI and advanced machine learning and lack of skilled labor are hampering the growth of the market. On the contrary, increase in government initiatives and increase in investments to leverage AI technology are expected to provide remunerative opportunities for market expansion over the forecast period.

Covid-19 scenario

The outbreak of the Covid-19 pandemic has had a positive impact on the global AI market in the insurance market, due to the implementation of the global lockdown, through which various government, public and other IA insurance companies have embraced the work-from-home culture for their employees. .
Moreover, with the rapid digital transformation, various governments have introduced strict regulations such as General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) to protect end user data.

Key Market Players:-

Applied systems
IBM Corporation
Microsoft Corporation
Open Text Corporation
Oracle Corporation
Pegasystems Inc.
Salesforce, Inc.
SAS Institute Inc.
Shift Technology
Slice Insurance Technologies
Vertafore, Inc.

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Main benefits for stakeholders

This report provides a quantitative analysis of market segments, current trends, estimates and dynamics of the AI ​​in Insurance market analysis from 2021 to 2031 to identify prominent opportunities in the AI ​​market in insurance.
Market research is offered with information related to key drivers, restraints, and opportunities.
Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.

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An in-depth analysis of the AI ​​in insurance market segmentation helps to determine the existing market opportunities.
Major countries in each region are mapped according to their revenue contribution in the global market.
The positioning of market players facilitates benchmarking and provides a clear understanding of the current position of market players.
The report includes analysis of regional and global AI in Insurance market trends, key players, market segments, application areas and market growth strategies.

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Allied Market Research (AMR) is a full-service market research and business advisory wing of Allied Analytics LLP situated at Portland, OR. Allied Market Research provides global enterprises as well as medium and small businesses with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar is essential to inspire and encourage everyone associated with the business to maintain high quality data and help customers in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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