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According to the latest report by MarkNtel Advisors, titled “Global InsurTech Market By Technology (Blockchain, Cloud Computing, IoT, Machine Learning, Artificial Intelligence, Drones), By Deployment Mode (On-Premise, Cloud), By Application (Life and Accident Insurance, Health and Medical Insurance, P&C Insurance, Commercial Insurance, Insurance Administration and Risk Consulting, Annuities), Others, The Global InsurTech Market size is projected to grow at a CAGR of around 35% during the forecast period, i.e., 2024-30. The report provides a thorough analysis of the market, covering competitor dynamics, regional insights, and a detailed breakdown of industry segments.
Base Year: 2023
Forecast Period: 2024-30
Historical Data: 2019-22
CAGR (2025-2030): 35%
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Technological Risks to Impede Market Growth – Undoubtedly, technological hazards can provide obstacles for the Global InsurTech Industry. Technology is the engine of innovation in the insurance sector, but it also brings several dangers that require careful management. Cyberattacks target InsurTech companies because they manage enormous volumes of sensitive client data. Risks associated with data breaches, illegal access, and other cybersecurity issues can result in large-scale monetary losses, harm to one's reputation, and legal repercussions.
Furthermore, it can be difficult to integrate and apply new technology to current systems. The innovative technologies that InsurTech companies hope to deploy may not be readily compatible with the insurance industry's legacy systems. Delays, higher expenses, and interruptions to operations may result from this. Additionally, when it comes to software tools, cloud services, and data analytics platforms, among other technological solutions, InsurTech enterprises frequently depend on outside suppliers. Reliance on outside vendors exposes the InsurTech company to the danger of service interruptions, outages, or other problems that are not directly under its control. Therefore, all these factors may hinder the growth of the Global Insurtech Market in the coming years.
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-By Application
The Health & Medical Insurance segment has acquired a substantial market share in recent years & is anticipated to continue in the same trend during the forecast period.
-By Technology
The ‘Cloud Computing’ segment has acquired a substantial share of the Global InsurTech Market in recent years.
-By Deployment Mode
-By Region
North America dominated the market with the largest share in recent years and is anticipated to prevail in the same trend during the forecast period.
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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
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InsurTech Market Share InsurTech Market Trends InsurTech Market Growth
