Global AI in Insurance Market Research Report: by Component (Hardware, Software, Service), by Technology (Machine Learning and Deep Learning, Natural Language Processing (NLP), Machine Vision, Robotic Automation), By Deployment (On-Cloud, On-Premise), By Application (Claims Management, Risk Management and Compliance, Chatbots, Others), By Sector (Life Insurance, Health Insurance, Title Insurance, Auto Insurance, Others), By Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) - Forecast till 2025
AI in Insurance Market Research Report - Global Forecast till 2025
The geographic analysis of AI in insurance market has been done for North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Spain, Norway, Benelux, and Italy), Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines), Middle East and Africa (Saudi Arabia, Israel, Turkey, and South Africa) and South America (Brazil, Peru, Chile, and Argentina).
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North America is currently dominating the global AI in the insurance market. The US followed by Canada is currently leading the market as the country has been the earliest adopter of advanced technologies. Additionally, well-established network infrastructure, developed economy, and development activities of advanced technologies such as AI and IoT are driving the growth of the market in the US. Furthermore, the region houses the majority of the key players who are focused on developing AI platforms for insurance providers to help them in offering personalized services and fraud and risk management which is also contributing to the growth of AI in the insurance market in the region.
Europe holds a considerable share in the global AI in the insurance market. Increasing the adoption of digital technologies across the insurance industry to enhance the operational processes and growth in the insurance industry across major European countries such as the UK, Germany, and France is expected to increase the demand for AI in insurance processes. However, lack of compliance with stringent government regulations such as GDPR is expected to hamper the market growth.
Asia-Pacific region is projected to grow at the fastest CAGR in the global AI in the insurance market. Government initiatives supporting digitization, rising adoption of advanced technologies such as AI, IoT, analytics, and cloud is expected to drive the market growth. Furthermore, the Asia-Pacific is the second-largest region following North America in the insurance market share and has a huge number of startups developing AI solutions for insurance companies which further drives the market growth.
The Middle East and Africa and South America are expected to grow at a steady pace in the AI in the insurance market. Growing demand across insurance companies in the region to automate the claims management process and enhance fraud and risk management to enhance the operational process, and rising adoption of AI solutions to improve customer engagement, customer satisfaction ratio, and customer experience is expected by offering personalized recommendation and chatbots is expected to increase the demand for AI in insurance.
MRFR has considered Microsoft Corporation (US), Amazon Web Services Inc. (US), IBM Corporation (US), Avaamo Inc (US), Cape Analytics LLC (US), Wipro Limited (India), ZhongAn (China), Acko General Insurance (India), Shift Technology (France), BIMA (UK), Quantemplate (US), Zurich Insurance Group (Switzerland), Lemonade (US), Trov (Japan), and Slice (US) as some of the key players in the Global AI in Insurance Market.
Insurify (US), Insurmi (US), PolicyPal (Singapore), Planck Re (US), and Tractable (UK) are some of the other players in the market.
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