Insurance Sector ICT Market Size and Forecast (by Country, IT Solution Area and Vertical) to 2027
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Insurance Sector ICT Market Overview
The global insurance sector ICT market was valued at US$ 203.49 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 9.46% to reach US$ 319.73 billion by 2027. The cumulative revenue generation for ICT in the Insurance sector is estimated at US$ 1524.18 billion for 2022-2027.
Insurance Sector ICT Market Outlook, 2022-2027 (US$ Billion)
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The ‘Insurance Sector ICT Market’ opportunity forecast report provides the total addressable market for ICT solutions in the insurance sector from 2019 to 2027.
Market Size (2022) | US$ 203.49 billion |
Market Size (2027) | US$ 3114.83 billion |
CAGR (2022-2027) | 9.46% |
Key Regions | · North America
· South & Central America · Western Europe · Central & Eastern Europe · Middle East & Africa · Asia Pacific |
Key IT Solutions | • Application Development and Management (3 Products/Services)
• Artificial Intelligence (4 Products/Services) • Business Process Applications (9 Products/Services) • Business Process Outsourcing (6 Products/Services) • Client Computing (10 Products/Services) • Cloud Computing (7 Products/Services) • Insurance and Collaboration (10 Products/Services) • Consulting & Integration Services (3 Products/Services) • Data and Analytics (6 Products/Services) • Data Center and Hosting (2 Products/Services) • Edge Computing (11 Products/Services) • The Internet of Things (IoT) (3 Products/Services) • IT Management (11 Products/Services) • Mobility (5 Products/Services) • Networking (18 Products/Services) • Security (17 Products/Services) • Servers (4 Products/Services) • Storage (7 Products/Services) |
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Insurance Sector ICT Market Segmentation by Region
The ICT market in the insurance sector is geographically segmented into North America, South and Central America, Western Europe, Central and Eastern Europe, Middle East and Africa, and the Asia Pacific.
The North America region dominated the insurance ICT market with a revenue share of 40.7% in 2022. Undoubtedly, the US was the major contributor to the Insurance sector ICT market growth in this region. On the other hand, Asia Pacific and Western Europe were the second and third-largest revenue contributors with shares of 37.7% and 14.8%, respectively.
Insurance Sector ICT Market Share by Region, 2022 (%)
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Insurance Sector ICT Market Segmentation by IT Solution
Cloud computing, the Internet of Things (IoT), networking, client computing, consulting and integration services, business process outsourcing, communications and collaboration, business process applications, application development and management and IT management among others are a few of the key end-use industries of IT Solutions in their operations.
In terms of IT solutions end-use segments, cloud computing was the leading segment with a market share of 14.8%, followed by The Internet of Things (IoT). However, artificial intelligence is expected to be the fastest-growing segment with an estimated CAGR of 29.04% during the forecast period.
Insurance Sector ICT Market Share by IT Solution, 2022 (%)
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Scope
- This product provides revenue opportunity forecasts for ICT products and services in the insurance sector from 2019 to 2027.
- The revenue opportunity forecasts for the market cover 18 IT solutions, 133 products/services, 6 regions, and 52 geographies. The details of the IT solutions and the corresponding products/services have been provided.
Key Highlights
- The global ICT in the insurance sector market is expected to grow at a CAGR of 46% during the forecast period.
- The sector’s top three product/service categories – SaaS, Systems Design and Integration, and IoT Hardware.
- North America is expected to be the highest regional contributor with a market share of 7%, in the global ICT market in the Insurance sector, during the forecast period. Asia Pacific and Western Europe will follow with market shares of 37.7% and 14.8%, respectively. The Middle East Africa, Central and Eastern Europe, and South and Central America together are expected to account for the remaining market share of 6.8%.
- SaaS is expected to be the leading product/service segment of the ICT in the insurance sector market during the forecast period.
Reasons to Buy
- Assess the historical data (past 4 years), current state, and expected growth (next 5 years) of ICT in the insurance sector.
- Identify the fastest growing products/services within ICT in the insurance sector
- Determine the most lucrative IT Solution for ICT in the insurance sector by reviewing their current contribution to the overall ICT in the Insurance sector market and their expected input toward the market growth over the next 5 years.
- Identify the geographies/countries that would support the ICT market in the insurance sector over the next 5 years.
- Build proactive and profitable growth strategies thorough our forward-looking analysis of insurance sector enterprise ICT investment trends and key opportunities in a concise format to help executives.
Frequently asked questions
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What was the ICT in the insurance sector market size in 2022?
The global insurance sector ICT market size was estimated at US$ 203.49 billion in 2022 and is expected to reach US$ 217.19 billion in 2023.
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What will the ICT in the insurance sector market growth rate be by 2027?
The insurance sector ICT market is expected to grow at a compound annual growth rate of 9.46% over the forecast period to reach US$ 319.73 billion by 2027.
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Which IT Solution led the ICT in the insurance sector market in 2022?
Cloud computing was the largest vertical in the insurance sector ICT market with 14.8% market share in 2022.
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Which region accounted for the largest insurance sector ICT market share in 2022?
The North America region dominated the insurance sector ICT market with 40.7% market share in 2022.
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