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The most current research study on the global Artificial Intelligence Market offers a thorough analysis of the factors influencing the breadth of international business. The market research study includes the most recent industry information, impending trends, and a description of the products and services. The main market sources, which were given the highest weight among secondary sources, included company annual reports, news releases, websites, investor presentations, transcripts of conference calls, webinars, journals, regulators, national customs, and industry associations.
The Artificial Intelligence (AI) in Insurtech market has witnessed significant recent developments, propelled by the insurance industry’s growing need for data-driven decision-making, enhanced customer experiences, and operational efficiency. This market is characterized by its global reach, specialized methodologies, and a wide scope of applications.
The global artificial intelligence market size is expected to reach USD 190 billion by 2030, growing at a CAGR of 16.36% from 2023 to 2030.
The AI in Insurtech market has seen substantial growth due to advancements in machine learning, natural language processing, and data analytics. Recent developments include the use of AI-powered chatbots for customer support, predictive analytics for risk assessment, and automation of claims processing. Insurtech companies are leveraging AI to create personalized policies, streamline underwriting, and improve fraud detection. Additionally, the COVID-19 pandemic has accelerated the adoption of digital solutions in the insurance sector.
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Top Companies in the Global Artificial Intelligence Market:
Cognizant, Next IT Corp, Kasisto, Cape Analytics Inc., Microsoft, Google, Salesforce, Amazon Web Services, Lemonade, Lexalytics, H2O.ai,
Artificial Intelligence Market Segmentation Research
Artificial Intelligence Market Segmentation Research allows you to categorize industry into various segments based on types, applications, end-users, and regions.
Segmentation for Global Artificial Intelligence Market Based on Product Type and Application
Artificial Intelligenceby Types
Service
Product
Artificial Intelligence by Application
Automotive
Healthcare
Information Technology
Others
The AI in Insurtech market is a global phenomenon, with adoption varying across regions. North America, particularly the United States and Canada, has been a frontrunner in embracing AI in insurance, driven by a mature insurance market and a strong technology ecosystem. Europe, led by countries like the United Kingdom and Germany, is also making significant strides. In Asia, especially in markets like China and India, AI adoption is on the rise due to the expansion of insurance services and a growing middle-class population. Other regions like Latin America and Africa are witnessing gradual adoption as well.
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The years examined in this study are the following to estimate the Artificial Intelligence market size:
History Year: 2017-2021
Base Year: 2022
Estimated Year: 2023
Forecast Year: 2023 to 2030
The methodology in the AI in Insurtech market involves leveraging AI and machine learning algorithms to analyze vast amounts of data, automate processes, and provide actionable insights. Chatbots and virtual assistants enhance customer interactions, while predictive analytics models assess risks and set premium rates. Claims processing is streamlined through automation, and fraud detection is bolstered by AI’s ability to identify suspicious patterns.
The scope of the AI in Insurtech market is extensive, covering various aspects of the insurance value chain. It is applied in customer acquisition and engagement, underwriting and risk assessment, claims processing and management, fraud detection, and regulatory compliance. Additionally, AI facilitates the development of innovative insurance products like pay-as-you-go policies, usage-based insurance, and parametric insurance. It also supports the use of telematics devices and IoT sensors for data collection.
Major Point of Table of Contents:
Chapter 1 Industry Overview
Chapter 2 Global Artificial Intelligence Market Competition by Types, Applications, and Top Regions and Countries
Chapter 3 Production Market Analysis
Chapter 4 Global Artificial Intelligence Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Artificial Intelligence Market Analysis
Chapter 6 East Asia Artificial Intelligence Market Analysis
Chapter 7 Europe Artificial Intelligence Market Analysis
Chapter 8 South Asia Artificial Intelligence Market Analysis
Chapter 9 Southeast Asia Artificial Intelligence Market Analysis
Chapter 10 Middle East Artificial Intelligence Market Analysis
Chapter 11 Africa Artificial Intelligence Market Analysis
Chapter 12 Oceania Artificial Intelligence Market Analysis
Chapter 13 South America Artificial Intelligence Market Analysis
Chapter 14 Company Profiles and Key Figures in Artificial Intelligence Business
Chapter 15 Global Artificial Intelligence Market Forecast (2023-2028)
Chapter 16 Conclusions
Research Methodology…
Artificial Intelligence Market research FAQs:
1. What is a Artificial Intelligence market in an industry?
2. Which are the competitors in the Industry?
3. What’s trending in the Artificial Intelligence industry and in the eyes of buyers?
4. Who makes up the market and what their challenges are?
5. How to calculate market share size?
6. What is the relationship between Artificial Intelligence market demand and supply?
7. How do you identify a market opportunity?
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