The global AI in insurance market size was US$ 2.7 billion in 2021. The global AI in insurance market size is estimated to reach US$ 411.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 32.5% during the forecast period from 2022 to 2030.
AI helps insurance firms by decreasing repeatable tasks from functional teams and executing more complicated actions. Also, it aids in optimizing the services that insurers deliver to brokers, clients, and other external third parties, based on their connections, choices, and past interchanges.

Factors Influencing Market Growth

? Growth in the acquisition by insurance firms in AI and machine learning and an increase in selection for personalized insurance assistance drive the overall market expansion.
? The higher deployment cost of AI-improved machine learning and the shortage of skilled labor hinder the expansion of the overall market.
? The increase in government ambition and acquisitions to leverage AI technology is expected to drive the overall market expansion.

Study of the COVID-19 Pandemic

COVID-19 had a positive impact on the overall market expansion. Moreover, with the increase in the pandemic different organizations are implementing AI into their operations, it can save time, decrease costs, enhance the client experience, and raise profitability. AI can convert generally tedious and time-consuming functions, including fraud detection, underwriting, claims management, and customer service.

Regional Analysis

North America dominated the overall market expansion during the analysis period, due to key players providing improved solutions and investing heavily in solutions like IoT and 5G technologies, which drive the overall market expansion.

Asia-Pacific is anticipated to notice substantial growth during the analysis period due to an increase in awareness concerning the significance of boosting the global IoT technologies, 5G, and other technology services to guarantee servers, low-cost networking, storage solution, and communications service providers.

Leading Competitors
The prominent players in the global AI in insurance market are:
? Vertafore
? Zego
? Slice Insurance Technologies
? SimpleFinance
? SAS Institute
? Quantemplate
? Pegasystems
? Applied Systems
? IBM Corporation
? Microsoft Corporation
? OpenText Corporation
? Others

Segmentation Analysis
The global AI in insurance market segmentation focuses on Offering, Deployment Mode, Technology, Enterprise Size, End User, Application, and Region.
Segmentation on the basis of Offering
? Hardware
? Software
? Service

Segmentation on the basis of Deployment Mode
? On-premise
? Cloud

Segmentation on the basis of Technology
? Machine Learning
? Natural Language Processing
? Computer Vision
? Others

Segmentation on the basis of Enterprise Size
? Large Enterprises
? SMEs

Segmentation on the basis of End User
? Life and Health Insurance
? Property and Casualty Insurance

Segmentation on the basis of Application
? Fraud Detection and Credit Analysis
? Customer Profiling and Segmentation
? Product and Policy Design
? Underwriting and Claims Assessment

Segmentation on the basis of Region
? North America
? The U.S.
? Canada
? Mexico
? Europe
? Western Europe
? The UK
? Germany
? France
? Italy
? Spain
? Rest of Western Europe
? Eastern Europe
? Poland
? Russia
? Rest of Eastern Europe
? Asia Pacific
? China
? India
? Japan
? Australia & New Zealand
? ASEAN
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? UAE
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Brazil
? Argentina
? Rest of South America