The digital insurance platform market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Insurance technology companies are changing the dynamics of the insurance industry by developing digital platforms and collaborating with insurance suppliers & companies. The paradigm change from a product-centric model in conventional insurance companies to a principally client-centric model has been enabled by digital insurance platforms with the help of technologies such as big data analytics, the Internet of Things (IoT), cloud computing, and artificial intelligence (AI).
The scope of the Digital insurance platform market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is observing rapid growth and is expected to hold a noteworthy digital insurance platform market share in 2023. Asia Pacific region is anticipated to grow at a substantial CAGR during the forecast period. The insurance distribution business landscape is progressively evolving. In China, digital channels are becoming more protuberant. In many Asia Pacific jurisdictions, customers are open to having insurers provide digital services. These digital insurance ecosystems are interconnected companies creating sets of services and products that allow users to fulfill a variety of requirements in one shared involvement. This is anticipated to augment the demand for a digital insurance platform.
The "Digital insurance platform Market Analysis" was carried out based on card type and geography. In terms of type, the market is segmented into public cloud, private cloud, and hybrid cloud. By component, the market is segmented into services and platforms. By organization size, the market is divided into small and medium enterprises and large enterprises. By application, the market is segmented into government, healthcare, banking & financial services, media & entertainment, retail & e-commerce, transportation & logistics, travel, manufacturing, IT & Telecom, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Digital insurance platform market. A few recent key market developments are listed below:
The market report "Digital Insurance Platform Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 153.39 billion |
| Market Size by 2031 | US$ 346.49 billion |
| Global CAGR (2025 - 2031) | 12.3% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Deployment
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Digital advancements in the digital insurance platform market to play a significant role in the global digital insurance platform market in the coming years.
The key players holding majority shares in the global digital insurance platform market are IBM Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., and Appian Corporation.
The global digital insurance platform market is expected to reach US$ 346.49 billion by 2031.
Increasing demand for cloud-based digital insurance platforms and growing initiatives by market players towards technological advancement are the major factors that propel the global digital insurance platform market.
The global digital insurance platform market was estimated to be US$ 136.59 billion in 2023 and is expected to grow at a CAGR of 12.3% during 2023–2031.