Cloud Computing In Insurance Market Scope
Cloud computing in insurance is a method to risk management in which a promise of financial reimbursement is made for specific potential disappointments on the part of a cloud computing service provider. Rising demand due to enhance operational efficiency and increasing dependency due to reduced operational costs will help to boost global cloud computing in the insurance market. Moreover, the introduction of the online insurance system is a major driver of global cloud computing in the insurance market. Cloud computing has the potential to help transform the insurance business. Insurers can look at the four major categories of their business processes and applications front office, back office, compliance, and investment, and evaluate what applications could be moved to cloud computing.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Microsoft (United States), Oracle (United States), IBM (United States), Infosys (India), SAP (Germany), TCS (India), Adobe (United States), Prudential (United States), Alphabet (United States) and Amazon (United States) |
CAGR | % |
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Cloud Computing In Insurance market throughout the predicted period.
Microsoft (United States), Oracle (United States), IBM (United States), Infosys (India), SAP (Germany), TCS (India), Adobe (United States), Prudential (United States), Alphabet (United States) and Amazon (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Ellie Mae (United States), Intuit (United States) and Medidata (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Cloud Computing In Insurance market by Type , by Application (Public Sector and Private Sector) and Region with country level break-up.
On the basis of geography, the market of Cloud Computing In Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
On 29th Sept 2021, Microsoft and At-Bay partner to offer data-driven cyber insurance coverage. Customers managing cyber-risk with Microsoft 365’s built-in security controls qualify for savings on At-Bay cyber insurance policies.
On 14th November 2019, Allianz SE and Microsoft Corp. announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier while creating a better experience for insurance companies and their customers. and On 17th January 2018, dacadoo, a leading Swiss-based global digital health engagement platform, and Oracle Insurance, the global solution provider for Life and Health applications are partnered for offering a new Health and Wellness Administration Cloud Solution that includes a digital frontend (dacadoo digital Health Score Platform) integrated with a core administrative processing solution for Life and Health insurers
Influencing Trend:
High Adoption Due To Greater Storage Capacities and Increased Bandwidth and Introduction Of Online Insurance System
Market Growth Drivers:
Rising Demand Due to enhance operational efficiency and Increasing Dependency due to reduced operational costs
Challenges:
Straighten Government Regulations
Restraints:
Data and Information Security and Increasing Concern Related to Privacy
Opportunities:
Rising Opportunity in Untapped Market
Key Target Audience
Cloud Insurance Providers, Industry Associations and Experts, Private Research Organizations and Consulting Companies, Industry Associations, Government Market Research and Consulting Firm and Others