At 20.5% of CAGR, AI in Auto Insurance Market is Growing with US$ 5.5 Bn by 2027|GEICO Corporation, Nauto, Microsoft Corporation

The global AI in Auto Insurance market was valued at US$ 1.0 Bn in 2018 and is expected to reach US$ 5.5 Bn by 2027 with a CAGR growth rate of 20.5% in the forecast period from 2019 to 2027.

The market has been derived after evaluating various market trends and dynamics prevailing in different geographies across the globe namely; North America, Europe, Asia Pacific and Rest of World. The matured markets in the globally AI in auto insurance market are the US, UK, and China. The dominance of Europe in the global market is due to the fact that the country houses a large number of automotive OEMs, telematics companies, and insurance companies. Additionally, the trend of adoption of newer technologies and solutions is also high in the country, which has pushed the residents to opt for AI in auto insurance. Further, owing to the higher disposable income among the individuals, the pattern of procurement of new vehicles is high in the country. Pertaining to the rise in the number of vehicles, several associated technologies and solutions are also increasing rapidly. These factors have positively impacted the growth of the AI in auto insurance market in the region.

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Market Insights

The increasing number of successful artificial intelligence use cases in the auto insurance industry

Artificial intelligence is transforming the face of every industry worldwide owing to its revolutionary capabilities that could substantially affect the performance of a business. In the past few years, banking, financial services, and insurance (BFSI) sector has been one of the largest adopter of artificial intelligence technology. The volume of data generated through various endpoints and mobile devices in the insurance sector is growing at a significant rate. This data presents a massive opportunity for insurance companies to gain insights about their customers and various business aspects. Automotive insurance contributes a substantial share in the global insurance industry and it is going through an evolving & challenging phase owing to the integration of advanced technologies in various business processes. Some of the major use cases of artificial intelligence in the insurance industry include chatbots, voicebots, claim assessment, risk assessment, fraud prevention, and policy pricing among many others.

The rising influx of innovative AI start-ups to boost the growth

In the past few years, the integration of artificial intelligence and its applications such as machine learning and deep learning have been growing tremendously in various industry verticals. AI is being utilized extensively in the BFSI sector for applications such as chatbots, voicebots, claim assessment, risk assessment, and fraud prevention among many others. With increasing use cases of AI and the evolving insurance market landscape, the growth of AI in auto insurance industry is anticipated to grow at a substantial rate during the forecast period of 2019 to 2027. The growth potential of AI in the auto insurance industry is driving the entry of a large number of startups with innovative solutions in this industry. The innovative technologies and solutions offered by these start-ups are going to intensify the competition in the AI in auto insurance market in the coming years. The funding scenario is looking quite good for these startups majorly due to the huge interest of global industries in artificial intelligence technology and its capabilities to transform various business processes. Few of the noteworthy insurtech startups include MetroMile, Solaria Labs, Tractable Ltd., RightIndem, and Insurify among others.

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GLOBAL AI IN AUTO INSURANCE MARKET SEGMENTATION

Global AI in Auto Insurance Market – By Offerings

  • Usage Based Insurance
  • On-Demand Insurance
  • Peer-to-peer Insurance

Global AI in Auto Insurance Market - By Application

  • Semiconductor and IC
  • Discrete
  • Optoelectronics
  • Display Display
  • MEMS
  • Others

Global AI in Auto Insurance Market - By End-user Vertical

  • Semiconductor & IC
  • Flat Panel Display

Global AI in Auto Insurance Market - By Geography

  • North America U.S., Canada, Mexico
  • EuropeFrance,Germany, Italy, UK, Russia, Rest of Europe
  • Asia Pacific (APAC)South Korea, China, India, Australia, Japan, Rest of Asia Pacific
  • Middle East and Africa (MEA)Saudi Arabia, UAE, South Africa, Rest of MEA
  • South America (SAM)Brazil, Argentina, Rest of SAM

Reason to Purchase

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global AI in auto insurance market.

Highlights key business priorities in order to assist companies to realign their business strategies.

The key findings and recommendations highlight crucial progressive industry trends in the global AI in auto insurance market, thereby allowing players across the value chain to develop effective long-term strategies.

Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.

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Posted by on Thursday December 05 2019, 2:03 AM EDT. All trademarks acknowledged. Filed under Technology, Media, & Telecommunications. Comments and Trackbacks closed. Follow responses: RSS 2.0

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