Global RPA in Insurance Market Is Expected to Reach $1.2 Billion by 2031: Says AMR
The fact that RPA in insurance helps in better decision-making through data analysis by automating the collection, organization, and analysis of large amounts of data drives the global RPA in insurance market. By component, the solution segment contributed to the highest share in 2021. By region, the Asia-Pacific region would display the fastest CAGR by 2031.
Portland, OR, March 08, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global RPA in insurance market was estimated at $98.6 million in 2021 and is expected to hit $1.2 billion by 2031, registering a CAGR of 28.3% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $98.6 Million |
| Market Size in 2031 | $1.2 Billion |
| CAGR | 28.3% |
| No. of Pages in Report | 418 |
| Segments Covered | Component, Deployment Mode, Enterprise Size, Application, and Region. |
| Drivers | The fact that RPA in insurance helps in better decision-making through data analysis by automating the collection, organization, and analysis of large amounts of data |
| IIts ability to help insurance companies quickly identify patterns and trends, and make informed decisions based on the insights gained from the data | |
| Restraints | Implementation of RPA is expensive and may require a significant investment in technology and resources |
| Less awareness about it | |
| Opportunities | Reduced operational cost |
Covid-19 Scenario-
- The outbreak of the pandemic heightened the adoption of Robotic Process Automation (RPA) in the insurance industry as companies started seeking to reduce costs, perk up efficiency, and enhance their digital capabilities.
- RPA has helped insurance companies automate routine and repetitive tasks, such as claims processing and policy underwriting, while also enabling remote work and upgrading customer service. This has led to a surge in demand for RPA solutions in the insurance market and is expected to drive the market growth in the coming years.
The global RPA in insurance market is analyzed across Component, Deployment Mode, Enterprise Size, Application, and Region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By component, the solution segment contributed to more than two-thirds of the global RPA in insurance market share in 2021, and is projected to rule the roost by 2031. The service segment, on the other hand, would display the fastest CAGR of 30.7% throughout the forecast period.
By deployment mode, the on-premise segment accounted for the highest share in 2021, generating around three-fifths of the global RPA in insurance market revenue. The cloud segment, however, would portray the fastest CAGR of 31.6% during the forecast period.
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By enterprise size, the large enterprise segment held the highest share in 2021, garnering around two-thirds of the global RPA in insurance market revenue. The small and medium-sized enterprises segment, however, would portray the fastest CAGR of 30.4% during the forecast period.
By application, the claims processing segment held nearly two-fifths of the global RPA in insurance market share in 2021, and is anticipated to retain its dominance from 2022 to 2031. The regulatory compliance segment, simultaneously, would display the fastest CAGR of 33.4% during the forecast period.
By region, North America held the major share in 2021, garnering nearly two-fifths of the global global RPA in insurance market revenue. Asia-Pacific, at the same time, would showcase the fastest CAGR of 32.4% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
The key market players analyzed in the global RPA in insurance market report include Automation Anywhere, Inc., Dynpro, Fidel Technologies, Vuram, Aspire Systems, Opteamix, Pegasystems, Inc., Royal Cyber Inc., UiPath, and Infosys Limited. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the RPA in insurance market forecast from 2022 to 2031 to identify the prevailing RPA in insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the RPA in insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global RPA in insurance market trends, key players, market segments, application areas, and market growth strategies.
RPA in Insurance Market Report Highlights
Component
- Solution
- Service
Deployment Mode
- On-Premise
- Cloud
Enterprise Size
- Large Enterprise
- Small and Medium-sized Enterprises
Application
- Claims Processing
- Insurance Underwriting
- Regulatory Compliance
- Finance and Accounts
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market Players: Fidel Technologies, Infosys Limited, Vuram, Opteamix, Automation Anywhere, Inc., Aspire Systems, Dynpro, Royal Cyber Inc., Pegasystems, Inc., UiPath
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.