AI In Insurance Market : Global Opportunity Analysis And Ind...

PORTLAND, OR, USA, UNITED STATES, November 9, 2022 / / -- Increase in investment by companies in & machine learning and rise in preference for personalized insurance services boost the growth of the global market. Allied Market Research published a report, titled, 'AI in Insurance Market by Offering (Hardware, Software, Service), by Deployment Model (On-premise, Cloud), by Technology (Machine Learning, Natural Language Processing, Computer Vision, Others), by Enterprise Size (Large Enterprises, SMEs), by End-user (Life and Health Insurance, Property and Casualty Insurance), by Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment): Global Opportunity Analysis and Industry Forecast, 2021-2031'. According to the report, the global AI in insurance industry generated $2.74 billion in 2021, and is anticipated to generate $45.74 billion by 2031, witnessing a CAGR of 32.5% from 2022 to 2031. Increase in investment by insurance companies in AI & machine learning, surge in collaboration between insurance companies and AI & machine learning solution companies, and rise in preference for personalized insurance services boost the growth of the global AI in insurance market. However, high deployment cost of AI & advanced machine learning and lack of skilled labor hamper the market growth. On the contrary, increase in government initiatives and rise in investments to leverage the AI technology are expected to offer remunerative opportunities for expansion of the market during the forecast period.