In a recent published report, Kenneth Research has updated the market report for Digital Insurance Platform Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Insurance Platform Market products.
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Global Digital Insurance Platform Market was valued at USD 84.2 Billion in the year 2017. Global Digital Insurance Platform Market is further estimated to grow at a CAGR of 14.3% from 2019 to reach USD 243.8 Billion by the year 2025. North America region holds the highest Market share in 2017 and Asia-Pacific is considered as the fastest growing Market in the forecasted period. At a country level, the U.S is projected to grow strongly in the coming years.
Major market players in Digital Insurance Platform Market are SAP Inc., International Business Machines Corporation (IBM), Accenture, Microsoft Corp., Cognizant, Oracle Corp., Tata Consultancy Services Ltd, DXC Technology Company, Pegasystems Inc., Infosys Ltd, and brief overview of 9 companies is also provided in the report. Rising research and development expenses cater to changing demand of end users. Similarly, growth strategies such as acquisition, the collaboration of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
SWOT Analysis of Digital Insurance Market:
Strength:
Rising demand for IoT technology
Weakness:
Struggle to Integrate Coverage Platforms with Legacy Systems
Opportunities:
Implementation of Cloud-Based Solutions
Threats:
Lack of Skilled Employees
The Global Digital Insurance Platform Market is segmented on the basis of the component, deployment services, services, insurance application, and region. The major shares of the Market come from automotive and transportation, by technology in Global Digital Insurance Platform Market. On the other hand, professional camera, by application for this Market is expected to
SWOT Analysis of Digital Insurance Market:
By Service
*Managed Services
*Professional Services
By Professional Service
*Consulting
*Support and Maintenance
*Implementation
By Insurance Application
*Life and Health
*Business and Enterprise
*Automotive and Transportation
*Consumer Electronics and Industrial Machines
*Home and Commercial Buildings
*Travel
By Component
*Tools
*Services
By Deployment Service
Cloud
On-premises
By Region
*North America
o USA
o Canada
*Europe
o Germany
o U.K.
o France
o Italy
o Rest of Europe
*APAC
o China
o India
o Japan
o Rest of Asia-Pacific
*RoW
o Latin America
o Middle East & Africa
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