Portland, OR, Oct. 14, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global social media analytics-based insurance market generated $3.5 billion in 2021, and is projected to reach $33 billion by 2031, growing at a CAGR of 25.5% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
|Market Size in 2021||$3.5 billion|
|Market Size in 2031||$33 billion|
|No. of Pages in Report||444|
|Segments Covered||Component, deployment mode, enterprise size, platforms, end-user, and region.|
|Drivers||Rise in internet penetration|
|Increase in the adoption of cloud and artificial intelligence in social media analytics|
|Opportunities||Surge in need of personalized insurance services among customers based on their social media presence and preferences|
|Rapid technological advancements in the industry|
|Restrains||Privacy and security issues|
The outbreak of COVID-19 has had a positive impact on the growth of the global social media analytics-based insurance market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the imposition of strict social distancing restrictions from the governments of various countries. Thus, people were required to stay indoors, which resulted in increased internet penetration. More and more people were using different social media platforms, which ultimately boosted the demand for the industry. Therefore, due to the widespread use of social media platforms for communication, many banking organizations, financial institutions, and insurance businesses have started using these channels to interact with their clients and the general public. In addition, these organizations took advantage of social media sites like Instagram, Facebook and YouTube, to influence users through their ad campaigns, which resulted in increasing demand for insurance services amongst the users.
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The report offers detailed segmentation of the global social media analytics-based insurance market based on component, deployment mode, enterprise size, platforms, end-user, and region.
Based on component, the tools segment held the dominating market share in 2021, holding nearly three-fourths of the global social media analytics-based insurance market share, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is expected to cite the fastest CAGR of 29.6% during the forecast period.
Based on enterprise size, the large enterprise segment held the largest market share in 2021, holding around three-fourths of the global social media analytics-based insurance market share, and is expected to maintain its leadership status during the forecast period. The small and medium-sized enterprises segment, on the other hand, is expected to cite the fastest CAGR of 29.2% during the forecast period.
Based on end-user, the insurance companies segment held the dominating market share in 2021, holding more than two-fifths of the global social media analytics-based insurance market share. However, the government agencies segment, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 30.4% during the forecast period.
Based on region, the social media analytics-based insurance market across North America held the largest market share in 2021, holding nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 28.6% during the forecast period.
The key players analyzed in the global social media analytics-based insurance market report include Adobe Inc., Brandwatch, Cision U.S. Inc., Clarabridge, Digimind, GoodData Corporation, Hootsuite Inc., International Business Machines Corporation, Meltwater, Netbase Quid, Inc., Oracle Corporation, Salesforce, Inc., SAS Institute Inc., Sprout Social, Inc., Talkwalker Inc., Kazee Indonesia, and ViralStat.com.
The report analyzes these key players in the global social media analytics-based insurance market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the social media analytics-based insurance market analysis from 2021 to 2031 to identify the prevailing social media analytics-based 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 social media analytics-based 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 social media analytics-based insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
- Large Enterprise
- Small and Medium-sized Enterprises (SMEs)
- Insurance Companies
- Government Agencies
- Third-party Administrators, Brokers and Consultancies
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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.
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