Big Data—a term that emerged to describe datasets whose size is beyond the ability of traditional databases to capture, manage, and analyze. However, the scope of the term considerably expanded over time. Today, Big Data not only refers to the data itself but also a set of technologies that mange and analyze huge volumes of various data sets to solve complex problems.
Amid the proliferation of real-time and historical data from a diverse set of sources including devices, web, log files and transactional applications, Big Data is rapidly gaining traction from other industrial sectors as well. One of the leading among them is the insurance industry, where Big Data has found a host of applications ranging from offering personalized products targeted marketing to usage-based insurance, efficient claims processing, and proactive fraud detection.
Led by a plethora of business opportunities for insurers, insurance brokers, and InsurTech specialists the Big Data investments in the insurance industry are further expected to grow at a CAGR of approximately 14% over the coming few years. Big Data in the Insurance Industry: 2018 – 2030 – Opportunities, Challenges, Strategies & Forecasts presents an in-depth assessment of Big Data in the insurance industry including key challenges, market drivers, investment potential, case studies, strategies and vendor profiles. The report also presents market size forecasts for Big Data software, hardware and professional services investments from 2018 through to 2030.