Market Size of Asia-Pacific InsurTech Industry
| Study Period | 2018- 2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2021 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Insurtech Market Analysis
The Asia-Pacific Insurtech Market has generated revenues of more than USD 4000 million in the current year and is poised to achieve a CAGR of more than 7% for the forecast period. Due to COVID-19, the insurance industry saw a rise in the adoption of technology such as digitalization and artificial intelligence. Asia-Pacific is one of the most diverse markets for insurers. It is a newly emerging and attractive market for insurers as it is home to nearly one-third of the world population, a few of the fastest-growing economies in the world, such as China, which is expected to be the world's largest economy by 2030, and multiple countries with a rapidly expanding middle-class population.
The Asia-Pacific region is also experiencing massive technological advancement in the insurance industry. The extremely high expectations of consumers in the region for seamless and personalized digital experiences inspire a great deal of innovation. Firms in mainland China and other markets are experimenting widely and delivering impressive results with new products, new distribution models, and new technology. The top performers are both capitalizing on near-term opportunities and establishing a strong foundation for long-term success.
