Report Ocean has published a market research report on the AI in Insurance industry, covering over 150 countries and analyzing more than 1,00000 published and forthcoming reports every year. The report was prepared by subject matter experts, researchers, and market research professionals to ensure that the information is compiled from authentic sources and the forecast is highly accurate. The global AI in insurance market size was US$ 2.7 billion in 2021 and is estimated to reach US$ 411.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 32.5% during the forecast period from 2022 to 2030. AI helps insurance firms by decreasing repeatable tasks from functional teams and executing more complicated actions. Factors influencing market growth include growth in the acquisition by insurance firms in AI and machine learning and an increase in selection for personalized insurance assistance. The higher deployment cost of AI-improved machine learning and the shortage of skilled labor hinder the expansion of the overall market. The impact of the COVID-19 pandemic on the market is also discussed.
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