According to the latest market study by Juniper Research, insurers will spend $634 million on Robotic Process Automation (RPA) solutions by 2024, rising from $184 million in 2019 — that’s a 245 percent increase over the next 5 years.
Despite a strong growth outlook from a revenue perspective, the blockchain market beyond financial and insurance applications is struggling to evolve, due in large part to the lack of a middleware class of blockchain offerings, which can help tie-in Blockchain-as-a-Service (BaaS) with applications from startups.
According to the latest worldwide market study by Juniper Research, the value of artificial intelligence (AI) underwritten insurance premiums will exceed $20 billion by 2024 — that’s up from an estimated $1.3 billion in 2019.
Almost $6 billion has been invested globally in insurance technology startups (Insurtech) in the last five years, particularly in digital customer engagement, mobile insurance management and analytics. In Australia, a new Insurtech industry association was launched this month, dedicated to the advancement of insurance innovation and startups.
Fintech platform revenues derived from supporting the insurance industry (Insurtech) will reach almost $235 billion globally by 2021, that’s up by 34 percent y-o-y from an estimated $175 billion this year, according to Juniper Research.
Source: Digital Lifescapes