Kathmandu. The global insurance IT market is projected to grow by 11.5% in 2025.
The global insurance IT market is expected to grow by 11.6 percent in 2025 compared to 2024. In 2024, the size of the insurance market was $301.7 billion. By 2025, it is expected to reach $336.6 billion.
The company attributed this growth to regulatory compliance pressures, inefficiencies in manual processes, increasing data volumes, increasing demand for customized insurance products, and rapid adoption of online policy platforms. “This insurance market is expected to reach $514.5 billion by 2029, representing a compounded annual growth rate of 11.2 percent,” the company said. ’
The growth is expected to be driven by the promotion of simplified digital claims processing, widespread adoption of application-based insurance models, use of telematics in underwriting, reduction in fraud through direct detection systems, and growth in embedded insurance distribution.
