On-Demand Insurance global market 2024 to reach $9.59 billion by 2028 at rate of 14.9%

The Business Research Company's On-Demand Insurance global market 2024 to reach $9.59 billion by 2028 at rate of 14.9%

LONDON, GREATER LONDON, UNITED KINGDOM, September 9, 2024 /EINPresswire.com/ --
The on-demand insurance market has experienced robust growth in recent years, expanding from $4.79 billion in 2023 to $5.50 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to increased smartphone and internet penetration, consumer demand for convenience, a shift from traditional to digital insurance channels, regulatory changes favoring digital insurance, and increased awareness of digital financial services.

What Is The Estimated Market Size Of The Global On-Demand Insurance Market And Its Annual Growth Rate?
The on-demand insurance market is projected to continue its strong growth, reaching $9.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to increasing use of big data analytics, rising demand for personalized insurance products, proliferation of digital-only insurance providers, increased investment in insurtech startups, and growing popularity of peer-to-peer insurance models.

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Growth Driver Of The On-Demand Insurance Market
The growing adoption of digital platforms is expected to propel the growth of the on-demand insurance market going forward. Digital platforms refer to online systems that facilitate various services, including the purchasing, management, and customization of insurance policies. Rising adoption is a result of increasing consumer demand for convenience, economic growth, technological advancements, and attractive pricing options. Digital platforms contribute to the rise in on-demand insurance by simplifying the purchasing process, offering competitive pricing, and providing consumers with more confidence in their insurance decisions.

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Who Are The Key Players Shaping The On-Demand Insurance Market Trends?
Key players in the on-demand insurance market include Life Insurance Corporation of India, Tata Consultancy Services Limited, Infosys Limited, DXC Technology, Pegasystems Inc.

What Are The Dominant Trends In On-Demand Insurance Market Growth?
Major companies in the on-demand insurance market are focusing on developing innovative products, such as mobile telematics-based comprehensive motor insurance, to offer more personalized and flexible coverage options and to leverage real-time driving data to assess risk accurately, provide usage-based premiums, and enhance customer engagement. Mobile telematics is an app-based solution that creates safer drivers, transforms insurance, fleet management, and more.

How Is The Global On-Demand Insurance Market Segmented?
1) By Coverage: Car Insurance, Home Appliances Insurance, Entertainment Insurance, Contractor Insurance, Electronic Equipment Insurance, Other Coverages
2) By Insurance: General Insurance, Life Insurance, Cybersecurity Insurance, Other Insurances
3) By End-User: Individuals, Business

Geographical Insights: North America Leading The On-Demand Insurance Market
North America was the largest region in the on-demand insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the on-demand insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

On-Demand Insurance Market Definition
On-demand insurance is a flexible insurance model that allows consumers to purchase coverage instantly and for specific periods or events through digital platforms. This insurance is used to provide tailored, short-term coverage for various needs, offering convenience and cost efficiency to users.

On-Demand Insurance Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global on-demand insurance market report covering trends, opportunities, strategies, and more
The On-Demand Insurance Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on on-demand insurance market size, on-demand insurance market drivers and trends, on-demand insurance market major players, on-demand insurance competitors' revenues, on-demand insurance market positioning, and on-demand insurance market growth across geographies. The on-demand insurance market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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