China Insur Tech Market to Grow with a CAGR of 36.88% During 2022-2031; Growing InsurTech Awareness and Rising Adoption of Digitalization Among Insurance Company to Drive Market Growth

Research Nester published a report titled China InsurTech Market: Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the China insurtech market in terms of market segmentation by component, product, technology, and by end-use industry.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The China insurtech market is anticipated to grow with a CAGR of 36.88% over the forecast period, i.e., 2022-2031. The market is segmented by technology into blockchain, cloud computing, IoT, big data & machine learning, robo advisory, and others. Out of these segments, the big data machine learning segment is anticipated to garner the largest revenue of USD 1,373.3 Billion by the end of 2031. Further in the year 2021, the segment generated a revenue of USD 65.9 Billion.

The China insurtech market is estimated to garner a revenue of USD 4,760.0 Billion by the end of 2031, up from a revenue of USD 211.7 Billion in the year 2021. Increasing use of smartphones, high investments in digital transformation, and rapid growth in internet use are some of the major factors expected to boost the growth of the market.

Increasing Use of Smartphones to Boost Market Growth

About 160 million 5G smartphones were shipped worldwide in 2020, accounting for around 50% of all smartphone shipments.

Smartphone apps could enable insurance companies get information that was previously inaccessible, including usage and behaviour data. They might then improve their risk assessments and create new insurance product lines using this knowledge. Going digital will help an insurance company develop and remain competitive, even with traditional insurance products.

However, security concerns, lack of skilled professionals, and regulatory restrictions which are expected to operate as key restraint to the growth of China insurtech market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the China insurtech market which includes company profiling of China Pacific Insurance Co., Ping An Insurance (Group) Company of China, Ltd., People’s Insurance Company of China, Zhongan Insurance, Yi’an Property Insurance Co., Ltd., Pintec Technology Holdings Ltd., China Continent Insurance, New China Life Insurance Co., Ltd., Huize Insurance Network All, and China Taiping Insurance (HK) Company Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the China insurtech market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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