AI in Insurance Market to Reach $45.74 Billion AI in Insurace market | Page 3
Financial Consulting Software Market
Increase in investment by insurance companies in AI & machine learning and rise in preference for personalized insurance services boost the growth of the global AI in insurance market . In addition , increase in collaboration between insurance companies and AI & machine learning solution company positively impact growth of the AI in insurance market . However , higher deployment cost of AI , advanced machine learning , and lack of skilled labour hamper the AI in insurance market growth . On the contrary , increase in government initiatives and rise in investments to leverage the AI technology are expected to offer remunerative opportunities for expansion of the AI in insurance market during the forecast period .
According to a new report published by Allied Market Research , titled , “ AI in Insurance Market ," The ai in insurance market was valued at $ 2.74 billion in 2021 , and is estimated to reach $ 45.74 billion by 2031 , growing at a CAGR of 32.56 % from 2022 to 2031 .