Actuarial Services: Growth and Innovation
The actuarial market is expanding, driven by technology, skill development, and evolving regulatory landscapes.

Actuarial Services
Market Analysis
The actuarial services market is experiencing robust growth, with the global market valued at $21.51–$23.62 billion in 2023/2024 and projected to reach up to $35.23 billion by 2032/2033. The US segment is a key contributor, expected to double its value from $15.7–$22.5 billion in 2024 to $30 billion by 2030, with a CAGR of 4.8%–7.4%. Growth is propelled by increased demand for advanced risk management, expanding pension and retirement plans, and adoption of AI technologies. However, high costs and data privacy concerns remain significant barriers to wider market adoption and innovation.
~
$
19.1
B
Market Value 2024 (U.S)
$
30
B
Market Value 2030 (U.S)
4.80
%
CAGR (U.S)
Key Market Drivers
Rising Demand for Risk Management
Expansion of Pension and Retirement Plans
Technological Advancements
Market Inhibitors
High Cost of Actuarial Services
Data Privacy and Security Concerns
Our Insights
The actuarial landscape is rapidly evolving, demanding a proactive embrace of technology, regulatory agility, and strategic differentiation. Business owners should prioritize upskilling actuarial teams with AI, data science, and ethical frameworks to capitalize on efficiency gains and innovation opportunities. High costs and data privacy concerns necessitate investment in secure, scalable solutions and niche specialization to stand out. M&A trends highlight technology’s central role—firms that integrate advanced analytics and enterprise performance systems will gain a competitive edge. Staying ahead requires vigilant monitoring of regulatory shifts, particularly around AI, and a focus on climate resilience and ESG-driven advisory services.

Key Players in The Industry
Aon
Offers actuarial and analytics services to evaluate potential losses and manage risks effectively, with expertise in risk and human capital.
Deloitte
Provides actuarial services as part of its audit and strategy projects.
PricewaterhouseCoopers (PwC)
Offers actuarial services with over 1,000 specialists in 36 countries.
Recent
M&A Activity
M&A activity in the insurance sector is driven by the need for companies to shape their future and generate growth. Technology is becoming an increasingly active sector for M&A. Actuarial firms are leveraging AI and big data for insurance and pension risk management. Companies are also focused on moving historical cash flow data from actuarial spreadsheets to enterprise performance systems for better modeling.
Acquisition
March 4, 2024
FTI Consulting acquired Madison Consulting Group
Enhance property/casualty actuarial and compliance offerings.
Acquisition
February 24, 2025
XPS Pensions Group acquired Polaris Actuaries & Consultants Ltd
Expand actuarial services for insurance clients.