Insurance Software Market Size to Grow by USD 7.29 Billion | 6.34% YOY Growth to be Recorded in 2021

NEW YORK, June 30, 2022 /PRNewswire/ –The insurance software market analysis report has been recently added to Technavio’s catalog. The analysts at Technavio have categorized the global insurance software market is a part of the global application software market. This research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the insurance software market during the forecast period. The insurance software market growth potential is likely to reach USD 7.29 billion from 2020 to 2025. The report predicts the market to witness an accelerating growth momentum at a CAGR of 8.09% during the projected period.



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Insurance Software Market Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The insurance software market report covers the following areas:

Insurance Software Market Vendor Landscape

  • The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market.
  • Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
  • Accenture Plc, Applied Systems Inc., Axxis Systems SA, Dell Technologies Inc., Guidewire Software Inc., International Business Machines Corp., Microsoft Corp., Oracle Corp., Salesforce.com Inc., and SAP SE are among some of the major market participants.
  • The insurance software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 
  • The competitive scenario provided in the report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc
  • Companies such as Accenture Plc and Applied Systems Inc. are offering insurance software such as Accenture Life Insurance & Annuity Platform (ALIP) and Applied Wealth Track, Applied Wealth Mobile, and Applied iFactFind respectively.

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Insurance Software Market Dynamics

Key Driver: The increasing government regulations on mandatory insurance coverages in developing countries is notably driving the market growth. Growing popularity of health insurance, travel insurance, motor insurance and other miscellaneous insurance is likely to drive the insurance software market during the forecast period.

Key Trend: The saturation in insurance market is the key trend driving the insurance software market growth. With the increasing demand for insurance in developing countries, the demand for software is growing at a fast pace. The traditional methods of insurance are no more adopted. In mature markets, insurers are moving all the new and existing insurance policies to digital platforms.

Key Challenge: The tightening regulatory environment for insurance players is one of the key factors impeding the market growth. With the rising number of government regulations, insurance companies will face the challenge of increased prerequisites for the insurance industry.

Further highlights on the key factors influencing the market can be retrieved as you Download this Sample Report Copy

Insurance Software Market Segmentation

  • Deployment
  • Geography
    • North America
    • APAC
    • Europe
    • MEA
    • South America

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Get ready to achieve excellent business outcomes from this exclusive insurance software market report by Technavio. The report will solve most of the commonly asked queries pertaining to the market including –

  • What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
  • What is the YOY growth variance scenario in the market space?
  • Which business tactics will influence the competitive scenarios and define the market’s growth potential?
  • What are market drivers, restraints, and upcoming opportunities impacting the demand & growth of the market?
  • Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?

So Don’t wait, Design a strategic approach & boost your business goals with our Insurance Software Market Analysis Report –  Download Sample Now!

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Insurance Software Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 8.09%

Market growth 2021-2025

$ 7.29 billion

Market structure

Fragmented

YoY growth (%)

6.34

Regional analysis

North America, APAC, Europe, MEA, and South America

Performing market contribution

APAC at 36%

Key consumer countries

US, China, Japan, UK, and France

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Accenture Plc, Applied Systems Inc., Axxis Systems SA, Dell Technologies Inc., Guidewire Software Inc., International Business Machines Corp., Microsoft Corp., Oracle Corp., Salesforce.com Inc., and SAP SE

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Application software market

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.4 Market outlook: Forecast for 2020 – 2025
    • Exhibit 06: Global – Market size and forecast 2020 – 2025 ($ million)
    • Exhibit 07: Global market: Year-over-year growth 2020 – 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 08: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers
    • Exhibit 09: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers
    • Exhibit 10: Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 11: Threat of new entrants
  • 4.5 Threat of substitutes
    • Exhibit 12: Threat of substitutes
  • 4.6 Threat of rivalry
    • Exhibit 13: Threat of rivalry
  • 4.7 Market condition
    • Exhibit 14: Market condition – Five forces 2020

5 Market Segmentation by Deployment

  • 5.1 Market segments
    • Exhibit 15: Deployment – Market share 2020-2025 (%)
  • 5.2 Comparison by Deployment
    • Exhibit 16: Comparison by Deployment
  • 5.3 On-premise – Market size and forecast 2020-2025
    • Exhibit 17: On-premise – Market size and forecast 2020-2025 ($ million)
    • Exhibit 18: On-premise – Year-over-year growth 2020-2025 (%)
  • 5.4 Cloud-based – Market size and forecast 2020-2025
    • Exhibit 19: Cloud-based – Market size and forecast 2020-2025 ($ million)
    • Exhibit 20: Cloud-based – Year-over-year growth 2020-2025 (%)
  • 5.5 Market opportunity by Deployment
    • Exhibit 21: Market opportunity by Deployment

6 Customer landscape

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 23: Market share by geography 2020-2025 (%)
  • 7.2 Geographic comparison
    • Exhibit 24: Geographic comparison
  • 7.3 North America – Market size and forecast 2020-2025
    • Exhibit 25: North America – Market size and forecast 2020-2025 ($ million)
    • Exhibit 26: North America – Year-over-year growth 2020-2025 (%)
  • 7.4 APAC – Market size and forecast 2020-2025
    • Exhibit 27: APAC – Market size and forecast 2020-2025 ($ million)
    • Exhibit 28: APAC – Year-over-year growth 2020-2025 (%)
  • 7.5 Europe – Market size and forecast 2020-2025
    • Exhibit 29: Europe – Market size and forecast 2020-2025 ($ million)
    • Exhibit 30: Europe – Year-over-year growth 2020-2025 (%)
  • 7.6 MEA – Market size and forecast 2020-2025
    • Exhibit 31: MEA – Market size and forecast 2020-2025 ($ million)
    • Exhibit 32: MEA – Year-over-year growth 2020-2025 (%)
  • 7.7 South America – Market size and forecast 2020-2025
    • Exhibit 33: South America – Market size and forecast 2020-2025 ($ million)
    • Exhibit 34: South America – Year-over-year growth 2020-2025 (%)
  • 7.8 Key leading countries
    • Exhibit 35: Key leading countries
  • 7.9 Market opportunity by geography
    • Exhibit 36: Market opportunity by geography

8 Drivers, Challenges, and Trends

  • 8.2 Market challenges
    • Exhibit 37: Impact of drivers and challenges

9 Vendor Landscape

  • 9.1 Vendor landscape
    • Exhibit 38: Vendor landscape
  • 9.2 Landscape disruption
    • Exhibit 39: Landscape disruption
    • Exhibit 40: Industry risks

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 41: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 42: Market positioning of vendors
  • 10.4 Applied Systems Inc.
    • Exhibit 48: Applied Systems Inc. – Overview
    • Exhibit 49: Applied Systems Inc. – Product and service
    • Exhibit 50: Applied Systems Inc. – Key news
    • Exhibit 51: Applied Systems Inc. – Key offerings
  • 10.5 Axxis Systems SA
    • Exhibit 52: Axxis Systems SA – Overview
    • Exhibit 53: Axxis Systems SA – Product and service
    • Exhibit 54: Axxis Systems SA – Key offerings
  • 10.6 Dell Technologies Inc.
    • Exhibit 55: Dell Technologies Inc. – Overview
    • Exhibit 56: Dell Technologies Inc. – Business segments
    • Exhibit 57: Dell Technologies Inc. – Key news
    • Exhibit 58: Dell Technologies Inc. – Key offerings
    • Exhibit 59: Dell Technologies Inc. – Segment focus
  • 10.7 Guidewire Software Inc.
    • Exhibit 60: Guidewire Software Inc. – Overview
    • Exhibit 61: Guidewire Software Inc. – Business segments
    • Exhibit 62: Guidewire Software Inc.- Key news
    • Exhibit 63: Guidewire Software Inc. – Key offerings
  • 10.8 International Business Machines Corp.
    • Exhibit 64: International Business Machines Corp. – Overview
    • Exhibit 65: International Business Machines Corp. – Business segments
    • Exhibit 66: International Business Machines Corp. – Key news
    • Exhibit 67: International Business Machines Corp. – Key offerings
    • Exhibit 68: International Business Machines Corp. – Segment focus
  • 10.9 Microsoft Corp.
    • Exhibit 69: Microsoft Corp. – Overview
    • Exhibit 70: Microsoft Corp. – Business segments
    • Exhibit 71: Microsoft Corp. – Key news
    • Exhibit 72: Microsoft Corp. – Key offerings
    • Exhibit 73: Microsoft Corp. – Segment focus
  • 10.10 Oracle Corp.
    • Exhibit 74: Oracle Corp. – Overview
    • Exhibit 75: Oracle Corp. – Business segments
    • Exhibit 76: Oracle Corp. – Key offerings
    • Exhibit 77: Oracle Corp. – Segment focus
  • 10.11 Salesforce.com Inc.
    • Exhibit 78: Salesforce.com Inc. – Overview
    • Exhibit 79: Salesforce.com Inc. – Business segments
    • Exhibit 80: Salesforce.com Inc. – Key offerings
  • 10.12 SAP SE
    • Exhibit 81: SAP SE – Overview
    • Exhibit 82: SAP SE – Business segments
    • Exhibit 83: SAP SE – Key news
    • Exhibit 84: SAP SE – Key offerings
    • Exhibit 85: SAP SE – Segment focus

11 Appendix

  • 11.2 Currency conversion rates for US$
    • Exhibit 86: Currency conversion rates for US$
  • 11.3 Research methodology
    • Exhibit 87: Research Methodology
    • Exhibit 88: Validation techniques employed for market sizing
    • Exhibit 89: Information sources
  • 11.4 List of abbreviations
    • Exhibit 90: List of abbreviations

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