Insurance Software Market Size to Grow by USD 7.29 bn | 36% of Market Growth to Originate from APAC

NEW YORK, May 24, 2022 /PRNewswire/ — The insurance software market size is expected to grow by USD 7.29 bn from 2020 to 2025. Moreover, the growth momentum of the market will accelerate at a CAGR of 8.09% during this period.

The increasing government regulations on mandatory insurance coverages in developing countries are driving the insurance software market growth, according to an analyst at Technavio. However, factors such as the tightening regulatory environment for insurance players may challenge market growth.

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Insurance Software Market: Market Driver

The increasing government regulations on mandatory insurance coverages in developing countries are driving the market growth. In most countries, it is mandatory for vehicles to have motor insurance. Health insurance is also mandatory in most developed countries. The automotive market is growing with the expanding economies of developing countries. This, in turn, is leading to the growth of the motor insurance market. The travel insurance market is also expected to grow at a rapid pace due to the increase in cross-country tourism. Thus, the growth of various types of insurance is resulting in the rapid expansion of the global insurance software market.

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Insurance Software Market: Segmentation Analysis

Segmentation by deployment:

• Based on deployment, the market has been segmented into on-premise and cloud-based segments.

• The on-premise segment will have significant market share growth during the forecast period.

• The growth of this segment can be attributed to the unique properties of the on-premises deployment model.

• In the on-premises deployment model, a company’s operations only depend on the in-house server, IT infrastructure, in-house IT team, and intranet.

Segmentation by Geography:

• Based on geography, the market has been segmented into North America, APAC, Europe, MEA, and South America.

• APAC will have significant market share growth during the forecast period.

• The integration of economic, customer, regulatory forces, and technology is expected to revolutionize the competitive landscape of the insurance market, which will drive the insurance software market growth in APAC during the forecast period.

• Market growth in this region will be faster than the growth of the market in other regions.

• China and Japan are the key countries for the insurance software market in APAC.

Story continues

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Insurance Software Market: Major Vendors

The insurance software market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. The report offers detailed information on the competencies, capacities, and products offered by major vendors, including 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 among others. The key offerings of some of these vendors are listed below:

• Accenture Plc – This company offers insurance software such as Accenture Life Insurance & Annuity Platform (ALIP).

• Applied Systems Inc. – This company offers insurance software such as Applied Wealth Track, Applied Wealth Mobile, and Applied iFactFind.

• Axxis Systems SA – This company offers insurance software such as SIS.Net 10.

For more details about market vendors, View our Report Snapshot

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Deployment

6 Customer landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

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SOURCE Technavio