NEW YORK, Feb. 7, 2023 /PRNewswire/ -- According to Technavio, the global insurance software market size is estimated to grow by USD 6,453.98 million from 2022 to 2027. The market is estimated to grow at a CAGR of 7.22% during the forecast period. North America will account for the largest share of the global market during the forecast period.

For more Insights on market size Request a sample report

Global insurance software market - Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–

• Bargaining power of buyers

• The threat of new entrants

• Threat of rivalry

• Bargaining power of suppliers

• Threat of substitutes

• Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Global insurance software market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global insurance software market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on deployment (On-premises and Cloud-based), and type (Life insurance, Accident and health insurance, Property and casualty insurance, and Others).

• The on-premises segment will account for a significant share of the global market during the forecast period. Factors such as the high security and data privacy offered by the on-premises deployment model drive market growth. In this technologically advanced and threat-enhanced environment, enterprise risk management is of prime importance. Hence, the above-mentioned factors are expected to fuel the growth of the on-premises segment in the global Insurance software market during the forecast period.

Geography Overview
By geography, the global insurance software market is segmented into North America, APAC, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global insurance software market.

• North America is estimated to account for 36% of the growth of the global market during the forecast period. North America has been the largest market in the world in terms of gross written premium volume of insurance policies. With a steady revenue flow in the insurance industry, several technology-driven innovations are expected to be implemented. This is expected to create a demand for insurance software, which will increase the market growth in this region during the forecast period.

Download a Sample Report

Global insurance software market – Market Dynamics
Key factor driving market growth

• The increasing adoption of insurance in developing countries is notably drivinthe g market growth. 

• The developed nations have stringent government regulations for the subscription to insurance, including insurance for life and health, property and casualty, or specialties such as marine and aviation.

• Furthermore, the digital transformation of insurance has resulted in a rapid increase in the demand for upgraded customer-facing software. 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 adapted. In mature markets, insurers are moving all the new and existing insurance policies to digital platforms.

• Thus, we expect to see a manifold increase in the importance and growth of the market during the forecast period.

Leading trends influencing the market growth

• Integration of wearables into customer engagement metrics is an emerging trend in the market.

• The adoption of sensor-based wearables is redefining customer engagement methods and processes for life insurers. These wearables aid in the real-time tracking of customer lifestyle habits, physical activity levels, and food habits.

• Real-time consumer data provides insurers with immense opportunities to improve their services and make appropriate business decisions. The features of wearables can only be used if they are integrated into online insurance software.

• The insurance software can use the collected data to perform analysis not only for an individual but at a mass scale to redefine the product portfolio and redesign clauses for claims and disbursal. Hence, the above-mentioned factors are expected to fuel the growth of the market in focus during the forecast period.

Major challenges hindering the market growth

• The changing skill requirements are major challenges impeding the market.

• Technological advances are driving the insurance industry. Customer-facing applications are being introduced in the market.

• The use of technologies, such as blockchain, in insurance software, can increase the efficiency and security of paperwork. This assures customers of the safety of their credentials and classified data.

• However, the right skills are required to understand and use such high-tech innovations. Vendors can make the software user-friendly as the market is becoming customer-centric.

• In addition, customer trust in the brand increases if they can understand the process. Thus, the data needs to be readable and comprehensible to customers so that it is useful to them.

• The industry is facing a challenge in finding a skilled workforce to implement digital innovations. Such factors are expected to hamper the growth of the global market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this insurance software market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the insurance software market between 2023 and 2027

• Precise estimation of the size of the insurance software market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the insurance software market industry across North America, APAC, Europe, Middle East and Africa, and South America

• A thorough analysis of the market's competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of insurance software market vendors

Gain instant access to 17,000+ market research reports. 

Technavio's SUBSCRIPTION platform

Related Reports:

• The claims processing software market size is expected to increase to USD 24.39 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.71%. This report extensively covers market segmentation by component (software and services) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).

• The size of the SMS marketing software market is expected to increase by USD 7.53 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 19.96%. This report extensively covers market segmentation by deployment (cloud and on-premise) and geography (North America, Europe, APAC, the Middle East and Africa, and South America).

Table of contents

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global insurance software market 2017 - 2021

• 4.2 Deployment Segment Analysis 2017 - 2021

• 4.3 Type Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Deployment

• 6.1 Market segments

• 6.2 Comparison by Deployment

• 6.3 On-premises - Market size and forecast 2022-2027

• 6.4 Cloud-based - Market size and forecast 2022-2027

• 6.5 Market opportunity by Deployment

7 Market Segmentation by Type

• 7.1 Market segments

• 7.2 Comparison by Type

• 7.3 Life insurance - Market size and forecast 2022-2027

• 7.4 Accident and health insurance - Market size and forecast 2022-2027

• 7.5 Property and casualty insurance - Market size and forecast 2022-2027

• 7.6 Others - Market size and forecast 2022-2027

• 7.7 Market opportunity by Type

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027

• 9.4 APAC - Market size and forecast 2022-2027

• 9.5 Europe - Market size and forecast 2022-2027

• 9.6 Middle East and Africa - Market size and forecast 2022-2027

• 9.7 South America - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 China - Market size and forecast 2022-2027

• 9.10 Japan - Market size and forecast 2022-2027

• 9.11 UK - Market size and forecast 2022-2027

• 9.12 France - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 Accenture Plc

• 12.4 Acturis Group

• 12.5 Applied Systems Inc.

• 12.6 Aptitude Software Group Plc

• 12.7 Axxis Systems SA

• 12.8 Dell Technologies Inc.

• 12.9 Ebix Inc.

• 12.10 Guidewire Software Inc.

• 12.11 Hyland Software Inc.

• 12.12 International Business Machines Corp.

• 12.13 Microsoft Corp.

• 12.14 Oracle Corp.

• 12.15 Rocket Software Inc.

• 12.16 Salesforce.com Inc.

• 12.17 SAP SE

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 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.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/insurance-software-market-2023-2027-a-descriptive-analysis-of-five-forces-model-market-dynamics-and-segmentation---technavio-301739181.html

SOURCE Technavio