Insurance software market 2023-2027; A descriptive analysis of five forces model, market dynamics, and segmentation – Technavio

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.

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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.

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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

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Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global insurance software market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global insurance software market 2017 - 2021 ($ million)

• 4.2 Deployment Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Deployment Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Deployment

• 6.1 Market segments
• Exhibit 30: Chart on Deployment - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Deployment - Market share 2022-2027 (%)

• 6.2 Comparison by Deployment 
• Exhibit 32: Chart on Comparison by Deployment
• Exhibit 33: Data Table on Comparison by Deployment

• 6.3 On-premises - Market size and forecast 2022-2027 
• Exhibit 34: Chart on On-premises - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on On-premises - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on On-premises - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on On-premises - Year-over-year growth 2022-2027 (%)

• 6.4 Cloud-based - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Cloud-based - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Cloud-based - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Cloud-based - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Cloud-based - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Deployment 
• Exhibit 42: Market opportunity by Deployment ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 43: Chart on Type - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 45: Chart on Comparison by Type
• Exhibit 46: Data Table on Comparison by Type

• 7.3 Life insurance - Market size and forecast 2022-2027 
• Exhibit 47: Chart on Life insurance - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Life insurance - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Life insurance - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Life insurance - Year-over-year growth 2022-2027 (%)

• 7.4 Accident and health insurance - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Accident and health insurance - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Accident and health insurance - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Accident and health insurance - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Accident and health insurance - Year-over-year growth 2022-2027 (%)

• 7.5 Property and casualty insurance - Market size and forecast 2022-2027 
• Exhibit 55: Chart on Property and casualty insurance - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Property and casualty insurance - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Property and casualty insurance - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Property and casualty insurance - Year-over-year growth 2022-2027 (%)

• 7.6 Others - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Type 
• Exhibit 63: Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027 
• Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 101: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 France - Market size and forecast 2022-2027 
• Exhibit 105: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 Accenture Plc
• Exhibit 116: Accenture Plc - Overview
• Exhibit 117: Accenture Plc - Business segments
• Exhibit 118: Accenture Plc - Key news
• Exhibit 119: Accenture Plc - Key offerings
• Exhibit 120: Accenture Plc - Segment focus

• 12.4 Acturis Group
• Exhibit 121: Acturis Group - Overview
• Exhibit 122: Acturis Group - Product / Service
• Exhibit 123: Acturis Group - Key offerings

• 12.5 Applied Systems Inc.
• Exhibit 124: Applied Systems Inc. - Overview
• Exhibit 125: Applied Systems Inc. - Product / Service
• Exhibit 126: Applied Systems Inc. - Key offerings

• 12.6 Aptitude Software Group Plc 
• Exhibit 127: Aptitude Software Group Plc - Overview
• Exhibit 128: Aptitude Software Group Plc - Product / Service
• Exhibit 129: Aptitude Software Group Plc - Key offerings

• 12.7 Axxis Systems SA
• Exhibit 130: Axxis Systems SA - Overview
• Exhibit 131: Axxis Systems SA - Product / Service
• Exhibit 132: Axxis Systems SA - Key offerings

• 12.8 Dell Technologies Inc. 
• Exhibit 133: Dell Technologies Inc. - Overview
• Exhibit 134: Dell Technologies Inc. - Business segments
• Exhibit 135: Dell Technologies Inc. - Key news
• Exhibit 136: Dell Technologies Inc. - Key offerings
• Exhibit 137: Dell Technologies Inc. - Segment focus

• 12.9 Ebix Inc.
• Exhibit 138: Ebix Inc. - Overview
• Exhibit 139: Ebix Inc. - Business segments
• Exhibit 140: Ebix Inc. - Key offerings
• Exhibit 141: Ebix Inc. - Segment focus

• 12.10 Guidewire Software Inc. 
• Exhibit 142: Guidewire Software Inc. - Overview
• Exhibit 143: Guidewire Software Inc. - Product / Service
• Exhibit 144: Guidewire Software Inc. - Key offerings

• 12.11 Hyland Software Inc.
• Exhibit 145: Hyland Software Inc. - Overview
• Exhibit 146: Hyland Software Inc. - Product / Service
• Exhibit 147: Hyland Software Inc. - Key offerings

• 12.12 International Business Machines Corp. 
• Exhibit 148: International Business Machines Corp. - Overview
• Exhibit 149: International Business Machines Corp. - Business segments
• Exhibit 150: International Business Machines Corp. - Key news
• Exhibit 151: International Business Machines Corp. - Key offerings
• Exhibit 152: International Business Machines Corp. - Segment focus

• 12.13 Microsoft Corp.
• Exhibit 153: Microsoft Corp. - Overview
• Exhibit 154: Microsoft Corp. - Business segments
• Exhibit 155: Microsoft Corp. - Key news
• Exhibit 156: Microsoft Corp. - Key offerings
• Exhibit 157: Microsoft Corp. - Segment focus

• 12.14 Oracle Corp.
• Exhibit 158: Oracle Corp. - Overview
• Exhibit 159: Oracle Corp. - Business segments
• Exhibit 160: Oracle Corp. - Key news
• Exhibit 161: Oracle Corp. - Key offerings
• Exhibit 162: Oracle Corp. - Segment focus

• 12.15 Rocket Software Inc.
• Exhibit 163: Rocket Software Inc. - Overview
• Exhibit 164: Rocket Software Inc. - Product / Service
• Exhibit 165: Rocket Software Inc. - Key offerings

• 12.16 Salesforce.com Inc.
• Exhibit 166: Salesforce.com Inc. - Overview
• Exhibit 167: Salesforce.com Inc. - Product / Service
• Exhibit 168: Salesforce.com Inc. - Key news
• Exhibit 169: Salesforce.com Inc. - Key offerings

• 12.17 SAP SE
• Exhibit 170: SAP SE - Overview
• Exhibit 171: SAP SE - Business segments
• Exhibit 172: SAP SE - Key news
• Exhibit 173: SAP SE - Key offerings
• Exhibit 174: SAP SE - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 175: Inclusions checklist
• Exhibit 176: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 177: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 178: Research methodology
• Exhibit 179: Validation techniques employed for market sizing
• Exhibit 180: Information sources

• 13.5 List of abbreviations 
• Exhibit 181: List of abbreviations

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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.

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