Insurance Software Market Size to Grow by USD 7.29 Billion | 6.34% YOY Growth to be Recorded in 2021 | Technavio
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.
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.
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.
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?
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North America, APAC, Europe, MEA, and South America
Performing market contribution
APAC at 36%
Key consumer countries
US, China, Japan, UK, and France
Leading companies, competitive strategies, consumer engagement scope
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
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,
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
3.3 Market size 2020
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 (%)
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
8.1 Market drivers
8.2 Market challenges
Exhibit 37: Impact of drivers and challenges
8.3 Market trends
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
10.3 Accenture Plc
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
11.1 Scope of the report
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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