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

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.

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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.

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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	USD 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
Key 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 recovery analysis and future consumer dynamics, Market condition analysis for 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

3.3 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 (%)

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

8.1 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 Appendix

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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