Claims Processing Software Market by Component and Geography - Forecast and Analysis 2022-2026

The claims processing software market share is expected to increase by USD 24.39 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.71%.

This claims processing software market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the claims processing software market segmentation by component (software and services) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The claims processing software market report also offers information on several market vendors, including Applied Systems Inc., Central Point Services Ltd., Duck Creek Technologies Inc., EIS Group Inc., Euclid Insurance Services Inc., Fineos Corp. Holdings plc, ForeSoft Corp., HawkSoft Inc., Healthsuite LLC, Hi-Tech Health, HIPAAsuite, Hyland Software Inc., Insta Claim, Jenesis Software, Liberty Mutual Holding Co. Inc., Newgen Software Technologies Ltd., Pegasystems Inc., Quick Silver Systems Inc., SpeedySoft USA Inc., and Ventiv Technology Inc. among others.

What will the Claims Processing Software Market Size be During the Forecast Period?

Download Report Sample to Unlock the Claims Processing Software Market Size for the Forecast Period and Other Important Statistics

 

Claims Processing Software Market: Key Drivers, Trends, and Challenges

The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global claims processing software market.

Key Claims Processing Software Market Driver

The increasing government regulations on mandatory insurance coverage in developing countries is a key factor driving the global claims processing software market growth. In most countries worldwide, it is mandatory for a vehicle that runs on public roads to have motor insurance. In some countries, third-party motor insurance is compulsory for vehicles that run on public roads. For example, anyone who owns or operates a vehicle in Maine, US, must carry at least the minimum amount of insurance required by the law. With the economies of developing countries growing rapidly, the automotive market is also growing. This, in turn, is leading to the growth of the motor insurance market. The travel insurance market is expected to grow at a rapid pace due to the increase in cross-country tourism. The health insurance market is slowly growing in developing countries because of the increased awareness about the importance of health insurance. The growth in the various types of insurance is resulting in the rapid expansion of the global insurance software market. With insurance becoming mandatory for people, the global claims processing software market is expected to experience significant growth during the forecast period.

Key Claims Processing Software Market Trend

The rapid growth of the cyber insurance market will fuel the global claims processing software market growth. Cyber threats have become one of the major concerns for business owners, individuals, and organizations. Along with the increased need for cyber protection, attackers are finding new and sophisticated ways of hacking and carrying out targeted attacks. The motive could be anything from data theft to system access. Government organizations, insurance companies, and other organizations that deal with the personal, financial, or transactional data of customers are at a major risk of being targeted. The leakage of confidential customer data can lead to a loss of customers and result in clients suing the organization. Risk managers of organizations consider cyberattacks a major threat. Thus, insurance coverage is required to address cyber risks and protect against monetary losses due to cyberattacks. Thus, with a consistently increasing demand for insurance against cyberattacks, the demand for claims processing software to process documentation and premiums and handle claims is expected to increase during the forecast period.

Key Claims Processing Software Market Challenge

Security threats are a challenge to the global claims processing software market growth. The world is becoming digital, and people are using software and going online to avail of diverse benefits, including better-organized data, multi-screen/multi-device access, more efficient handling of client data, and ease of management. Technological advancements are encouraging online and on-device data storage. The insurance industry has started relying more on technology, including processing systems, online data, and electronic communication, for ease of operation and business management. However, technological advancements make data vulnerable to cybercrime. The insurance industry can be affected by the misuse of data that is stolen from a device or the cloud. Any cybersecurity failure or misuse of data could expose the organization's information to hackers and result in huge financial losses. For instance, silent cyber led the insurance business to lose $2.7 billion owing to a Petya/NotPetya cyberattack. Insurance software players face challenges in ensuring that their claims and other software prevent cyberattacks.

This claims processing software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global claims processing software market as a part of the global application software market within the global IT software market. Our 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 claims processing software market during the forecast period.

Who are the Major Claims Processing Software Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Applied Systems Inc.
• Central Point Services Ltd.
• Duck Creek Technologies Inc.
• EIS Group Inc.
• Euclid Insurance Services Inc.
• Fineos Corp. Holdings plc
• ForeSoft Corp.
• HawkSoft Inc.
• Healthsuite LLC
• Hi-Tech Health
• HIPAAsuite
• Hyland Software Inc.
• Insta Claim
• Jenesis Software
• Liberty Mutual Holding Co. Inc.
• Newgen Software Technologies Ltd.
• Pegasystems Inc.
• Quick Silver Systems Inc.
• SpeedySoft USA Inc.
• Ventiv Technology Inc.

 

This statistical study of the claims processing software market encompasses successful business strategies deployed by the key vendors. The claims processing software market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The report on the global claims processing software market contains comprehensive market knowledge and an in-depth vendor landscape add-on to an analysis of the key vendors.

Claims Processing Software Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the claims processing software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global IT software market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Claims Processing Software Market?

For more insights on the market share of various regions Request PDF Sample now!

41% of the market’s growth will originate from North America during the forecast period. The US is the key market for the claims processing software market in North America. Market growth in this region will be slower than the growth of the market in other regions.

The increasing government regulations on mandatory insurance coverage in developed countries will facilitate the claims processing software market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

In 2020 and 2021, the claims processing software market in the region was positively impacted by the outbreak of COVID-19. As the COVID-19 outbreak resulted in restrictions on movement, insurance and healthcare companies have been implementing several technology-driven initiatives, such as digital policy approval and online account viewing and management. These initiatives are increasing the demand for claims processing software. This is resulting in an increase in the sales of claims processing software. Furthermore, in 2021, owing to the mass vaccination drives and various government initiatives, the lockdown restrictions were lifted, and business operations resumed. Such factors are expected to drive the growth of the regional claims processing software market during the forecast period.

What are the Revenue-generating Component Segments in the Claims Processing Software Market?

To gain further insights on the market contribution of various segments Request a PDF Sample

The claims processing software market share growth by the software segment will be significant during the forecast period. In 2021, the software segment held the largest share of the global claims processing software market. However, the share is expected to increase during the forecast period, owing to the growing importance of claims processing software and the adoption of analytics. Claims processing software helps in safe and secure management to create automated end-to-end processes that are highly intelligent, agile, and ready to deliver ROI. With the aid of these software solutions, end-users quickly develop dynamic business rules that fully capture company goals and best practices. These rules are used to power automated processes that consistently apply the finest ideas across enterprises. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the claims processing software market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Claims Processing Software Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 8.71%
Market growth 2022-2026	$24.39 billion
Market structure	Fragmented
YoY growth (%)	8.16
Regional analysis	North America, Europe, APAC, South America, and the Middle East and Africa
Performing market contribution	North America at 41%
Key consumer countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Applied Systems Inc., Central Point Services Ltd., Duck Creek Technologies Inc., EIS Group Inc., Euclid Insurance Services Inc., Fineos Corp. Holdings plc, ForeSoft Corp., HawkSoft Inc., Healthsuite LLC, Hi-Tech Health, HIPAAsuite, Hyland Software Inc., Insta Claim, Jenesis Software, Liberty Mutual Holding Co. Inc., Newgen Software Technologies Ltd., Pegasystems Inc., Quick Silver Systems Inc., SpeedySoft USA Inc., and Ventiv Technology Inc.
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, and Market condition analysis for the 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.

Request PDF sample

What are the Key Data Covered in this Claims Processing Software Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive claims processing software market growth during the next five years
• Precise estimation of the claims processing software market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the claims processing software industry across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of claims processing software market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch