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Insurance Software Market by Deployment and Geography - Forecast and Analysis 2021-2025

  • Published: May 2021
  • Pages: 125
  • SKU: IRTNTR44333
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The insurance software market share is expected to increase by USD 7.29 bn from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 8.09%.

This insurance 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 insurance software market segmentations by deployment (on-premise and cloud-based) and geography (North America, APAC, Europe, MEA, and South America). The insurance software market report also offers information on several market 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.

What will the Insurance Software Market Size be During the Forecast Period?

Insurance Software Market Size

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Insurance Software Market: Key Drivers, Trends, and Challenges

The increasing government regulations on mandatory insurance coverages in developing countries are notably driving the insurance software market growth, although factors such as the tightening of the regulatory environment for insurance players may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the insurance software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Insurance Software Market Driver

The increasing government regulations on mandatory insurance coverages in developing countries is notably driving the market growth. In most countries worldwide, it is mandatory for a vehicle that runs on public roads to have motor insurance. Similarly, health insurance is mandatory in most developed countries. Travel insurance is mandatory for a person traveling to a foreign country (most developed countries). A visa is not issued to a person that does not have travel insurance. With the expanding economies of developing countries, the automotive market is 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 of various types of insurance is resulting in the rapid expansion of the global insurance software market.

Key Insurance Software Market Trend

The saturation of the insurance market is the key trend driving the insurance software market growth. The insurance markets in developed countries have become saturated. This is because of the increased awareness and early adoption of insurance by consumers. Emerging markets, mainly China and India, are expected to contribute to the rapid growth of the insurance industry. 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 insurance software during the forecast period.

Key Insurance Software Market Challenge

One of the major challenges impeding the market growth of the insurance software market is the tightening regulatory environment for insurance players. Regulatory bodies around the world come up with new laws and regulations based on the latest industry requirements. Recently, the NAIC came up with the Own Risk and Solvency Assessment (ORSA), which is an add-on to the required assessment framework. ORSA is an internal process that needs to be undertaken by an insurer organization, individual agent, or insurance group to assess the adequacy of their risk management capabilities. They will have to analyze all rationally predictable and applicable material risks that may have an influence on insurers' abilities to fulfill their customers' obligations. With the rising number of government regulations, insurance companies will face the challenge of increased prerequisites for the insurance industry.

This insurance 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 2021-2025.

Parent Market Analysis

Technavio categorizes the global insurance software market is a part of the global application 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 insurance software market during the forecast period.

Who are the Major Insurance Software Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market 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.
  • SAP SE

 

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

Product Insights and News

  • Accenture Plc - This company offers insurance software such as Accenture Life Insurance & Annuity Platform (ALIP).

To make the most of the opportunities and recover from 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 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.

Insurance Software Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the insurance 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 report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Insurance Software Market?

Insurance Software Market Market segmentation by region

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36% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for insurance software market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The insurance software market in APAC will experience substantial growth during the forecast period. This is because the integration of economic, customer, regulatory forces, and technology is expected to revolutionize the competitive landscape of the insurance market. This will facilitate the insurance software market growth in APAC 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 Impact and Recovery Analysis

The market is positively impacted by COVID-19. The insurance industry in the region has responded quickly and supportively during the COVID-19 crisis. For example, several insurers have opened fast-track channels to provide insurance products and services to ease the impact of the pandemic, such as including COVID-19 into insurance coverage. Furthermore, COVID-19 has hit the traditional service models used by insurance companies, which has highlighted the importance of insurers moving to online operations.

What are the Revenue-generating Deployment Segments in the Insurance Software Market?

Insurance Software Market Segmentation

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The insurance software market share growth by the on-premise segment will be significant during the forecast period. The growth of this segment can be attributed to the following unique properties of the on-premises deployment model: In the cloud-based deployment model, the company's operations are dependent on the vendor s infrastructure and the Internet.

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

 

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

$ 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 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.

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

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive insurance software market growth during the next five years
  • Precise estimation of the insurance software market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the insurance software industry across North America, APAC, Europe, MEA, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of insurance software market vendors

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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

            Research Framework

            Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

            TechnavioINFORMATION SOURCES

            Primary sources

            • Manufacturers and suppliers
            • Channel partners
            • Industry experts
            • Strategic decision makers

            Secondary sources

            • Industry journals and periodicals
            • Government data
            • Financial reports of key industry players
            • Historical data
            • Press releases
            Technavio

            TechnavioDATA ANALYSIS

            Data Synthesis

            • Collation of data
            • Estimation of key figures
            • Analysis of derived insights

            Data Validation

            • Triangulation with data models
            • Reference against proprietary databases
            • Corroboration with industry experts
            Technavio

            TechnavioREPORT WRITING

            Qualitative

            • Market drivers
            • Market challenges
            • Market trends
            • Five forces analysis

            Quantitative

            • Market size and forecast
            • Market segmentation
            • Geographical insights
            • Competitive landscape
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            Insurance Software Market market growth will increase by $7.29 bn during 2021-2025.
            The insurance software market market is expected to grow at a CAGR of 8.09% during 2021-2025.
            Technavio has segmented the insurance software market market by deployment (on-premise and cloud-based) ,geography (North America, APAC, Europe, MEA, and South America) , and geographic (North America, APAC, Europe, MEA, and South America).
            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., SAP SE are a few of the key vendors in the insurance software market market.
            APAC will register the highest growth rate of 36% among the other regions. Therefore, the insurance software market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
            The key factors driving the insurance software market market growth are:
            • increasing government regulations on mandatory insurance coverages in developing countries
            • Integration of wearables into customer engagement metrics for life insurance market
            The insurance software market market vendors should focus on grabbing business opportunities from the on-premise segment as it accounted for the largest market share in the base year.
            • What are the key global market and the regional market share?
            • What are the revenue-generating key market segments?
            • What are the key factors driving and challenging this market’s growth?
            • Who are the key market vendors and their growth strategies?
            • What are the latest trends influencing the growth of this market?
            • What are the variables influencing the market growth in the primary regions?
            • What are the factors influencing the growth of the parent market?
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            • Details on the market shares of various regions
            • Five-force market analysis

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