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.

For more details about market vendors, View our Report Snapshot

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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

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 across 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio