Insurance IT Spending Market Scope
The insurance sector needs banking solution as well as proper IT infrastructure for increased customer satisfaction. In the sector there has been increase in digitization which helps the companies to reach customers in efficient manner. Also, the companies are deploying banking solutions that leads to increased demand of IT services like IT consulting and system integration. Therefore, these factors are increasing the spending on IT services and solutions in insurance sector which is fuelling the market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | 3i Infotech (India), Accenture (Ireland), Acer (Taiwan), Aegis (United States), Atom Technologies (India), Capgemini (France), Cisco Systems (United States), CSC (India), Dell (United States) and Diebold (United States) |
CAGR | 10.6% |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Insurance IT Spending market throughout the predicted period.
3i Infotech (India), Accenture (Ireland), Acer (Taiwan), Aegis (United States), Atom Technologies (India), Capgemini (France), Cisco Systems (United States), CSC (India), Dell (United States) and Diebold (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Firstsource Solutions (India), Genpact (United States), HCL Technologies (India), Hitachi (Japan) and iGATE Global Solutions (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Insurance IT Spending market by Type , by Application (Life and Health Insurance and Property and casualty Insurance) and Region with country level break-up.
On the basis of geography, the market of Insurance IT Spending has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In December 2023 – Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces the release of Duck Creek ClarityTM, an innovative, cloud-native technology solution and the successor to Duck Creek Insights.
On 25 Sept 2019, Salesforce releases data analytics software to the insurance industry. The platform now integrates several technologies and AI capabilities to provide insurance companies with what the firm calls a 360-degree view of its customers.
Influencing Trend:
Adoption of Technologies in Insurance Industry
Market Growth Drivers:
Increased IT Spending by Insurance Companies is Fuelling the Market Growth and Increasing Need for Quick Customer Service
Challenges:
Lack of Skilled Professionals
Restraints:
High Investments Required for IT Service and Solutions
Opportunities:
Growing Insurance Sector is Boosting the Market Growth
Key Target Audience
IT service and solutions providers, Insurance companies, Government associations, Research organizations, Software vendors and Others