DataCube Research forecasts the Canada Insurance IT Software and Service Market to Expand at a CAGR of over XX% from 2022 to 2031 to reach US$ XX million by the End of Projection Period.
Canada Insurance IT Software and Service Market Introduction
Technology is evolving at a significant rate and many insurance companies are challenged to keep up the pace. Insurance companies in Canada are focusing on investing substantial amount on IT and related technologies to optimize operational cost and enhance customer experience. The advent of new technologies and tools such as data management software and business intelligence are enabling insurance companies to refine their core business processes and modernize legacy applications. Recent technology trends can help Canadian insurance companies in providing usage based insurance, targeting potential customers, and strengthening & improving customer interaction and experience through various distribution channels.
Rising awareness among insurance companies to automate core business processes is driving the adoption of infrastructure and application software. Moreover, rise in data security concern & privacy along with the rise in the need for real-time communication services are increasing the uptake of enhanced IT software and services. However, regulatory change and economic uncertainty are projected to hamper the market growth during the forecast period.
The Canada insurance IT software and service market has been segmented based on offering, software, and service.
Based on offering, the Canada insurance IT software and service market is bifurcated into software and service. In terms of revenue contribution, the service segment dominated the Canada insurance IT software and service market with over half of the overall revenue in 2021. However, in terms of revenue growth, the software segment is projected to expand at XX as compared to the service segment CAGR during the forecast period between 2022 and 2031.
The software segment is bifurcated into enterprise infrastructure software, industry-specific software, and enterprise application software. The enterprise application software sub segment is categorized into ten major software such as supply chain management, enterprise resource planning (ERP), and customer relationship management software (CRM) among other. The enterprise application software sub-segment share is projected to increase by XX by 2022 over 2021.
Based on services, the Canada insurance IT software and service market is segmented into IT product support and business process service. The IT product support service sub-segment is bifurcated into two services such as software support and other services. The business process service sub-segment includes major services such as consulting and implementation among others.
Canada Insurance IT Software and Service Market Competitive Landscape
Prominent players operating in the Canada insurance IT software and service market are Constellation Software, Inc., D+H (Financial Technology & Services), Mitel Networks, Points International, Ltd., OpenText Corporation, Softchoice, Enghouse Systems, Ltd., Calian Technologies, CGI Group, and OnX Enterprise Solutions.