Continuous technological advancement in the region is driving the demand for software developers to acquire new capabilities and skills in the insurance domain. Rising demand from end users organizations is encouraging insurance companies to embrace advanced IT software and services to drive digitization of various processes. Prominent insurance companies in North America are focused towards modernizing legacy IT systems and refining their core business processes to improve the customer experience at various touch points.
DataCube Research offers market analysis, trends, future outlook, market size and forecast for IT Software and Service market growth potential in Insurance sector in its report titled “North America Insurance IT Software and Service Market: Industry Analysis, Size, and Forecast, 2019-2031"
The North America insurance IT software and service market is segmented into offering, software, and services. Rising expenditure on digital transformation of various business processes is projected to propel growth of the software segment at the highest CAGR during the forecast period, 2023-2031. The software segment is bifurcated into enterprise application software, enterprise infrastructure software, and industry-specific software.
Browse Full Report: North America Insurance IT Software and Service Market
The service segment is classified into IT product support service and business process support service. Among services, the IT product support service is projected to expand at highest of around XX% during the forecast period between 2023 and 2031.
The enterprise application software sub-segment is further categorized into 10 sub-categories such as enterprise resource planning, supply chain management, customer relationship management, business intelligence, office suites, and digital content creation. While, the enterprise application software sub-segment includes application development, data management & integration, security software, application infrastructure & middleware, and IT operations management etc.
Major insurance companies in the region are inclined towards deploying advanced application-specific software and services to streamline the legacy systems to improve operational efficacy. Further, emerging trend of on-the-go services has increased the need for round-the-clock assistance to the customer queries and development of digital touch points to process requests and transactions in real time. Moreover, exponential growth in data volume is projected to increase demand for enhanced software such as data management software, business intelligence, and analytics. This, in turn, is anticipated to drive growth of North America IT software and service market during the projection period.
The North America insurance IT software and service market covers two major countries such as US and Canada. In terms of expenditure on insurance IT software and service, US dominated the North America insurance IT software and service market in 2021 and is projected to continue its dominance throughout the forecast period.
North America Insurance IT Software and Service Market Competition Analysis
Major vendors operating in the North America insurance IT software and service market are BMC Software Inc., Mitel Networks, OpenText Corporation, Constellation Software, Inc., Symantec Corporation, IBM Corporation, Microsoft Corporation, Oracle Corporation, and VMWare.