North America Insurance IT Software and Service Market by Offering (Software, Service), Software (Enterprise Application Software, Industry-specific Software, Enterprise Infrastructure Software), and Service (Business Process Support, IT Product Support) – Industry Analysis, Size and Forecast, 2014-2022
Category: IT Software & Service | Published in: Aug 2019 | Pages : 150 | Price (Single User License): US$ 2350
DataCube forecasts the North America insurance IT software and service market to exceed US$ 60 Billion by 2022, expanding at a steady CAGR of over 5% during the forecast period, 2016-2022.
North America Insurance IT Software and Service Market Introduction
Adoption of emerging technologies and solutions is anticipated to create new growth opportunities for the insurance companies focusing on becoming the leader in their segment. Moreover, technological advancements in the insurance industry has led to the introduction of new operating models and solutions that resulted in improved business efficiencies and customer experience.
Major shift in consumer patterns has forced insurance companies operating in the region to increase their expenditure on advanced IT software and services to digitize various processes and operations such as selling policies, claim management, and customer support. Further, insurance companies are anticipated to focus on implementing advanced integration solutions and services to provide a seamless experience to employees and customers to enhance employee performance & retention and customer loyalty. This is projected to boost the North America insurance IT software and service market growth in the near future. However, existing legacy systems and regulatory changes are anticipated to hinder the North America insurance IT software and service market growth.
The North America insurance IT software and service market has been segmented based on offering, service, software, and country.
By offerings, the North America insurance IT software and service market is bifurcated into two segments namely software and service. The software segment is projected to expand at the highest CAGR during the forecast period, 2016-2022 linked to increase in expenditure on digitization and healthcare IT security software.
The software segment includes enterprise application software, industry-specific software and enterprise infrastructure software. Among software, the enterprise infrastructure software sub-segment dominated the segment in 2014 and is projected to continue its dominance throughout the forecast period.
By service, the market is bifurcated into business process service and IT product support service. In terms of revenue, the IT product support sub-segment is projected to witness 1.7x increase by the end of 2022 over 2014.
Major countries covered in the North America insurance IT software and service market study are U.S. and Canada. Spending by insurance companies in Canada on IT software and services by are anticipated to increase at a significant rate throughout the projection period.
North America Insurance IT Software and Service Market Competitive Landscape
Key players studied in the North America insurance IT software and service market are Constellation Software, Inc., IBM Corporation, Mitel Networks, Oracle Corporation, Symantec Corporation, BMC Software Inc., Microsoft Corporation, OpenText Corporation, and VMWare. Strategic partnership and joint venture have become major strategies followed by these palyers in the North America insurance IT software and service market. Additionally, key players are focused towards entering into partnership to develop and introduce enhanced IT solutions and industry-specific services to expand customer base.