A key factor driving the growth of the market is increasing adoption of insurance in developing countries. Insurance markets in developed countries have become saturated. This is because of the increased awareness and early adoption of insurance by consumers in developed regions. Moreover, developed nations have stringent government regulations for the subscription to insurance, including insurance for life and health, property and casualty, or specialty goods such as marine and aviation. However, the market is currently expanding at a fast pace in developing countries because of the increasing awareness about the importance of insurance. Emerging markets such as China and India, are expected to contribute significantly to the rapid growth of the insurance industry.
This market research report on the global insurance software market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rapid growth of the cyber insurance market as one of the key emerging trends in the global insurance software market:
Global insurance software market: Rapid growth of the cyber insurance market
Cyber threats have become one of the major concerns for business owners, individuals, and organizations. With the increase in cyber protection, attackers are finding new and sophisticated ways of hacking and carrying out targeted attacks. As government organizations, insurance companies, and other organizations deal with customers’ personal, financial, or transactional data, they are at a major risk of being targeted. The leakage of confidential customer data can lead to a loss of customers and result in the client suing the organization. Risk managers of organizations consider cyber-attacks as a major threat. Thus, insurance coverage is required to address cyber risks and protect against monetary losses due to cyber-attacks. In recent times, smaller companies are also opting for cyber cover, especially after recent large-scale attacks. Therefore, with the consistently increasing demand for cyber insurance, it is anticipated that a manifold increase for insurance software will be seen during the forecast period.
“With the world becoming increasingly digital, people using software are going online to avail diverse benefits. The insurance industry has also started relying more on technology, including processing systems, online data, and electronic communication, for the ease of operation, and business management” says a senior analyst at Technavio for research on enterprise application.
Global insurance software market: Segmentation analysis
This market research report segments the global insurance software market by geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of more than 39%, followed by APAC and EMEA respectively. The APAC region is expected to show the highest incremental growth, followed by the EMEA region, during the forecast period while the Americas is expected to witness a substantial decrease in its market share by 2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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