Market Overview

Global Insurance Software Market 2018-2022| Rapid Growth of Cyber Insurance Market to Boost Growth| Technavio


The global insurance software market is expected to post a CAGR of over
4% during the period 2018-2022, according to the latest market research
report by Technavio.

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Technavio has published a new market research report on the global insurance software market from 20 ...

Technavio has published a new market research report on the global insurance software market from 2018-2022. (Graphic: Business Wire)

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.

This report is available at a USD 1,000 discount for a limited time
market snapshot before purchasing

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

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 Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market sizing
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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