News | August 2, 2018

Global Insurance Software Market 2018-2022| Rapid Growth Of Cyber Insurance Market To Boost Growth| Technavio

LONDON--(BUSINESS WIRE)--

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.

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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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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

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

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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