At 9.6% CAGR P&C Insurance Software Market to Garner $28.5 Bn, Globally, by 2031 with top players Fidel Technologies, Infosys Limited, Vuram, Opteamix, Automation Anywhere, Inc., Aspire Systems, Dynpro

Allied Market Research recently published a report, titled, "P&C Insurance Software Market by Component (Software, Service), by Deployment Model (On Premise, Cloud), by Application (Claims, Underwriting, Operations, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global P&C insurance software industry accounted for $11.6 billion in 2021 and is expected to reach $28.5 billion by 2031, growing at a CAGR of 9.6% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, key investment pockets, top segments, regional landscape, value chain, and competitive scenario.

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The software segment dominated the market

By component, the software segment held the largest share in 2021, accounting for nearly three-fifths of the global P&C insurance software market, due to technological advancement and strategies such as cloud technology to provide the insurance services like sales, policy administration, and claims management. However, the service segment is estimated to register the highest CAGR of 10.9% during the forecast period, owing to rise in adoption of the insurer's needs to manage the entire claim lifecycle by reducing costs, increasing productivity, and by providing various P&C insurance software services.

The cloud segment to portray the highest CAGR through 2031

By deployment model, the cloud segment is projected to manifest the highest CAGR of 11.0% from 2022 to 2031, due to number of benefits, such as cost management, resource pooling, and quicker installation, cloud-based solutions are becoming more popular. However, the on-premise segment held the largest share in 2021, contributing to around three-fifths of the global P&C insurance software market, as it allows installation of the software and enables applications to run on existing systems on the premises of organizations, rather than at a distant facility such as server space or cloud.

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The major determinants of the market growth in the global P&C (Property & Casualty) insurance software market are:

Digital Transformation: The rise in digital transformation across various industries has led to the growth of the P&C insurance software market. The adoption of digital technologies has helped insurers to improve their operational efficiency, reduce costs, and enhance customer experience.

Penetration of Internet & Mobile Devices: The increase in penetration of internet and mobile devices has enabled insurers to reach out to a larger audience, offer customized insurance products, and improve their distribution channels.

Need for Finance: The increasing need for finance among businesses and individuals to insure their property has also contributed to the growth of the market. The rising incidences of natural calamities and accidents have made it imperative for people to protect their property with insurance.

Regulatory Constraints: However, strict regulations imposed by banks and financial institutions for offering housing finance have hindered the growth of the market. These regulations make it difficult for people to get loans and mortgages, thereby limiting the demand for insurance.

Real Estate Prices: The increase in real estate prices in developing economies and the growth of metropolitan cities are expected to open new opportunities in the future. This would lead to an increase in demand for insurance products, especially for property and casualty insurance.

Key benefits for stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the RPA in insurance market forecast from 2022 to 2031 to identify the prevailing RPA in insurance market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the RPA in insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global RPA in insurance market trends, key players, market segments, application areas, and market growth strategies.

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RPA in Insurance Market Report Highlights

Aspects Details
Market Size By 2031 USD 1.2 billion
Growth Rate CAGR of 28.3%
Forecast period 2021 - 2031
Report Pages 418
Component
Solution
Service
Deployment Mode
On-Premise
Cloud
Enterprise Size
Large Enterprise
Small and Medium-sized Enterprises
Application
Claims Processing
Insurance Underwriting
Regulatory Compliance
Finance and Accounts
Others
By Region
North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
Key Market Players Fidel Technologies, Infosys Limited, Vuram, Opteamix, Automation Anywhere, Inc., Aspire Systems, Dynpro, Royal Cyber Inc., Pegasystems, Inc., UiPath

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