Press release
Claims Processing Software Market Trends & Competitive Outlook 2024-2033
Claims Processing Software Market Trends
According to The Business Research Company's, The claims processing software market size has grown strongly in recent years. It will grow from $39.8 billion in 2023 to $43.39 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to paperless processing adoption, healthcare industry growth, insurance industry digitization, customer experience improvement, data security concerns..
The claims processing software market size is expected to see strong growth in the next few years. It will grow to $60.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to real-time claims processing, mobile claims processing solutions, government initiatives for digital transformation, customer self-service portals, predictive analytics for risk assessment.. Major trends in the forecast period include ai and machine learning integration, blockchain adoption for security implementation, integration with iot devices, telehealth and virtual healthcare , cloud-based claims processing solutions, implementation of robotic process automation..
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Market Drivers and Trends:
Lowering compliance risk exposure is expected to propel the growth of the claims processing software market going forward. Compliance risk refers to the risk of not acting in compliance with industry laws and regulations, internal policies, or recommended best practices exposing an organization to possible legal consequences, financial forfeiture, and material loss. Lowering compliance risk can be a significant advantage for claims processing software providers, as it helps to improve operational efficiency, reduce costs, and enhance their reputation, credibility in the market, and also improve competitive position and generate more revenue by offering a more efficient, reliable, and trustworthy solution to customers. For Instance, in August 2022, according to the data published by Ireland-based, information technology services, and consulting company, insurers using the claims processing software tools saw a 38% reduction in fraudulent claims, a 60% reduction in manual intervention, and a 70% reduction in the time taken to settle claims. Therefore, lowering compliance risk exposure is driving the growth of the claims processing software market.
Technological advancement is a key trend gaining popularity in the claims processing software market. Major market players operating in claims processing software market are concentrating their efforts on creating innovative technologies to strengthen their position in the market. Technological advancements such as chatbots, optical character recognition, advanced analytics, robotic process automation and more have helped in improving the efficiency and accuracy of claims. Advanced automation tools such as Robotic Process Automation (RPA) and Artificial Intelligence (AI) can be used to automate repetitive and manual claim processing tasks. For Instance, in July 2022, according to IBM, a US-based technology corporation, launched the release of IBM Robotic Process Automation 21.0.3. There was a 200 percent increase in Return on Investment (ROI) within the first year of RPA deployment in financial services. RPA was used to collect customer information, extract data in claims, perform background checks, and more.
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Major Key Players of the Market:
Duck Creek Technologies; FINEOS; Hyland Software Inc.; Hawksoft Inc.; HIPPAsuite; Newgen Software Technologies Limited; Pegasystems Inc.; Quick Silver Systems Inc.; Ventiv Technology; A1 Enterprise Inc.; Applied Systems; Jenesis Software; EIS Group Software; EZLynx; Guidewire Software; ClaimLogiq; Vee Technologies; TriZetto Provider Solutions; Mphasis Limited; Casentric LLC; MedeAnalytics; MedLinks; TriWest Healthcare Alliance; HCL Technologies; HealthEdge Software Inc.; Cognizant; McKesson Corporation; HealthTrio LLC; BriteCore; InstaMed; Change Healthcare; Tech Mahindra; eCatalyst Healthcare Solutions; Virtusa; The SSI Group LLC; ClaimVantage; Riskonnect Inc.; ReSource Pro; NTT Data; Baker Tilly; EXL Service; Tritech Financial Systems
Claims Processing Software Market 2024 Key Insights:
• The claims processing software market will grow to $60.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Claims Processing Software Market Driven By The Imperative To Lower Compliance Risk Exposure
• Technological Advancements Drive Innovation In Claims Processing Software Market
• North America was the largest region in the claims processing software market in 2023
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