Press release
Claims Processing Software Market Anticipated To Witness Robust Growth, Surpassing $66.23 Billion By 2029
Claims Processing Software
What Is the Current Claims Processing Software Market Size and Its Estimated Growth Rate?
The market for claims processing software has seen robust growth in the past few years. The market is projected to expand from $42.41 billion in 2024 to $45.74 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 7.8%. Factors such as the adoption of paperless processing, expansion of the healthcare sector, digital transformation in the insurance industry, efforts to enhance customer experience, and concerns pertaining to data security have contributed to the growth in the historic period.
The market for claims processing software is projected to experience robust expansion in the forthcoming years, with an anticipated worth of $66.23 billion by 2029 and a compound annual growth rate (CAGR) of 9.7%. This impending growth in the forecast period can be related to various factors such as real-time claims processing, the use of mobile solutions for claims processing, government-backed drives for digital transformation, self-service customer portals, and the utilisation of predictive analytics for evaluating risks. The future trends for the forecast period encompass the integration of AI and machine learning, adoption of blockchain for bolstering security, amalgamation with IoT devices, telehealth along with virtual healthcare, cloud-supported claims processing solutions and the incorporation of robotic process automation.
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How Are Emerging Segments Shaping the Claims Processing Software Market Landscape?
The claims processing software market covered in this report is segmented -
1) By Component: Software, Services
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By End User: Insurance Companies, Insurance Intermediaries, Agents And Brokers, Other End Users
Subsegments:
1) By Software: Claims Management Software, Billing Software, Policy Administration Software, Reporting And Analytics Software
2) By Services: Implementation Services, Maintenance And Support Services, Consulting Services, Training Services
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Which Growth Factors Are Influencing Claims Processing Software Market Expansion?
The claims processing software market is anticipated to gain momentum due to the reduced exposure to compliance risk. Compliance risk entails the threat of non-adherence to industry-specific laws and regulations, internal guidelines, or suggested best practices, leading to potential legal implications, financial forfeiture, and substantial loss for an organization. Reducing compliance risk offers a considerable advantage for providers of claims processing software, as it boosts efficiency, minimises costs, strengthens their market reputation, renders them more competitive, and increases their revenue stream by ensuring a more efficient, dependable, and credible solution to their customers. For example, accenture* PLC, an Ireland-based information technology firm, reported a 38% decrease in false claims, a 60% reduction in manual interventions, and a 70% drop in claim settlement time in August 2022. Hence, the reduction of exposure to compliance risks significantly contributes to the expansion of the claims processing software market.
Who Are the Dominant Players Across Different Claims Processing Software Market Segments?
Major companies operating in the claims processing software market include 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
What Are the Latest Developing Trends in the Claims Processing Software Market?
Innovative technology developments are becoming increasingly popular in the claims processing software market. Major players in this sector are focusing on developing cutting-edge technologies to fortify their market position. Technological breakthroughs such as chatbots, optical character recognition, high-level analytics, and robotic process automation have greatly enhanced the precision and efficiency of claims processing. Repetitive and manual tasks involved in claim processing can be automated using sophisticated tools like Robotic Process Automation (RPA) and Artificial Intelligence (AI). For example, in July 2022, IBM, a leading US-based tech firm, announced the launch of IBM Robotic Process Automation 21.0.3. In the first year of deploying RPA in financial services, there was an impressive growth in Return on Investment (ROI) by 200 percent. RPA was utilized for gathering customer details, extracting data in claims, carrying out background verifications, amongst other tasks.
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Which Geographic Regions Are Expected to Dominate the Claims Processing Software Market in the Coming Years?
North America was the largest region in the claims processing software market in 2024. The regions covered in the claims processing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Claims Processing Software Market?
2. What is the CAGR expected in the Claims Processing Software Market?
3. What Are the Key Innovations Transforming the Claims Processing Software Industry?
4. Which Region Is Leading the Claims Processing Software Market?
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