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Comprehensive 2025 Claims Processing Software Market Overview: Trends, Forecasts, and Growth Drivers
Claims Processing Software Market
What Is the Expected CAGR for the Claims Processing Software Market Through 2025?
The market size for claims processing software has seen significant growth in the past few years. The forecast predicts an increase from $42.41 billion in 2024 to $45.74 billion in 2025, signifying a compound annual growth rate (CAGR) of 7.8%. The previous growth was a result of factors such as the adoption of paperless processing, expansion in the healthcare industry, digitisation of the insurance industry, enhancement in customer experience, and concerns about data security.
What's the Projected Size of the Global Claims Processing Software Market by 2029?
The market size of claim processing software is anticipated to witness significant expansion in the forthcoming years, projected to reach $66.23 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.7%. The estimated growth during the predicted period can be credited to factors such as real-time claims processing, mobile claims processing solutions, digital transformation initiatives by the government, self-service portals for customers, and predictive analytics for risk evaluation. Key trends for the forecast period comprise the integration of AI and machine learning, adoption of blockchain for security measures, assimilation with IoT gadgets, virtual healthcare and telehealth, cloud-based claim processing solutions, and utilization of robotic process automation.
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Top Growth Drivers in the Claims Processing Software Industry: What's Accelerating the Market?
The anticipated reduction in compliance risk exposure is projected to fuel the advancement of the claims processing software market. Compliance risk pertains to the potential consequences of non-compliance with industry laws, regulations, internal company policies, or suggested best practices, which can expose an organization to potential legal repercussions, financial penalties, and tangible losses. Decreasing compliance risk can yield significant benefits for claims processing software providers, as it can enhance operational efficiency, minimize expenses, and boost their market reputation and credibility. It can also improve their competitive standing and augment their revenue by offering customers a more effective, reliable, and trustworthy solution. To illustrate, accenture* PLC, an Irish information technology company, reported in August 2022 data showing a 38% drop in fraudulent claims, a 60% decrease in manual interferences, and a 70% reduction in the claims settlement time. Hence, cutting back on compliance risk exposure is stimulating the growth of the claims processing software market.
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What Trends Will Shape the Claims Processing Software Market Through 2029 and Beyond?
Advances in technology are becoming increasingly prevalent in the claims processing software market - a trend that key market stakeholders are readily embracing. These leading figures are investing significant efforts into the development and application of breakthrough technologies, to cement their standing within the market. Enhancements including advanced analytics, optical character recognition, chatbots, and robotic process automation have substantially improved both the precision and effectiveness of claim processing. Tools such as Artificial Intelligence (AI) and Robotic Process Automation (RPA) offer solutions for automating mundane and repetitive tasks associated with claim processing. For instance, in July 2022, IBM, a technology corporation based in the United States, introduced IBM Robotic Process Automation 21.0.3. This deployment led to a 200 percent rise in Return on Investment (ROI) within the first year in the realm of financial services. RPA has been used for various tasks, including data extraction in claims, customer information collection, background checks, among other functions.
What Are the Main Segments in the Claims Processing Software Market?
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 Top Companies are Driving Growth in the Claims Processing Software Market?
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
Which Regions Will Dominate the Claims Processing Software Market Through 2029?
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
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