Actuarial Modeling Software Market Share Driven by Cloud-Based Solutions and Growing Adoption Across Insurance Applications | Valuates Reports

Actuarial Modeling Software Market Size
The global market for Actuarial Modeling Software was valued at US$ 588 million in the year 2024 and is projected to reach a revised size of US$ 911 million by 2031, growing at a CAGR of 6.6% during the forecast period.

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The Actuarial Modeling Software market is expanding steadily as financial institutions and insurers increasingly rely on advanced tools to model risk, forecast outcomes, and ensure regulatory compliance. These platforms enable actuaries to build complex models that simulate future scenarios with high accuracy-fueling market size growth and driving market trends centered on digital transformation, data integration, and real-time analytics.

By type, cloud-based actuarial modeling software holds the dominant market share, propelled by its scalability, remote accessibility, and faster deployment capabilities. Organizations are shifting from traditional systems to cloud infrastructure to enhance collaboration, reduce IT overhead, and stay agile in a rapidly changing regulatory environment. While on-premises solutions still serve a portion of the market-particularly where data sensitivity and internal control requirements are high-their growth is slower as more institutions transition to cloud-native tools offering real-time updates and secure data management.

In terms of application, the insurance sector commands the largest market share, as actuarial modeling is central to pricing strategies, solvency calculations, reserving, and reinsurance decisions. The rising complexity of insurance products and the need for scenario testing under evolving regulatory frameworks further accelerate software adoption. Banks represent a growing segment, leveraging actuarial modeling for credit risk assessment, loan default forecasting, and capital adequacy planning. The "Others" category includes pension funds, government agencies, and consulting firms that use actuarial models for long-term planning, demographic forecasting, and policy evaluation.

Looking ahead, the market forecast suggests continued growth driven by regulatory modernization, increasing demand for data-driven decision-making, and the integration of AI and machine learning into actuarial systems. The Actuarial Modeling Software market is well-positioned for long-term expansion, with cloud-based platforms and insurance-sector applications at the forefront of this digital evolution.

Segment by Type

• On-premises
• Cloud Based

Segment by Application

• Insurance
• Bank
• Others

By Company

SAS, FIS Prophet, Moody's, WTW RiskAgility, WNS, Aon, Milliman, Akur8, Stoch Analytics, PolySystems, RNA Analytics, Montoux, Addactis, Slope Software, Insureware, Claros Analytics

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