P&C Insurance Software Market to Garner $28.5 Bn, Globally, by 2031 at 9.6% CAGR | Allied Market Research

According to the report, the global P&C insurance software industry accounted for $11.6 billion in 2021 and is expected to grow at a CAGR of 9.6% from 2022 to 2031 to reach $28.5 billion by 2031. The report provides an in-depth analysis of the changing market. Trends, key investment pockets, top segments, regional landscape, value chain and competitive scenario. 

P&C Insurance Software Market to Garner $28.5 Bn, Globally, by 2031 at 9.6% CAGR | Allied Market Research

Key determinants of market growth

The growth of the global P&C insurance software market is fueled by the rise in digital transformation in industries and the rise of internet and mobile devices. Moreover, increasing financial need of businesses and people to insure property complemented the growth of the market. However, stringent regulations imposed by banks and financial institutions for providing housing finance hinder the growth of the market. Conversely, rising real estate property prices in developing economies and the growth of metropolitan areas are expected to open up new opportunities in the future.

Covid-19 situation:

During the Covid-19 pandemic, the P&C insurance software market was hit hard due to strict lockdown rules imposed by several government agencies and business closures across the globe.

The market was hampered by the fact that construction activity was disrupted during the pandemic and people postponed their home purchase plans due to economic instability.

The software segment dominated the market

By component, the software segment accounted for the largest share in 2021, accounting for nearly three-fifths of the global P&C insurance software market, driven by technological advancements and cloud technology for insurance services such as sales, policy administration and claims provisioning strategies. Management. However, the service segment registered the highest CAGR of 10.9% during the forecast period, due to the increase in adoption of insurer's needs to manage the entire claim lifecycle by reducing costs, increasing productivity and providing various P&C insurance software services. .

Cloud segment to depict highest CAGR till 2031

By deployment model, the cloud segment is projected to exhibit the highest CAGR of 11.0% from 2022 to 2031, due to several advantages such as cost management, pooling of resources and faster installation, cloud-based solutions are becoming more popular. However, the on-premise segment accounted for the largest share in 2021, accounting for nearly three-fifths of the global P&C insurance software market, as it allows the installation of software and enables applications to run on existing systems on the premises of organizations. rather than a remote facility such as server space or the cloud.

The claims department had the largest share

By application, the claims segment dominated the market in terms of revenue in 2021, accounting for nearly two-fifths of the global P&C insurance software market as it helps insurance companies manage and evaluate insurance claims such as litigation, negotiation, settlement communications, related policies. information, and claim evaluation. However, the operations segment is projected to exhibit the highest CAGR of 11.6% during the forecast period, owing to increasing demand for P&C insurance software in sales and distribution management.

North America had the lion's share

By region, the global P&C insurance software market was dominated by North America in 2021, which accounted for nearly two-fifths of the market due to rising demand for P&C insurance software solutions and increased adoption of digital lending platforms in the North American region. Banking and Financial Services to improve financial services. However, the market in Asia-Pacific is expected to register the highest CAGR of 11.5% during the forecast period due to increasing awareness regarding the significant benefits of P&C insurance software among the population.

Major players in the market

• Agency Software Inc.
• ClarionDoor
• Duck Creek Technologies
• Guidewire Software, Inc.
• InsuredMine
• PCMS software
• Pegasystems Inc.
• Quick Silver Systems, Inc.
• WTW
• Zywave, Inc.

The report analyzes these key players in the global P&C Insurance Software market. These companies have adopted several strategies such as partnerships, expansions, collaborations, new product launches and mergers and acquisitions to maintain their foothold in the industry. In addition, the report is required to determine the business performance, product portfolio, operating segment and developments of each market player.