Claims Processing Software Market to grow by USD 24.39 Billion by 2026, Market Segmentation by Component and Geography - Technavio

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Nov 16, 2022, 15:45 ET

NEW YORK, Nov. 16, 2022 /PRNewswire/ -- The claims processing software market is projected to grow by USD 24.39 billion during 2021-2026, progressing at a CAGR of 8.71% during the forecast period, according to Technavio. The report offers an up-to-date analysis to know the exact growth variance and the Y-O-Y growth rate Request a free sample report.

Claims Processing Software Market 2022-2026: Vendor Analysis

Technavio has announced its latest market research report titled Global Claims Processing Software Market 2022-2026

The claims processing software market is at the initial growth stage and is expected to grow at a very significant rate during the forecast period. Owing to significant growth opportunities, the presence of large vendors, the entry of new vendors, technological innovations, and partnerships, competition is moderate in the claims processing software market. Established industry participants are expected to acquire or enter partnerships with small vendors to expand their product portfolios, enter emerging markets, and increase their market shares. Therefore, to survive and succeed in the competitive market environment, it is imperative for vendors to distinguish their service offerings through a clear and unique value proposition.

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

Applied Systems Inc.
Central Point Services Ltd.
Duck Creek Technologies Inc.
EIS Group Inc.
Euclid Insurance Services Inc.
Fineos Corp. Holdings plc
ForeSoft Corp.
HawkSoft Inc.
Healthsuite LLC
Hi-Tech Health
HIPAAsuite
Hyland Software Inc.
Insta Claim

Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read a Free Sample Report.

Claims Processing Software Market 2022-2026: Segmentation

By Component

Software

Claims processing software aids in safe and secure management by enabling the development of fully automated, highly intelligent, agile, and ROI-ready procedures. With the help of these software solutions, end users may create dynamic business rules that accurately reflect the objectives and best practices of their organizations. These principles serve as the foundation for automated procedures that consistently implement the best concepts throughout businesses.

Services

By Geography

North America

North America will account for 41% of market growth. The claims processing software market in North America is mostly based in the US. The market in this region will expand more slowly than markets in other regions. Over the projected period, the growth of the North American claims processing software market will be aided by the escalating government rules on required insurance coverage in developed nations.

Europe
APAC
South America
Middle East And Africa

To learn more about the additional trends impacting the future of the market and the positive and negative consequences on the businesses, buy a sample report.

Claims Processing Software Market 2022-2026: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our claims processing software market report covers the following areas:

The increasing government regulations on mandatory insurance coverage in developing countries, increasing adoption of insurance claims processing software in developing countries, and the rising prevalence of fatal diseases will offer immense growth opportunities. However, security threats might hamper market growth To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Claims Processing Software Market 2022-2026: Key Highlights

CAGR of the market during the forecast period 2022-2026
Detailed information on factors that will assist claims processing software market growth during the next five years
Estimation of the claims processing software market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the claims processing software market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of claims processing software market vendors

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Claims Processing Software Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 8.71%
Market growth 2022-2026	$24.39 billion
Market structure	Fragmented
YoY growth (%)	8.16
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 41%
Key consumer countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
Companies profiled	Applied Systems Inc., Central Point Services Ltd., Duck Creek Technologies Inc., EIS Group Inc., Euclid Insurance Services Inc., Fineos Corp. Holdings plc, ForeSoft Corp., HawkSoft Inc., Healthsuite LLC, Hi Tech Health, HIPAAsuite, Hyland Software Inc., Insta Claim, Jenesis Software, Liberty Mutual Holding Co. Inc., Newgen Software Technologies Ltd., Pegasystems Inc., Quick Silver Systems Inc., SpeedySoft USA Inc., and Ventiv Technology Inc.
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents :

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 09: Parent market
Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary

Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

4.2 Bargaining power of buyers

Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers

Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants

Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes

Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry

Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition

Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Component

5.1 Market segments

Exhibit 24: Chart on Component - Market share 2021-2026 (%)
Exhibit 25: Data Table on Component - Market share 2021-2026 (%)

5.2 Comparison by Component

Exhibit 26: Chart on Comparison by Component
Exhibit 27: Data Table on Comparison by Component

5.3 Software - Market size and forecast 2021-2026

Exhibit 28: Chart on Software - Market size and forecast 2021-2026 ($ billion)
Exhibit 29: Data Table on Software - Market size and forecast 2021-2026 ($ billion)
Exhibit 30: Chart on Software - Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on Software - Year-over-year growth 2021-2026 (%)

5.4 Services - Market size and forecast 2021-2026

Exhibit 32: Chart on Services - Market size and forecast 2021-2026 ($ billion)
Exhibit 33: Data Table on Services - Market size and forecast 2021-2026 ($ billion)
Exhibit 34: Chart on Services - Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on Services - Year-over-year growth 2021-2026 (%)

5.5 Market opportunity by Component

Exhibit 36: Market opportunity by Component ($ billion)

6 Customer Landscape

6.1 Customer landscape overview

Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation

Exhibit 38: Chart on Market share by geography 2021-2026 (%)
Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison

Exhibit 40: Chart on Geographic comparison
Exhibit 41: Data Table on Geographic comparison

7.3 North America - Market size and forecast 2021-2026

Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026

Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 APAC - Market size and forecast 2021-2026

Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.6 South America - Market size and forecast 2021-2026

Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.7 Middle East and Africa - Market size and forecast 2021-2026

Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026

Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 China - Market size and forecast 2021-2026

Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)

7.10 Germany - Market size and forecast 2021-2026

Exhibit 70: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
Exhibit 71: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
Exhibit 72: Chart on Germany - Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.11 UK - Market size and forecast 2021-2026

Exhibit 74: Chart on UK - Market size and forecast 2021-2026 ($ billion)
Exhibit 75: Data Table on UK - Market size and forecast 2021-2026 ($ billion)
Exhibit 76: Chart on UK - Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on UK - Year-over-year growth 2021-2026 (%)

7.12 Japan - Market size and forecast 2021-2026

Exhibit 78: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
Exhibit 79: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
Exhibit 80: Chart on Japan - Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on Japan - Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography

Exhibit 82: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

Exhibit 83: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

Exhibit 84: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption

Exhibit 85: Overview on factors of disruption

9.4 Industry risks

Exhibit 86: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered

Exhibit 87: Vendors covered

10.2 Market positioning of vendors

Exhibit 88: Matrix on vendor position and classification

10.3 Applied Systems Inc.

Exhibit 89: Applied Systems Inc. - Overview
Exhibit 90: Applied Systems Inc. - Product / Service
Exhibit 91: Applied Systems Inc. - Key offerings

10.4 Duck Creek Technologies Inc.

Exhibit 92: Duck Creek Technologies Inc. - Overview
Exhibit 93: Duck Creek Technologies Inc. - Product / Service
Exhibit 94: Duck Creek Technologies Inc. - Key news
Exhibit 95: Duck Creek Technologies Inc. - Key offerings

10.5 Fineos Corp. Holdings plc

Exhibit 96: Fineos Corp. Holdings plc - Overview
Exhibit 97: Fineos Corp. Holdings plc - Product / Service
Exhibit 98: Fineos Corp. Holdings plc - Key offerings

10.6 HawkSoft Inc.

Exhibit 99: HawkSoft Inc. - Overview
Exhibit 100: HawkSoft Inc. - Product / Service
Exhibit 101: HawkSoft Inc. - Key offerings

10.7 HIPAAsuite

Exhibit 102: HIPAAsuite - Overview
Exhibit 103: HIPAAsuite - Product / Service
Exhibit 104: HIPAAsuite - Key offerings

10.8 Hyland Software Inc.

Exhibit 105: Hyland Software Inc. - Overview
Exhibit 106: Hyland Software Inc. - Product / Service
Exhibit 107: Hyland Software Inc. - Key offerings

10.9 Newgen Software Technologies Ltd.

Exhibit 108: Newgen Software Technologies Ltd. - Overview
Exhibit 109: Newgen Software Technologies Ltd. - Product / Service
Exhibit 110: Newgen Software Technologies Ltd. - Key offerings

10.10 Pegasystems Inc.

Exhibit 111: Pegasystems Inc. - Overview
Exhibit 112: Pegasystems Inc. - Product / Service
Exhibit 113: Pegasystems Inc. - Key news
Exhibit 114: Pegasystems Inc. - Key offerings

10.11 Quick Silver Systems Inc.

Exhibit 115: Quick Silver Systems Inc. - Overview
Exhibit 116: Quick Silver Systems Inc. - Product / Service
Exhibit 117: Quick Silver Systems Inc. - Key offerings

10.12 Ventiv Technology Inc.

Exhibit 118: Ventiv Technology Inc. - Overview
Exhibit 119: Ventiv Technology Inc. - Product / Service
Exhibit 120: Ventiv Technology Inc. - Key offerings

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

Exhibit 121: Inclusions checklist
Exhibit 122: Exclusions checklist

11.3 Currency conversion rates for US$

Exhibit 123: Currency conversion rates for US$

11.4 Research methodology

Exhibit 124: Research methodology
Exhibit 125: Validation techniques employed for market sizing
Exhibit 126: Information sources

11.5 List of abbreviations

Exhibit 127: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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