What is Insurance IT Spending Market?
The insurance sector needs banking solution as well as proper IT infrastructure for increased customer satisfaction. In the sector there has been increase in digitization which helps the companies to reach customers in efficient manner. Also, the companies are deploying banking solutions that leads to increased demand of IT services like IT consulting and system integration. Therefore, these factors are increasing the spending on IT services and solutions in insurance sector which is fuelling the market growth.
The market study is being classified, by Application (Life and Health Insurance and Property and casualty Insurance) and major geographies with country level break-up.
3i Infotech (India), Accenture (Ireland), Acer (Taiwan), Aegis (United States), Atom Technologies (India), Capgemini (France), Cisco Systems (United States), CSC (India), Dell (United States) and Diebold (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Firstsource Solutions (India), Genpact (United States), HCL Technologies (India), Hitachi (Japan) and iGATE Global Solutions (United States).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Insurance IT Spending market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Insurance IT Spending market by Type, Application and Region.
On the basis of geography, the market of Insurance IT Spending has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increased IT Spending by Insurance Companies is Fuelling the Market Growth
- Increasing Need for Quick Customer Service
- Adoption of Technologies in Insurance Industry
- High Investments Required for IT Service and Solutions
- Growing Insurance Sector is Boosting the Market Growth
- Lack of Skilled Professionals
Key Target AudienceIT service and solutions providers, Insurance companies, Government associations, Research organizations, Software vendors and Others
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