Dublin, Dec. 14, 2018 (GLOBE NEWSWIRE) -- The "Digital Insurance Platform Market by Component (Tools and Services), End-Users (Insurance Companies, Third-Party Administrators & Brokers, and Aggregators), Insurance Application, Deployment Type, Organization Size & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The digital insurance platform market size is expected to grow from USD 86.20 billion in 2018 to USD 164.13 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period.

The growth in the adoption Internet of Things (IoT) products, rise in the shift of insurers' focus from product-based strategies to customer-centric strategies, and increased awareness among insurers to digitalize channels are expected to drive the growth of the digital insurance platform market. The major factor that is expected to restrict the growth of the digital insurance platform market is the difficulty to integrate digital insurance platforms with legacy systems.

Managed services are provided by third-party and include monitoring and maintenance of computers, networks, and software. Managed services providers help organizations improve their productivity and ensure smooth functioning of the business processes with effective utilization of resources. Moreover, these services help organizations formulate effective strategies to solve complex business problems.

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. Cost-effectiveness is the important need of SMEs, as they always face constraints in marketing themselves and gaining visibility due to their limited budgets. In this digital era, digital insurance platforms can be extremely helpful to insurers in achieving business objectives, generating revenues, and finding new business opportunities.

Most of the SMEs prefer cloud-based solutions over on-premises solutions, and this adoption trend is expected to accelerate in the near future. This adoption enables the cloud segment to account for a considerable market size during the forecast period. Hence, the SMEs segment has a huge potential to flourish in the digital insurance platform market during the forecast period.

North America is estimated to account for the largest market share in 2018 while APAC is expected to grow at the highest CAGR during the forecast period. APAC is expected to be a money-spinning market for digital insurance platform providers during the forecast period, considering the untapped opportunities and the increasing commercial investment in different industry verticals in the region.

Multinational companies are expected to emphasize on exploring the APAC market by partnering with local companies, channel partners, and technology partners. Moreover, the increasing adoption of the cloud and mobile technologies by large diversified populations and the rapid rise in the number of InsureTech companies have led to the rapid implementation of digital insurance platforms in the APAC countries, such as Japan, China, and Australia.

Key Topics Covered:

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Research Assumptions
2.4 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Digital Insurance Platform Market
4.2 Digital Insurance Platform Market, By Component
4.3 Digital Insurance Platform Market, By End-User
4.4 Digital Insurance Platform Market, By Deployment Type
4.5 Digital Insurance Platform Market, By Organization Size
4.6 Digital Insurance Platform Market, Top 3 Insurance Applications and Regions

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Adoption of IoT Products
5.2.1.2 Shift of Insurers' Focus From Product-Based to Customer-Centric Strategies
5.2.1.3 Increased Awareness Among Insurers About Digital Channels
5.2.2 Restraints
5.2.2.1 Difficulty to Integrate Insurance Platforms With Legacy Systems
5.2.3 Opportunities
5.2.3.1 Adoption of Cloud-Based Digital Solutions By Insurers to Obtain Higher Scalability
5.2.3.2 Increased Awareness Among Insurers to Access A Broader Segment of the Market
5.2.4 Challenges
5.2.4.1 Lack of Skilled Workforce
5.3 Use Cases
5.3.1 DXC Technology
5.3.2 Microsoft
5.3.3 TCS
5.3.4 EIS Group
5.4 Major Technology Deals in the Insurance Sector

6 Digital Insurance Platform Market, By Component
6.1 Introduction
6.2 Tools
6.3 Services

7 Digital Insurance Platform Market, By Service
7.1 Introduction
7.2 Managed Services
7.3 Professional Services

8 Digital Insurance Platform Market, By Professional Service
8.1 Introduction
8.2 Consulting
8.3 Implementation
8.4 Support and Maintenance

9 Digital Insurance Platform Market, By End-User
9.1 Introduction
9.2 Insurance Companies
9.3 Third-Party Administrators and Brokers
9.4 Aggregators

10 Digital Insurance Platform Market, By Insurance Application
10.1 Introduction
10.2 Automotive and Transportation
10.3 Home and Commercial Buildings
10.4 Life and Health
10.5 Business and Enterprise
10.6 Consumer Electronics and Industrial Machines
10.7 Travel

11 Digital Insurance Platform Market, By Deployment Type
11.1 Introduction
11.2 On-Premises
11.3 Cloud

12 Digital Insurance Platform Market, By Organization Size
12.1 Introduction
12.2 Large Enterprises
12.3 Small and Medium-Sized Enterprises

13 Digital Insurance Platform Market, By Region
13.1 Introduction
13.2 North America
13.2.1 United States
13.2.2 Canada
13.3 Europe
13.3.1 United Kingdom
13.3.2 Germany
13.3.3 France
13.3.4 Rest of Europe
13.4 Asia Pacific
13.4.1 Australia and New Zealand
13.4.2 Japan
13.4.3 China
13.4.4 Rest of Asia Pacific
13.5 Middle East and Africa
13.5.1 Kingdom of Saudi Arabia
13.5.2 South Africa
13.5.3 United Arab Emirates
13.5.4 Rest of Middle East and Africa
13.6 Latin America
13.6.1 Brazil
13.6.2 Mexico
13.6.3 Rest of Latin America

14 Competitive Landscape
14.1 Overview
14.2 Market Ranking
14.3 Competitive Scenario
14.3.1 New Product and Service Launches
14.3.2 Business Expansions
14.3.3 Acquisitions
14.3.4 Partnerships

15 Company Profiles
15.1 IBM
15.2 Microsoft
15.3 Accenture
15.4 Oracle
15.5 SAP
15.6 TCS
15.7 Cognizant
15.8 DXC Technology
15.9 Infosys
15.10 Pegasystems
15.11 Appian
15.12 Mindtree
15.13 Prima Solutions
15.14 Fineos
15.15 Bolt Solutions
15.16 Majesco
15.17 EIS Group
15.18 Cogitate
15.19 Inzura
15.20 Duck Creek Technologies
15.21 Vertafore
15.22 Internet Pipeline
15.23 Ebaotech
15.24 Stoneriver
15.25 RGI

For more information about this report visit https://www.researchandmarkets.com/research/2pbt6d/164_billion?w=12

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

                  CONTACT: ResearchAndMarkets.com
                           Laura Wood, Senior Press Manager
                           press@researchandmarkets.com
                           For E.S.T Office Hours Call 1-917-300-0470
                           For U.S./CAN Toll Free Call 1-800-526-8630
                           For GMT Office Hours Call +353-1-416-8900
                  Related Topics: Software