LAMEA Claims Processing Software Market Size, Share & Industry Trends Analysis Report By Component (Software and Services), By Enterprise Size, By End User (Insurance Companies, Insurance Intermediaries, Agents & Brokers), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Latin America, Middle East and Africa Claims Processing Software Market would witness market growth of 10.9% CAGR during the forecast period (2022-2028).
Accuracy, timeliness, and cost-efficiency are the three major goals that are supposed to be achieved by a claim processing software. If any of these objectives are not accomplished, it can cause problems for all parties involved. In the past, insurers have struggled to meet these objectives. To manage claims, the industry as a whole has been trapped in the 1970s, using old systems, rules, and practices. With the increasing competition across the market, various manufacturers are increasing their efforts to create a more efficient claims processing system that incorporates cutting-edge technologies, streamlined procedures, and sophisticated automation.
This region is also witnessing a considerable prevalence of chronic diseases. According to the National Library of Medicine, infectious and chronic diseases afflict Africa in equal measure. While contagious diseases still account for nearly 69% of the region, chronic disease mortality rates are greater in Sub-Saharan Africa than in any other region, among both women and men. The region is anticipated to see significant growth in death rates from cancer, cardiovascular disease, respiratory disease, and diabetes over the next ten years.
Infectious and parasitic diseases continue to be prioritized in national spending on healthcare training as well as service delivery in Africa. There is widespread agreement that chronic disease research, treatment, and policy in Africa face major hurdles. Due to the increasing number of deadly diseases and disorders in the region, the regional insurance sector is estimated to significantly expand.
The Brazil market dominated the LAMEA Claims Processing Software Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $885.5 Million by 2028. The Argentina market is estimated to grow at a CAGR of 11.5% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 10.6% during (2022 - 2028).
Based on Component, the market is segmented into Software (Without Services) and Services. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on End User, the market is segmented into Insurance Companies, Insurance Intermediaries, Agents & Brokers, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Duck Creek Technologies, Inc., FINEOS Corporation Holdings plc, Hyland Software, Inc., Hawksoft, Inc., HIPAAsuite, Newgen Software Technologies Limited, Pegasystems, Inc., Quick Silver Systems, Inc., Ventiv Technology, and A1 Enterprise, Inc.
Scope of the Study
Market Segments Covered in the Report:
- Software (Without Services)
By Enterprise Size
- Large Enterprises
- Small & Medium-sized Enterprises
By End User
- Insurance Companies
- Insurance Intermediaries
- Agents & Brokers
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Duck Creek Technologies, Inc.
- FINEOS Corporation Holdings plc
- Hyland Software, Inc.
- Hawksoft, Inc.
- Newgen Software Technologies Limited
- Pegasystems, Inc.
- Quick Silver Systems, Inc.
- Ventiv Technology
- A1 Enterprise, Inc.
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