The Worldwide Claims Processing Software Market is Projected to reach USD 59 Billion by 2028, at a CAGR of 8.5%

Published Date: 30-Jun-2022

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Claims Processing Software Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Claims Processing Software Market size is expected to reach $59 billion by 2028, rising at a market growth of 8.5% CAGR during the forecast period.

The Services segment has shown growth rate of 11.2% during (2022 - 2028). The rising growth of the segment is attributed to the fact that claims processing services allow businesses to handle any volume of transactions with ease. Claim processing service providers assist healthcare practices in reducing claim processing time by efficiently balancing spikes in processing requirements.

The Large Enterprises segment is leading the Global Claims Processing Software Market by Enterprise Size in 2021, thereby, achieving a market value of $42.09 billion by 2028. The increasing growth of the segment is owing to the massive amount of workloads large enterprises have to deal with. Claims processing software easily addresses this considerable number of claims, streamlining the operation for these enterprises.

The Agents & Brokers segment is showcasing a CAGR of 9.8% during (2022 - 2028). This is due to the fact that both independent, as well as enterprise insurance businesses, employ insurance claims processing software to assist agents and brokers in managing customer claims. It significantly streamlines a majority of their workflows and operations with the integration of automation.

The North America market dominated the Global Claims Processing Software Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $26.5 billion by 2028. The Europe market is estimated to witness a CAGR of 8.3% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 9.5% during (2022 - 2028).

Full Report:

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.

Global Claims Processing Software Market Segmentation

By Component

  • Software (Without Services)
  • Services

By Enterprise Size

  • Large Enterprises
  • Small & Medium-sized Enterprises

By End User

  • Insurance Companies
  • Insurance Intermediaries
  • Agents & Brokers
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • 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
  • A1 Enterprise, Inc.

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  • The highest number of Market tables and figures
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Related Reports:

North America Claims Processing Software Market Size & Opportunities 2022-2028

Europe Claims Processing Software Market & Growth Forecast 2022-2028

Asia Pacific Claims Processing Software Market Share & Industry Outlook to 2028

LAMEA Claims Processing Software Market Growth, Trends & Forecasts 2022-2028

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