What Has Been The Evolution of the Claims Processing Software Market in Recent Years?
The claims processing software market has seen considerable growth due to a variety of factors.
• The robust growth of the claims processing software market has been noted in the past years. The market is projected to expand from a size of $42.41 billion in 2024 to reach $45.74 billion in 2025, signifying a Compound Annual Growth Rate (CAGR) of 7.8%. The past growth of this market can be traced back to factors such as the adoption of paperless processing, an expanding healthcare sector, digitization of the insurance industry, enhancements in customer experience, and concerns over data security.
What Are the Future Growth Projections for the Claims Processing Software Market in the Coming Years?
The Claims Processing Software market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the claims processing software market to experience substantial growth in the coming years. With a compound annual growth rate (CAGR) of 9.7%.
, it is projected to reach $66.23 billion by 2029. This anticipated growth during the forecast period is primarily due to factors such as real-time claims processing, mobile claims processing solutions, digital transformation initiatives by the government, self-service portals for customers, and the use of predictive analytics for risk assessment. Some of the major predicted trends during this period include the incorporation of AI and machine learning, using blockchain for enhanced security, integration with IoT devices, the use of telehealth and virtual healthcare, the increasing reliance on cloud-based solutions for claims processing, and the implementation of robotic process automation.
What Are The Core Factors Supporting Growth In The Claims Processing Software Market?
The prospects for growth in the claims processing software market are forecasted to intensify as a result of efforts to diminish exposure to compliance risk. Compliance risk alludes to the possible legal repercussions, financial punishments, and tangible damage that may be incurred if an organization fails to adhere to industry laws, regulations, internal standards, or suggested best practices. The reduction of compliance risk can deliver substantial benefits for claims processing software suppliers. It can bolster operational productivity, cut expenses, and heighten their credibility and reputation in the market. More importantly, it can enhance their competitive standing and increase revenues by delivering a more proficient, dependable, and reliable solution for their customers. For instance, in the data publicized by Accenture PLC—a renowned IT company based in Ireland—in August 2022, there was a notable 38% decrease in fraudulent claims, a major 60% lessening in manual intervention, and a dramatic 70% reduction in the turnaround time for claim settlements. Thus, efforts to reduce exposure to compliance risk are fuelling the expansion of the claims processing software market.
What Are The Major Segments Within The Global Claims Processing Software Market?
The claims processing software market covered in this report is segmented –
1) By Component: Software, Services
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By End User: Insurance Companies, Insurance Intermediaries, Agents And Brokers, Other End Users
Subsegments:
1) By Software: Claims Management Software, Billing Software, Policy Administration Software, Reporting And Analytics Software
2) By Services: Implementation Services, Maintenance And Support Services, Consulting Services, Training Services
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Which Trends Are Expected To Transform The Claims Processing Software Market?
The rise of technology is an emerging trend that is gaining traction in the claims processing software market. The principle players in this market are focusing their resources on developing cutting-edge technology to solidify their market position. Innovations such as chatbots, optical character recognition, advanced analytics, robotic process automation, among others, have significantly enhanced the efficiency and precision of claims processing. Advanced automation technologies like Robotic Process Automation (RPA) and Artificial Intelligence (AI) have potential in automating monotonous manual tasks involved in claims processing. For example, IBM, a technology company based in the US, released its IBM Robotic Process Automation 21.0.3 in July 2022. The first year of its usage in the financial services field saw a 200 percent surge in Return on Investment (ROI). RPA was deployed to gather client details, extract claims data, conduct background verifications, and perform other functions.
Who Are the Key Players In The Claims Processing Software Market?
Major companies operating in the claims processing software market include:
• Duck Creek Technologies
• FINEOS
• Hyland Software Inc.
• Hawksoft Inc.
• HIPPAsuite
• Newgen Software Technologies Limited
• Pegasystems Inc.
• Quick Silver Systems Inc.
• Ventiv Technology
• A1 Enterprise Inc.
• Applied Systems
• Jenesis Software
• EIS Group Software
• EZLynx
• Guidewire Software
• ClaimLogiq
• Vee Technologies
• TriZetto Provider Solutions
• Mphasis Limited
• Casentric LLC
• MedeAnalytics
• MedLinks
• TriWest Healthcare Alliance
• HCL Technologies
• HealthEdge Software Inc.
• Cognizant
• McKesson Corporation
• HealthTrio LLC
• BriteCore
• InstaMed
• Change Healthcare
• Tech Mahindra
• eCatalyst Healthcare Solutions
• Virtusa
• The SSI Group LLC
• ClaimVantage
• Riskonnect Inc.
• ReSource Pro
• NTT Data
• Baker Tilly
• EXL Service
• Tritech Financial Systems
What Is The Most Dominant Region In The Claims Processing Software Market?
North America was the largest region in the claims processing software market in 2024. The regions covered in the claims processing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
