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Top 10 Insurance Software Vendors and Market Forecast 2017-2022
Worldwide Insurance Applications Market to reach $11.5 billion by 2022, compared with $10.4 billion in 2017 at a compound annual growth rate of 2%..
In 2017, the top 10 Insurance software vendors accounted for nearly 42% of the global Insurance applications market which grew 2.2% to approach nearly $10.4 billion in insurance license, maintenance and subscription revenues.
Salesforce was the market leader with 10% market share in license, maintenance and subscription revenues, followed by Microsoft, SAP, Vertafore and Guidewire.
Through our forecast period, the Insurance applications market is expected to reach $11.5 billion by 2022, compared with $10.4 billion in 2017 at a compound annual growth rate of 2%.
Source: Apps Run The World, January 2019
Top 10 Insurance Software vendors
Insurance (Entities that offer noncompulsory insurance of any kind) – Agency management system, Policy administration solutions, Pensions administration software, Billing and Claims software, Underwriting, Property & Casualty Management, Insurance Broker and Financial Planning Software, Financials, HR, Procurement
Big Data analytics will be one of the key investment areas for insurers aiming to capture and gain more insights on their customers, while stepping up Cloud developments for tighter collaboration with agencies and brokers in moves that could redefine how insurance is being sold in the future.
Here are the rankings of the top 10 Insurance software vendors in 2017 and their market shares.
Source: Apps Run The World, January, 2019
Custom data cuts related to the Insurance Applications market are available:
- Top 700+ Insurance Applications Vendors and Market Forecast 2017-2022
- 2017 Insurance Applications Market By Functional Market (16 Markets)
- 2017 Insurance Applications Market By Country (USA + 45 countries)
- 2017 Insurance Applications Market By Region (Americas, EMEA, APAC)
- 2017 Insurance Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
- 2017 Insurance Applications Market By Customer Size (revenue, employee count, asset)
- 2017 Insurance Applications Market By Channel (Direct vs Direct)
- 2017 Insurance Applications Market By Product
Exhibit 4 shows our projections for the enterprise applications market by vertical segment, based on the buying preferences and the customer propensity to invest in new software within those industries as they continue to upgrade and replace many legacy industry-specific applications that have been identified and tracked in our Buyer Insight Database.
Insurance Software Purchases Win/Loss Analysis As Part Of Enterprise Applications Buyer Insight Customer Database
On the buyer side, customers are investing in Insurance applications based on new features and capabilities that are expected to replace their existing legacy systems. In many cases, competitive upgrades and replacements that could have a profound impact on future market-share changes will become more widespread.
Since 2010, our global team of researchers have been studying the patterns of the latest Insurance software purchases by customers around the world, aggregating massive amounts of data points that form the basis of our forecast assumptions and perhaps the rise and fall of certain vendors and their products on a quarterly basis.
Updated continuously, our database features extensive win/loss analysis. Each year our research team identifies tens of thousands of these Insurance customer wins and losses from public and proprietary sources.
The research results are being incorporated into regular updates in our Enterprise Applications Buyer Insight Customer Database. You can access the Quarterly Win/Loss Analysis Scoreboard and our Enterprise Applications Buyer Insight Customer Database by becoming a subscriber.
Source: Apps Run The World, January 2019
An expanded version of this report covers the top 700+ Insurance Software Vendors, offering in-depth analysis of the market dynamics, vendors’ Strengths, Customers, Opportunities, Risks and Ecosystems as well as their ability to gain Shares (SCORES) within their respective space. We also offer win-loss analysis of the quarterly wins of these top vendors and whether incumbents and upstarts pose any real threat to their standing amid shifting market requirements and user preferences.
More Enterprise Applications Research Findings
Based on the latest annual survey of 3,000+ enterprise software vendors, Apps Run The World is releasing a number of dedicated reports, which profile the world’s 500 largest Enterprise Applications Vendors (Apps Top 500) and the world’s 500 largest Cloud Applications Vendors (Cloud Top 500) ranked by their 2015-2017 product revenues.
Their 2017 results are being broken down, sorted and ranked across 16 functional areas (from Analytics to Treasury and Risk Management) and by 21 vertical industries (from Aerospace to Utility), as shown in our Taxonomy. Further breakdowns by subvertical, country, company size, etc. are available as custom data cuts per special request.
Each year our global team of researchers conduct an annual survey of thousands of enterprise software vendors by contacting them directly on their latest quarterly and annual revenues by country, functional area, and vertical market. We supplement their written responses with our own primary research to determine quarterly and yearly growth rates, In addition to customer wins to ascertain whether these are net new purchases or expansions of existing implementations.
Another dimension of our proactive research process is through continuous improvement of our customer database, which stores more than one million records on the enterprise software landscape of over 100,000 organizations around the world.
The database provides customer insight and contextual information on what types of enterprise software systems and other relevant technologies are they running and their propensity to invest further with their current or new suppliers as part of their overall IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.
The result is a combination of supply-side data and demand-generation customer insight that allows our clients to better position themselves in anticipation of the next wave that will reshape the enterprise software marketplace for years to come.
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