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(MoneyNewsWire.Net, May 20, 2016 ) The insurance industry in the Americas is highly competitive and regulated in nature. The insurance market in the US is influenced by economic and political conditions of the country. GDP is one of the major factors that can influence the growth rate of the insurance industry. Currently, the economy of the US is stronger than rest of the world (ROW). The upcoming Presidential election in the US might impact the insurance business in the US. We forecast the formation of new government in the US will lead to changes in policies in the financial sector of the country.
Insurance firms in the US face intense competition, tight market regulations, and high customer expectations. These firms are under pressure with rising operational complexities, shrinking profit margin, regulatory changes for IT security, market consolidations, and fraudulent policy claims. Insurers also need to replace their traditional IT systems and obsolete technologies to remain competitive in the domestic as well as international market. Insurers seek multi-channel marketing strategies due to increased number of digital consumers using smart devices to explore insurance services
Technavios analysts forecast the IT Spending by Insurance in the US to grow at a CAGR of 3.3% during the period 2016-2020.
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Covered in this report
The report covers the present scenario and the growth prospects of the IT Spending by Insurance in the US for 2016-2020. To calculate the market size, we consider revenue generated from the following types of IT spending in insurance sector of the US.
Software spending
Hardware spending
IT services spending
New report, IT Spending by Insurance in the US 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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Key vendors
Accenture
CSC
Fiserv
Guidewire Software
Oracle
Other prominent vendors
Andesa
Cognizant
EXL Service
FIS
Genpact
Majesco
Microsoft
Pegasystems
SAP
StoneRiver
Market driver
Popularity of usage-based insurance
For a full, detailed list, view our report
Market challenge
Need for unceasing innovation
For a full, detailed list, view our report
Market trend
Intensification of cloud computing
For a full, detailed list, view our report
Key questions answered in this report
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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