The Claims Processing Software Global Market Report 2023, provides comprehensive information on the claims processing software market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global claims processing software market size is expected to grow from $36.23 billion in 2022 to $39.45 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The global claims processing software market size is expected to reach $53.96 billion in 2027 at a CAGR of 8.1%.
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Technological advancement is a key trend gaining popularity in the claims processing software market. Major market players operating in claims processing software market are concentrating their efforts on creating innovative technologies to strengthen their position in the market. Technological advancements such as chatbots, optical character recognition, advanced analytics, robotic process automation and more have helped in improving the efficiency and accuracy of claims. Advanced automation tools such as Robotic Process Automation (RPA) and Artificial Intelligence (AI) can be used to automate repetitive and manual claim processing tasks. For Instance, in July 2022, according to IBM, a US-based technology corporation, launched the release of IBM Robotic Process Automation 21.0.3. There was a 200 percent increase in Return on Investment (ROI) within the first year of RPA deployment in financial services. RPA was used to collect customer information, extract data in claims, perform background checks, and more.
The claims processing software market 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
Top Major Players:
Duck Creek Technologies
FINEOS
Hyland Software Inc
Hawksoft Inc
HIPPAsuite
North America was the largest region in the claims processing software market in 2022.
The table of contents in TBRC’s claims processing software market report includes:
1. Executive Summary
2. Claims Processing Software Market Characteristics
3. Claims Processing Software Market Trends And Strategies
4. Claims Processing Software Market – Macro Economic Scenario
5. Claims Processing Software Market Size And Growth
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26. Africa Claims Processing Software Market
27. Claims Processing Software Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Claims Processing Software Market
29. Claims Processing Software Market Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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