Claims Processing Software Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Claims Processing Software by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Claims Processing Software, The claims processing software market size has grown strongly in recent years. It will grow from $39.8 billion in 2023 to $43.39 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to paperless processing adoption, healthcare industry growth, insurance industry digitization, customer experience improvement, data security concerns..

The claims processing software market size is expected to see strong growth in the next few years. It will grow to $60.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to real-time claims processing, mobile claims processing solutions, government initiatives for digital transformation, customer self-service portals, predictive analytics for risk assessment.. Major trends in the forecast period include ai and machine learning integration, blockchain adoption for security implementation, integration with iot devices, telehealth and virtual healthcare , cloud-based claims processing solutions, implementation of robotic process automation..

Lowering compliance risk exposure is expected to propel the growth of the claims processing software market going forward. Compliance risk refers to the risk of not acting in compliance with industry laws and regulations, internal policies, or recommended best practices exposing an organization to possible legal consequences, financial forfeiture, and material loss. Lowering compliance risk can be a significant advantage for claims processing software providers, as it helps to improve operational efficiency, reduce costs, and enhance their reputation, credibility in the market, and also improve competitive position and generate more revenue by offering a more efficient, reliable, and trustworthy solution to customers. For Instance, in August 2022, according to the data published by Accenture plc, an Ireland-based, information technology services, and consulting company, insurers using the claims processing software tools saw a 38% reduction in fraudulent claims, a 60% reduction in manual intervention, and a 70% reduction in the time taken to settle claims. Therefore, lowering compliance risk exposure is driving the growth of the claims processing software market.

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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

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 report table of contents includes: