The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Lowering compliance risk exposure is likely to promote innovation in the production of claims processing software, propelling the market over the forecast period.

The global claims processing software market 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 global claims processing software market size is expected to reach $53.96 billion in 2027 at a CAGR of 8.1%.

Get A Free Sample On The Global Claims Processing Software Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=9855&type=smp

Global Claims Processing Software Market Segments Include:

• By Component: Software, Services
• By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
• By End User: Insurance Companies, Insurance Intermediaries, Agents And Brokers, Other End Users
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global claims processing software market in 2021.

Major Market Players 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.

Technological improvement is a major trend that is gaining traction in the claims processing software market. Major industry participants in the claims processing software market are focusing their efforts on developing novel technologies in order to increase their market position. Chatbots, optical character recognition, advanced analytics, robotic process automation, and other technological improvements have aided in enhancing the efficiency and accuracy of claims. Robotic Process Automation (RPA) and Artificial Intelligence (AI) are advanced automation techniques that can be utilised to automate repetitive and manual claim processing processes. For example, IBM, a US-based technology business, announced the introduction of IBM Robotic Process Automation 21.0.3 in July 2022. Within the first year of RPA deployment in financial services, the Return on Investment (ROI) increased by 200 percent. RPA was utilised to gather client information, extract data from claims, conduct background checks, and other tasks.

The Claims Processing Software Global Market Report 2023  provides a claims processing software market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The claims processing software market forecast analyzes claims processing software market size, claims processing software market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A software product that performs one or more of the following activities is referred to as claims processing software. This software analyses risk to assess the claim’s complexity and chance of litigation, analyses data to identify false claims, and creates a means for users to submit automated claim reports as well as procedures for claims and settlement support.

Explore Similar Reports From The Business Research Company:

Software Products Global Market Report 2023

Healthcare Reimbursement Global Market Report 2023

Software And BPO Services Global Market Report 2023

Learn More About The Business Research Company
The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: