The global insurance software market is expected to grow at a CAGR of 7% between 2020 and 2024, an increase of $5.19bn, according to a report from ResearchAndMarkets.com.
The report, Global Insurance Software Market 2020-2024, provides an up-to-date analysis of the current market scenario. It offers holistic analysis, market size and forecast, trends, growth drivers, and challengers in the space.
In the report, it identifies the rapid growth of the cyber insurance market is one of the key drivers for the growth of the insurance software market. Another driver of the growth is investment firms collaborating with InsurTech firms and the rising integration of wearables into customer engagement metrics.
ResearchAndMarkets.com also provides analysis of a number of insurance software vendors and the challenges of growth in the market.
The cyber insurance market has been rapidly growing in size. A report from Allied Market Research. Recently stated the sector is expected to be worth $28.6bn by 2026, a CAGR growth of 24.9% from 2019. To show the speed of this growth, the sector was worth just $4.85bn in 2018.
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