Press release
Emerging Trends to Drive Claims Processing Software Market Growth at 9.4% CAGR Through 2029
Claims Processing Software
_x000D_
Claims Processing Software Market Size Growth Forecast: What to Expect by 2025?_x000D_
In recent years, the market size for claims processing software has seen robust growth. From $42.41 billion in 2024, it's projected to reach $45.44 billion in 2025 with a compound annual growth rate (CAGR) of 7.1%. This growth during the historic period is a result of various factors, including the adoption of paperless processing, expansion in the healthcare industry, digitization in the insurance industry, enhancement of customer experience, and concerns related to data security._x000D_
_x000D_
How Will the Claims Processing Software Market Size Evolve and Grow by 2029?_x000D_
The market size of claims processing software is predicted to witness a significant rise in the upcoming years, reaching $64.99 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 9.4%. This expansion forecasted within this period is due to factors such as real-time claims processing, portable claims processing solutions, governmental digital transformation mandatories, customer dedicated self-service portals, and predictive analytics for gauging risks. The prominent trends to look out for within this period include the incorporation of artificial intelligence and machine learning, the use of blockchain for enhanced security, IoT device integration, telehealth and virtual healthcare advancements, cloud-oriented claims processing solutions and the introduction of robotic process automation._x000D_
_x000D_
View the full report here: _x000D_
https://www.thebusinessresearchcompany.com/report/claims-processing-software-global-market-report_x000D_
_x000D_
What Drivers Are Propelling the Growth of Claims Processing Software Market Forward?_x000D_
The claims processing software market's expansion is projected to be driven by a decrease in compliance risk exposure. Compliance risk is the probability of non-compliance with industry laws and norms, internal guidelines, or advised best practices, potentially causing an organization legal repercussions, financial penalties, and significant loss. It can be greatly beneficial for claims processing software providers to lessen compliance risk as it aids in enhancing operational effectiveness, reducing expenditures, and improving their market standing, credibility, and competitive edge. It can also increase revenue by providing customers with a more effective, dependable, and trustworthy solution. For instance, accenture* PLC, an Irish information technology firm, revealed a 38% decrease in fraudulent claims, a 60% drop in manual interaction, and a 70% reduction in claims settlement duration in August 2022, as per their published data. As a result, the reduction in compliance risk exposure is propelling the claims processing software market's growth._x000D_
_x000D_
Get your free sample here:_x000D_
https://www.thebusinessresearchcompany.com/sample.aspx?id=9855&type=smp_x000D_
_x000D_
Which Emerging Trends Are Transforming the Claims Processing Software Market in 2025?_x000D_
The progression of technology is emerging as a prominent trend within the claims processing software market. The key participants in the market are intensifying their efforts towards developing revolutionary technologies to fortify their market standing. Technological progress such as enhanced analytics, robotic process automation, optical character recognition, chatbots and others have played pivotal roles in augmenting the correctness and effectiveness of claims. Advanced automation tools, like Robotic Process Automation (RPA) and Artificial Intelligence (AI), are being utilized to automatize mundane and manual claim processing tasks. For instance, in July 2022, IBM, an American technology firm, announced the availability of IBM Robotic Process Automation 21.0.3. A whopping 200 percent augmentation in Return on Investment (ROI) was recorded in the very first year of RPA deployment in financial services, where it was employed to gather customer data, extract information in claims, conduct background verifications, and more._x000D_
_x000D_
What Are the Key Segments in the Claims Processing Software Market?_x000D_
The claims processing softwaremarket covered in this report is segmented - _x000D_
_x000D_
1) By Component: Software, Services_x000D_
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises_x000D_
3) By End User: Insurance Companies, Insurance Intermediaries, Agents And Brokers, Other End Users_x000D_
_x000D_
Subsegments:_x000D_
1) By Software: Claims Management Software, Billing Software, Policy Administration Software, Reporting And Analytics Software _x000D_
2) By Services: Implementation Services, Maintenance And Support Services, Consulting Services, Training Services _x000D_
_x000D_
Tailor your insights and customize the full report here:_x000D_
https://www.thebusinessresearchcompany.com/customise?id=9855&type=smp_x000D_
_x000D_
Who Are the Key Players Shaping the Claims Processing Software Market's Competitive Landscape?_x000D_
Major companies operating 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, A1 Enterprise Inc., Applied Systems, Jenesis Software, EIS Group Software, EZLynx, Guidewire Software, ClaimLogiq, Vee Technologies, TriZetto Provider Solutions, Mphasis Limited, Casentric LLC, MedeAnalytics, MedLinks, TriWest Healthcare Alliance, HCL Technologies, HealthEdge Software Inc., Cognizant, McKesson Corporation, HealthTrio LLC, BriteCore, InstaMed, Change Healthcare, Tech Mahindra, eCatalyst Healthcare Solutions, Virtusa, The SSI Group LLC, ClaimVantage, Riskonnect Inc., ReSource Pro, NTT Data, Baker Tilly, EXL Service, Tritech Financial Systems _x000D_
_x000D_
What Geographic Markets Are Powering Growth in the Claims Processing Software Market?_x000D_
North America was the largest region in the claims processing software market in 2024. The regions covered in the claims processing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa_x000D_
_x000D_
Purchase the full report today:_x000D_
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=9855_x000D_
_x000D_
This Report Supports:_x000D_
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions._x000D_
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning._x000D_
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work._x000D_
_x000D_
Learn More About The Business Research Company_x000D_
With over 17500+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead. _x000D_
Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making._x000D_
_x000D_
Reach out to us:_x000D_
The Business Research Company: https://www.thebusinessresearchcompany.com/_x000D_
Americas +1 310-496-7795_x000D_
Europe +44 7882 955267_x000D_
Asia & Others +44 7882 955267 & +91 8897263534_x000D_
Email us at info@tbrc.info_x000D_
_x000D_
Follow Us On:_x000D_
LinkedIn: https://in.linkedin.com/company/the-business-research-company _x000D_
Twitter: https://twitter.com/tbrc_info _x000D_
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Emerging Trends to Drive Claims Processing Software Market Growth at 9.4% CAGR Through 2029 here
News-ID: 4224362 • Views: …
More Releases from The Business Research Company
Global Cold Chain Monitoring Market Projected to Grow at 17.4% CAGR, Reaching $1 …
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Cold Chain Monitoring Industry Market Size Be by 2025?
The market size for cold chain monitoring has seen a rapid expansion lately. It is projected to surge from $6.3 billion in 2024 to a substantial $7.22 billion in 2025, with a compound annual growth rate (CAGR)…
Surge In Automation Technology Adoption Drives Growth In The Cognitive Process A …
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts._x000D_
_x000D_
Cognitive Process Automation Market Size Valuation Forecast: What Will the Market Be Worth by 2025?_x000D_
The size of the cognitive process automation market has seen a substantial increase over the last few years. The market value, which was $8.01 billion in 2024, is projected to increase to $8.93 billion…
Cloud Gaming Market on Track for Strong Growth, Estimated to Grow at 46.6% CAGR …
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Cloud Gaming Market Through 2025?
The size of the cloud gaming market has seen immense growth in the past few years. The market, which is predicted to be worth $13.65 billion in 2024, is expected to escalate to a whopping $19.29 billion…
Surge In Mental Illness Spurs Growth In The Behavioral And Mental Health Softwar …
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts._x000D_
_x000D_
How Large Will the Behavioral and Mental Health Software Market Size By 2025?_x000D_
In recent years, the market size for behavioral and mental health software has seen exponential growth. The market size is predicted to climb from $5.45 billion in 2024 to $6.38 billion in 2025, experiencing a compound…
More Releases for Software
Takeoff Software Market May See a Big Move | Sage Software, Bluebeam Software, Q …
Latest Study on Industrial Growth of Takeoff Software Market 2023-2028. A detailed study accumulated to offer Latest insights about acute features of the Takeoff Software market. The report contains different market predictions related to revenue size, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments…
Robot Software Market Analysis by Software Types: Recognition Software, Simulati …
The Insight Partners provides you global research analysis on “Robot Software Market” and forecast to 2028. The research report provides deep insights into the global market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Robot Software market during the forecast period, i.e., 2021–2028.
Download Sample Pages of this research study at: https://www.theinsightpartners.com/sample/TIPRE00007689/?utm_source=OpenPR&utm_medium=10452…
HR Software Market Analysis by Top Key Players Zenefits Software, Kronos Softwar …
HR software automates how companies conduct business with relation to employee management, training and e-learning, performance management, and recruiting and on-boarding. HR professionals benefit from HR software systems by providing a more structured and process oriented approach to completing administrative tasks in a repeatable and scalable manner. Every employee that is added to an organization requires management of information, analysis of data, and ongoing updates as progression throughout the company…
HR Software Market by Top Manufacturers – Zenefits Software, Kronos Software, …
Global HR Software market could be classified into different regions and countries for a clear understanding of business prospects available across the globe. This intelligence research study presents a wide-ranging study of the global market by evaluating the growth drivers and detaining factors at length. This detailed study of significant factors supports the market participants in understanding the issues they will be facing while operative in this market over a…
HR Software Market by Top Manufacturers – Zenefits Software, Kronos Software, …
Global HR Software market could be classified into different regions and countries for a clear understanding of business prospects available across the globe. This intelligence research study presents a wide-ranging study of the global market by evaluating the growth drivers and detaining factors at length. This detailed study of significant factors supports the market participants in understanding the issues they will be facing while operative in this market over a…
HR Software Market Analysis by Top Key Players – Zenefits Software, Kronos Sof …
HR software helps HR personnel automate many necessary tasks, such as maintaining employee records, time tracking, and benefits, which allows HR professionals to focus on recruiting efforts, employee performance and engagement, corporate wellness, company culture, and so on. These human management tools can be purchased and implemented as on premise or cloud-based software.
This market studies report on the Global HR Software Market is an all-inclusive study of the enterprise sectors…
