The insurance sector in India is expected to experience significant growth during the forecast period. However, it is moderately dependent on the recovery from recent recessions and economic crises. In addition, increased competition has pressurized insurers, challenging their investment strategy, existing business models and processes, product mixture, and operating structures. Existing business models have led to very low investment income and product margins. In order to reap greater investment benefits, investors are required to simplify their operations at a reduced cost.
The increase in digitalization is expected to grow the insurance market during the forecast period. It will also help insurance companies to reach customers in an efficient manner. The growing deployment of diverse banking solutions will lead to increased demand for IT services, such as IT consulting and system integration. As IT adoption increases, it also raises challenges such as the lack of IT literacy of insurance company employees, which, in turn, has driven the IT training services market in recent years.
Technavio's analysts forecast the insurance IT spending market in India to grow at a CAGR of 7.65% over the period 2014-2019.
Covered in this report
This report covers the current scenario and growth prospects of the insurance IT spending market in India for the period 2015-2019. To calculate the overall market size, the report considers the revenue generated through IT products such as hardware, software, and services by insurance firms in India.
The report also presents the vendor landscape and a corresponding detailed analysis of the key leading vendors. In addition, it discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by vendors and the market at large, as well as the key emerging trends.
HP IBM Infosys TCS Wipro Other prominent vendors
3i Infotech Accenture Acer Aegis Atom Technologies Capgemini India Cisco Systems CMS Infosystems CSC Dell Diebold Firstsource Solutions Genpact India HCL Technologies Hitachi iGATE Global Solutions JP Morgan L&T Infotech Microsoft MindTree Mphasis Netapp Newgen Nucleus Software Oracle Polaris Ramco Systems SAP Serco Global Services Syntel Tally Tech Mahindra WNS Global Services Wolters Kluwer
Key market driver
Increased need to manage IT risks and service solutions For a full, detailed list, view our report Key market challenge
Requirement of high investment For a full, detailed list, view our report Key market trend
Social media as a marketing and collaboration medium For a full, detailed list, view our report Key questions answered in this report
What will the market size be in 2019 and what will the growth rate be What are the key market trends What is driving this market What are the challenges to market growth Who are the key vendors in this market space What are the market opportunities and threats faced by the key vendors What are the strengths and weaknesses of the key vendors