Insurance IT Spending Market in India 2015-2019

Insurance IT Spending Market in India 2015-2019

About insurance

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.

Key vendors

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

Press Release

Technavio Announces the Publication of its Research Report Insurance IT Spending in India 2015-2019
Technavio recognizes the following companies as the key players in the Insurance IT Spending in India: HP, IBM, Infosys, TCS and Wipro
Other Prominent Vendors in the market are: 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 and Wolters Kluwer
Commenting on the report, an analyst from Technavios team said: Many insurance firms are focusing on moving to agile and event-driven architecture in the Indian market because customers are increasingly demanding real-time solutions. Mobile technology and social media provide a cumulative number of sources for real-time data, which can be leveraged by insurance firms to gain a competitive advantage in the market.
According to the report, in modern civilization, no financial activities are possible without the transfer of funds. Over the past two decades, payment systems have shown significant changes in India. Due to the emergence of several IT technologies with regard to payment systems, the transaction process has become much easier for insurance companies.
Further, the report states that the cost factor is one of the major challenges for this market, as a huge amount of investment is required to adopt various technologies to enhance the IT infrastructure of insurance organizations.

Companies Mentioned

HP, IBM, Infosys, TCS, Wipro, 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