Market Overview:
The global claims management solutions market is expected to grow at a CAGR of 10.8% from 2018 to 2030. The growth of the market can be attributed to the increasing demand for cloud-based solutions and the growing need for automation in the claims management process. The on-premise segment is expected to dominate the market during the forecast period, owing to its advantages such as low implementation and maintenance costs, customization capabilities, and better security features as compared to cloud-based solutions. However, the cloud-based segment is projected to grow at a higher CAGR during the forecast period due to its advantages such as scalability, lower implementation and maintenance costs, and easy access from anywhere across the globe.
Product Definition:
A claims management system (CMS) is a software application used to manage and track insurance claims. A CMS provides an organization with the ability to manage all aspects of the insurance claim process, from submission through resolution.
The importance of a CMS cannot be overstated. In addition to improving efficiency and reducing costs, a CMS can help organizations improve customer service, reduce lost business opportunities, and mitigate risk.
On-Premise:
On-premise software is a type of cloud computing software that has been installed and is being used on the end user's system without any third-party involvement. The end user (Claims Management Solutions) uses the software to process insurance claims, customer service interactions, sales transactions, etc. On-premise Software solutions are gaining popularity due to its better processing capabilities as compared to other types of cloud solutions such as SaaS and PaaS.
Cloud Based:
Cloud Based is a term used to define solutions that provide services over the internet. It is an model for delivering software-as-a-service (SaaS) based on shared pools of data and computational resources. Cloud computing aims at providing shared pool of data and computational resources among numerous users from different organizations through a network.
Application Insights:
The others segment includes government organizations, non-profit organizations and other companies. The others segment held the largest market share in 2017 as it caters to a wide range of industries such as healthcare, public sector and banking. These solutions help these industries manage their claim processes efficiently by reducing paperwork and streamlining the process for faster payment.
The hospitals application segment is expected to grow at a lucrative CAGR over the forecast period owing to rising demand for international claims settlement from various hospitals across countries such as India, China Japan etc. Furthermore, increasing number of hospital beds in developing countries including Brazil India China etc will further boost industry growth over the forecast period.
Regional Analysis:
North America is expected to dominate the global claims management solutions market over the forecast period. The presence of a large number of players in this region, coupled with continuous technological advancements and implementation of advanced healthcare IT systems are some factors contributing to its growth. Furthermore, increasing demand for quality healthcare services and rising need for cost-effective medical procedures are also driving the market growth in this region.
The Asia Pacific is anticipated to witness lucrative growth over the forecast period owing to various factors such as improving economic conditions, growing awareness about health & safety issues due to lack of proper infrastructure and training programs by regulatory bodies pertaining EHR/EMR implementation that would help improve data quality across hospitals & clinics resulting in improved patient care standards which will drive demand forclaims management solutionsin this region. Moreover, government initiatives encouraging adoption EHR/EMR systemare also expected drive regional market growth during the forecast period.
Growth Factors:
- Increasing demand for Claims Management Solutions from the insurance sector to manage claims processing and fraud detection activities more efficiently.
- The increasing number of fraudulent insurance claims is driving the demand for Claims Management Solutions solutions that can help identify and prevent such incidents.
- Growing need for automation and integration of Claims Management Solutions with other enterprise applications to improve efficiency across the entire organization.
- Rising adoption of cloud-based solutions for Claims Management, as they offer scalability, flexibility, and cost-effectiveness advantages over on-premise solutions.
Scope Of The Report
Report Attributes
Report Details
Report Title
Claims Management Solutions Market Research Report
By Type
On-Premise, Cloud Based
By Application
Hospitals, Insurance Companies, Emergency Healthcare Service providers, Others
By Companies
DXC Technology, Software, Hexaware Technologies, HCL Technologies, Pegasystems, International Business Machines(IBM), Cognizant Technology Solutions
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
201
Number of Tables & Figures
141
Customization Available
Yes, the report can be customized as per your need.
Global Claims Management Solutions Market Report Segments:
The global Claims Management Solutions market is segmented on the basis of:
Types
On-Premise, Cloud Based
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Hospitals, Insurance Companies, Emergency Healthcare Service providers, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- DXC Technology
- Software
- Hexaware Technologies
- HCL Technologies
- Pegasystems
- International Business Machines(IBM)
- Cognizant Technology Solutions
Highlights of The Claims Management Solutions Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- On-Premise
- Cloud Based
- By Application:
- Hospitals
- Insurance Companies
- Emergency Healthcare Service providers
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Claims Management Solutions Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Claims management solutions are a collection of software and services that help businesses manage their claims. Claims management solutions can include tools for tracking and managing claims, as well as processes for investigating and resolving claims.
Some of the major players in the claims management solutions market are DXC Technology, Software, Hexaware Technologies, HCL Technologies, Pegasystems, International Business Machines(IBM), Cognizant Technology Solutions.
The claims management solutions market is expected to register a CAGR of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Claims Management Solutions Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Claims Management Solutions Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Claims Management Solutions Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Claims Management Solutions Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Claims Management Solutions Market Size & Forecast, 2018-2028
4.5.1 Claims Management Solutions Market Size and Y-o-Y Growth
4.5.2 Claims Management Solutions Market Absolute $ Opportunity
Chapter 5 Global Claims Management Solutions Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Claims Management Solutions Market Size Forecast by Type
5.2.1 On-Premise
5.2.2 Cloud Based
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Claims Management Solutions Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Claims Management Solutions Market Size Forecast by Applications
6.2.1 Hospitals
6.2.2 Insurance Companies
6.2.3 Emergency Healthcare Service providers
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Claims Management Solutions Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Claims Management Solutions Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Claims Management Solutions Analysis and Forecast
9.1 Introduction
9.2 North America Claims Management Solutions Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Claims Management Solutions Market Size Forecast by Type
9.6.1 On-Premise
9.6.2 Cloud Based
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Claims Management Solutions Market Size Forecast by Applications
9.10.1 Hospitals
9.10.2 Insurance Companies
9.10.3 Emergency Healthcare Service providers
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Claims Management Solutions Analysis and Forecast
10.1 Introduction
10.2 Europe Claims Management Solutions Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Claims Management Solutions Market Size Forecast by Type
10.6.1 On-Premise
10.6.2 Cloud Based
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Claims Management Solutions Market Size Forecast by Applications
10.10.1 Hospitals
10.10.2 Insurance Companies
10.10.3 Emergency Healthcare Service providers
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Claims Management Solutions Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Claims Management Solutions Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Claims Management Solutions Market Size Forecast by Type
11.6.1 On-Premise
11.6.2 Cloud Based
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Claims Management Solutions Market Size Forecast by Applications
11.10.1 Hospitals
11.10.2 Insurance Companies
11.10.3 Emergency Healthcare Service providers
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Claims Management Solutions Analysis and Forecast
12.1 Introduction
12.2 Latin America Claims Management Solutions Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Claims Management Solutions Market Size Forecast by Type
12.6.1 On-Premise
12.6.2 Cloud Based
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Claims Management Solutions Market Size Forecast by Applications
12.10.1 Hospitals
12.10.2 Insurance Companies
12.10.3 Emergency Healthcare Service providers
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Claims Management Solutions Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Claims Management Solutions Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Claims Management Solutions Market Size Forecast by Type
13.6.1 On-Premise
13.6.2 Cloud Based
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Claims Management Solutions Market Size Forecast by Applications
13.10.1 Hospitals
13.10.2 Insurance Companies
13.10.3 Emergency Healthcare Service providers
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Claims Management Solutions Market: Competitive Dashboard
14.2 Global Claims Management Solutions Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 DXC Technology
14.3.2 Software
14.3.3 Hexaware Technologies
14.3.4 HCL Technologies
14.3.5 Pegasystems
14.3.6 International Business Machines(IBM)
14.3.7 Cognizant Technology Solutions
