Market Overview:
The global insurance billing software market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for cloud-based and web-based insurance billing software solutions by large enterprises and SMEs. North America is expected to lead the global insurance billing software market in terms of revenue, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa.
Product Definition:
Insurance billing software is used to manage and bill for insurance services provided by healthcare providers. The software allows providers to track patients, services, and payments. It also generates invoices and statements for patients and insurance companies. Insurance billing software is important because it helps healthcare providers manage their finances and ensure that they are paid for the services they provide.
Cloud Based:
Cloud-based software is a type of software system that enables sharing of data among several computers and servers over the internet. The data is stored on a remote server, which can be accessed by multiple users from any location in the world. Cloud-based insurance billing systems are designed to streamline processes across various departments within an insurance company including customer services & claims processing, sales & marketing, and IT operations.
Web Based:
Insurance billing software is used by insurance agencies to generate bills for the customers. The major function performed by these software applications is to help insurers process claims and payments, manage customer information, automate processes, reduce manual efforts and errors that may lead to underpaid or overpaid claims.
Application Insights:
The large enterprises segment accounted for the largest share of over 60.0% in 2017. The segment is expected to witness significant growth over the forecast period owing to various factors such as increasing demand from customers, need for efficiency and productivity, and growing concerns regarding frauds & cyberattacks. Furthermore, large enterprises are more comfortable with online billing solutions as compared to small or medium-sized businesses (SMEs).
The SMEs segment is anticipated to exhibit a considerable growth rate over the forecast period owing to increased adoption of insurance billing software by new as well as existing clients across all industry verticals including BFSI, IT & telecom, energy & utilities among others. In addition, an increase in number of startups within niche markets such as healthcare and e-commerce coupled with technological advancements has facilitated easy access for SMEs across all regions thereby driving their demand further without any difficulty or barrier whatsoever which is also expected fuel market growth significantly during the estimated time frame.
Regional Analysis:
North America dominated the global market in 2017. The growth can be attributed to the presence of a large number of insurance companies, which are early adopters of advanced technologies. Furthermore, high penetration and increased adoption of cloud based solutions is expected to drive demand for billing software in this region over the forecast period.
Asia Pacific is anticipated to witness significant growth over the next eight years owing to increasing government initiatives for implementation and deployment of insurance-specific software by private as well as public sector entities in India, China, Japan and Australia among other countries. Moreover, growing penetration and awareness about these systems among small & medium enterprises (SMEs) will further propel demand during the forecast period.
Growth Factors:
- Increasing demand for insurance billing software from small and medium-sized businesses (SMBs) due to the advantages offered by such software over traditional methods of billing.
- The growing trend of cloud-based deployment of insurance billing software, which makes it easier and more affordable for businesses to adopt these solutions.
- The increasing use of mobile devices for doing business, which is driving the demand for insurance billing software that can be used on smartphones and tablets.
- The rising popularity of Software as a Service (SaaS) delivery model for insurance billing software, making it more convenient and affordable for businesses to purchase these solutions.
Scope Of The Report
Report Attributes
Report Details
Report Title
Insurance Billing Software Market Research Report
By Type
Cloud Based, Web Based
By Application
Large Enterprises, SMEs
By Companies
Duck Creek, PatientNow, Applied Epic, CodeMetro, Agency Pro, BillingCore, TherapyNotes, Majesco, CyberLife, Guidewire BillingCenter
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
144
Number of Tables & Figures
101
Customization Available
Yes, the report can be customized as per your need.
Global Insurance Billing Software Market Report Segments:
The global Insurance Billing Software market is segmented on the basis of:
Types
Cloud Based, Web 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
Large Enterprises, SMEs
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:
- Duck Creek
- PatientNow
- Applied Epic
- CodeMetro
- Agency Pro
- BillingCore
- TherapyNotes
- Majesco
- CyberLife
- Guidewire BillingCenter
Highlights of The Insurance Billing Software 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:
- Cloud Based
- Web Based
- By Application:
- Large Enterprises
- SMEs
- 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 Insurance Billing Software 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
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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- Identifying Appropriate Advertising Appeals
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?
Insurance billing software is a computer program that helps insurance companies process claims and payments. It can automate many of the tasks involved in processing claims, such as tracking information about patients, issuing payments, and communicating with doctors and other medical professionals. Insurance billing software can also help insurers manage their finances more effectively by helping them track expenses and identify areas where they could save money.
Some of the major players in the insurance billing software market are Duck Creek, PatientNow, Applied Epic, CodeMetro, Agency Pro, BillingCore, TherapyNotes, Majesco, CyberLife, Guidewire BillingCenter.
The insurance billing software market is expected to register a CAGR of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Insurance Billing Software 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 Insurance Billing Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Insurance Billing Software 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 Insurance Billing Software 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 Insurance Billing Software Market Size & Forecast, 2018-2028
4.5.1 Insurance Billing Software Market Size and Y-o-Y Growth
4.5.2 Insurance Billing Software Market Absolute $ Opportunity
Chapter 5 Global Insurance Billing Software 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 Insurance Billing Software Market Size Forecast by Type
5.2.1 Cloud Based
5.2.2 Web Based
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Insurance Billing Software 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 Insurance Billing Software Market Size Forecast by Applications
6.2.1 Large Enterprises
6.2.2 SMEs
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Insurance Billing Software 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 Insurance Billing Software 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 Insurance Billing Software Analysis and Forecast
9.1 Introduction
9.2 North America Insurance Billing Software 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 Insurance Billing Software Market Size Forecast by Type
9.6.1 Cloud Based
9.6.2 Web 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 Insurance Billing Software Market Size Forecast by Applications
9.10.1 Large Enterprises
9.10.2 SMEs
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 Insurance Billing Software Analysis and Forecast
10.1 Introduction
10.2 Europe Insurance Billing Software 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 Insurance Billing Software Market Size Forecast by Type
10.6.1 Cloud Based
10.6.2 Web 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 Insurance Billing Software Market Size Forecast by Applications
10.10.1 Large Enterprises
10.10.2 SMEs
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 Insurance Billing Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Insurance Billing Software 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 Insurance Billing Software Market Size Forecast by Type
11.6.1 Cloud Based
11.6.2 Web 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 Insurance Billing Software Market Size Forecast by Applications
11.10.1 Large Enterprises
11.10.2 SMEs
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 Insurance Billing Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Insurance Billing Software 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 Insurance Billing Software Market Size Forecast by Type
12.6.1 Cloud Based
12.6.2 Web 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 Insurance Billing Software Market Size Forecast by Applications
12.10.1 Large Enterprises
12.10.2 SMEs
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) Insurance Billing Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Insurance Billing Software 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) Insurance Billing Software Market Size Forecast by Type
13.6.1 Cloud Based
13.6.2 Web 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) Insurance Billing Software Market Size Forecast by Applications
13.10.1 Large Enterprises
13.10.2 SMEs
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 Insurance Billing Software Market: Competitive Dashboard
14.2 Global Insurance Billing Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Duck Creek
14.3.2 PatientNow
14.3.3 Applied Epic
14.3.4 CodeMetro
14.3.5 Agency Pro
14.3.6 BillingCore
14.3.7 TherapyNotes
14.3.8 Majesco
14.3.9 CyberLife
14.3.10 Guidewire BillingCenter
