Market Overview:
The global P&C Core Platform market is expected to grow from USD 1.02 Billion in 2018 to USD 2.48 Billion by 2030, at a CAGR of 12.8% during the forecast period. The growth of the market can be attributed to the increasing demand for cloud-based P&C Core Platforms and rising need for automation and standardization in the insurance industry. However, data security concerns may restrain the growth of this market to some extent during the forecast period. Based on type, the global P&C Core Platform market is segmented into cloud-based and on-premises platforms. The cloud-based platform segment is projected to grow at a higher CAGR than that of on-premises platforms duringthe forecast period owingto its advantages such as scalability, flexibility,and low TCO (Total Cost of Ownership).
Product Definition:
P&C Core Platform is an insurance software that helps insurers to manage their policy and claims processes. It provides a centralized platform for all policy and claims data, making it easy to access and analyze. The platform also allows insurers to automate their processes, improving efficiency and reducing costs.
Cloud-Based:
Cloud-based core platform is a software system which provides an integrated environment to enable the seamless operation of various processes across different modules or departments in a company. It helps streamline back-end operations such as accounting, human resource management and billing among others. Cloud based core platform acts as an umbrella for all applications running on top of it and helps integrate them into one functional unit.
On-Premises:
On-premises is a term used for the computer software and hardware installation in the end users premises. In other words, it's a self-contained system that has all necessary components installed on the end user’s premises to run an organization's business including data, applications, operating systems and middleware. The most common form of on-premises deployment includes installing software or application code directly onto an individual company’s server or workstation.
Application Insights:
The large enterprises segment held the largest market share of more than 50.0% in 2017. The growth can be attributed to factors such as increasing demand for robust and flexible IT infrastructure, growing need for managing complex IT infrastructures, and an increase in the adoption of security solutions by large organizations. Furthermore, P&C core platform vendors are focusing on providing a complete set of integrated services to their enterprise customers that include application development and management along with a broad range of additional capabilities such as data protection & backup solutions, virtualization management tools among others.
Medium-sized enterprises segment is expected to register the highest CAGR over the forecast period owing to factors such as rapid growth in small businesses due to increased use of internet technologies coupled with mobile applications across various industries including BFSI, retail.
Regional Analysis:
North America dominated the global market in 2017. The growth of the region can be attributed to factors such as increasing adoption of cloud-based P&C core platform by small and medium-sized enterprises, preference for mobile devices, and rising BYOD trend. Moreover, presence of a large number of insurance providers in North America is expected to boost demand for P&C core products over the forecast period.
Asia Pacific is anticipated to witness significant growth over the next eight years owing to factors such as growing penetration of internet users and smartphone users along with rapid urbanization across emerging economies including India, China, Indonesia among others are expected drive regional demand for P&C core platforms during the forecast period.
Growth Factors:
- Increased demand for cloud-based core platform solutions as insurers move away from legacy systems.
- The continued growth of the internet of things (IoT) and the increasing number of connected devices, which is leading to a surge in data volumes that must be processed and analyzed.
- The need for greater agility and faster time to market as insurers face increased competition from new entrants into the market.
- The need for improved customer experience as customers demand more personalized service and enhanced digital interactions across channels5 Automation of processes through Robotic Process Automation (RPA)
Scope Of The Report
Report Attributes
Report Details
Report Title
P&C Core Platform Market Research Report
By Type
Cloud-Based, On-Premises
By Application
Large Enterprises (1000+Users), Medium-Sized Enterprise (499-1000 Users), Small Enterprises (1-499Users)
By Companies
Sapiens, Majesco, BriteCore, Insurity, Insuresoft, EIS Group, Guidewire, Tia Technology, Duck Creek, SAP
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
202
Number of Tables & Figures
142
Customization Available
Yes, the report can be customized as per your need.
Global P&C Core Platform Market Report Segments:
The global P&C Core Platform market is segmented on the basis of:
Types
Cloud-Based, On-Premises
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 (1000+Users), Medium-Sized Enterprise (499-1000 Users), Small Enterprises (1-499Users)
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:
- Sapiens
- Majesco
- BriteCore
- Insurity
- Insuresoft
- EIS Group
- Guidewire
- Tia Technology
- Duck Creek
- SAP
Highlights of The P&C Core Platform 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
- On-Premises
- By Application:
- Large Enterprises (1000+Users)
- Medium-Sized Enterprise (499-1000 Users)
- Small Enterprises (1-499Users)
- 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 P&C Core Platform 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.
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- 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?
P&C Core Platform is a comprehensive platform that helps insurance companies manage risk and optimize their operations. It includes a suite of software applications, including claims processing, underwriting, pricing and distribution. The platform also provides insurers with the ability to track customer data and performance metrics.
Some of the key players operating in the p&c core platform market are Sapiens, Majesco, BriteCore, Insurity, Insuresoft, EIS Group, Guidewire, Tia Technology, Duck Creek, SAP.
The p&c core platform market is expected to grow at a compound annual growth rate of 12.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 P&C Core Platform 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 P&C Core Platform Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 P&C Core Platform 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 P&C Core Platform 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 P&C Core Platform Market Size & Forecast, 2018-2028
4.5.1 P&C Core Platform Market Size and Y-o-Y Growth
4.5.2 P&C Core Platform Market Absolute $ Opportunity
Chapter 5 Global P&C Core Platform 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 P&C Core Platform Market Size Forecast by Type
5.2.1 Cloud-Based
5.2.2 On-Premises
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global P&C Core Platform 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 P&C Core Platform Market Size Forecast by Applications
6.2.1 Large Enterprises (1000+Users)
6.2.2 Medium-Sized Enterprise (499-1000 Users)
6.2.3 Small Enterprises (1-499Users)
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global P&C Core Platform 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 P&C Core Platform 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 P&C Core Platform Analysis and Forecast
9.1 Introduction
9.2 North America P&C Core Platform 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 P&C Core Platform Market Size Forecast by Type
9.6.1 Cloud-Based
9.6.2 On-Premises
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 P&C Core Platform Market Size Forecast by Applications
9.10.1 Large Enterprises (1000+Users)
9.10.2 Medium-Sized Enterprise (499-1000 Users)
9.10.3 Small Enterprises (1-499Users)
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 P&C Core Platform Analysis and Forecast
10.1 Introduction
10.2 Europe P&C Core Platform 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 P&C Core Platform Market Size Forecast by Type
10.6.1 Cloud-Based
10.6.2 On-Premises
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 P&C Core Platform Market Size Forecast by Applications
10.10.1 Large Enterprises (1000+Users)
10.10.2 Medium-Sized Enterprise (499-1000 Users)
10.10.3 Small Enterprises (1-499Users)
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 P&C Core Platform Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific P&C Core Platform 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 P&C Core Platform Market Size Forecast by Type
11.6.1 Cloud-Based
11.6.2 On-Premises
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 P&C Core Platform Market Size Forecast by Applications
11.10.1 Large Enterprises (1000+Users)
11.10.2 Medium-Sized Enterprise (499-1000 Users)
11.10.3 Small Enterprises (1-499Users)
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 P&C Core Platform Analysis and Forecast
12.1 Introduction
12.2 Latin America P&C Core Platform 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 P&C Core Platform Market Size Forecast by Type
12.6.1 Cloud-Based
12.6.2 On-Premises
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 P&C Core Platform Market Size Forecast by Applications
12.10.1 Large Enterprises (1000+Users)
12.10.2 Medium-Sized Enterprise (499-1000 Users)
12.10.3 Small Enterprises (1-499Users)
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) P&C Core Platform Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) P&C Core Platform 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) P&C Core Platform Market Size Forecast by Type
13.6.1 Cloud-Based
13.6.2 On-Premises
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) P&C Core Platform Market Size Forecast by Applications
13.10.1 Large Enterprises (1000+Users)
13.10.2 Medium-Sized Enterprise (499-1000 Users)
13.10.3 Small Enterprises (1-499Users)
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 P&C Core Platform Market: Competitive Dashboard
14.2 Global P&C Core Platform Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Sapiens
14.3.2 Majesco
14.3.3 BriteCore
14.3.4 Insurity
14.3.5 Insuresoft
14.3.6 EIS Group
14.3.7 Guidewire
14.3.8 Tia Technology
14.3.9 Duck Creek
14.3.10 SAP
