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