Policy Management Software Market by Deployment Model (On-Premise and Cloud), Enterprise Size (Small & Medium Enterprises and Large Enterprises), and Industry Vertical (Retail, BFSI, IT & Telecom, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Policy Management Software Market Outlook - 2027

Globally, the market for policy management software is experiencing significant growth, and is expected to maintain its dominance during the forecast period. Policy management software is a web or cloud-based technology that assists policy issuers to coordinate, view, and exchange policy and procedural papers. In addition, it offers additional protection and authorization for confidential records and information. It facilitates transparent and quick communication among decision makers and editorial staff, and offers training and legal sign-off features within the software. Policy management software can set up automated frameworks for policy changes and guarantees automated update management, which helps reviewers to see most recent version of a policy, and thus renders the approval process with ease.


Market scope and structure analysis:

               Market size available for years


  Base year considered


  Forecast period


  Forecast units

  Value ($)

  Regions covered

Deployment Model, Enterprise Size, Industry Vertical and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

  Companies covered

Major players analyzed include: Oracle Corporation, Equisoft, MITRATECH, PolicyMedical, Inc, ConvergePoint Inc., Onspring Technologies, LLC, MCN Healthcare, Inc., Deltek, Inc., SweetProcess, SureCloud Ltd.


COVID-19 scenario analysis:

  • COVID-19 has pressurized companies to execute mandatory work from home policies, which have lead companies to modify organizational structures at different stages to handle their issues.
  • For instance, HDFC Life Insurance Company Limited reportedly dismissed over 3,000 maturity claims, with approximately 300 health claims and made approximately 21,000 annuity payouts during the first 15 days of worldwide lockdown.
  • In addition, with the help of policy management software, HDFC Life Insurance Company Limited controlled their life insurance claims during the COVID-19 pandemic situation. 

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:

Growth in shift from manual processing approach to automated technologies and rise in willingness of a company to cut costs and improve efficiency are major drivers for the market growth. However, several factors such as surge in cyber-attacks and data security issues are restrain the growth. Furthermore, growth in popularity for the automating insurance industry in developing economies is projected to create enormous opportunities for the industry.

The global policy management software trends are as follows:

New software product launches to flourish the market:

For instance, Steele Compliance Solutions, a major integrated risk management solutions provider, launched next generation policy management software during C0VID-19 crisis. The software helped organizations to overcome uncertainties, as employers are facing an ever-growing array of new COVID-19-based compliance concerns in the market. 

New technological advancements:

With increased consumer preference toward online services, technological advancements continue to grow and are expected to maintain dominance during the forecast period. For instance, Equisoft, an insurance and wealth management solutions company, developed new advance technology that provide companies with cloud-based software as a service (SaaS) based insurance solutions for enhanced customer experience. Thus, software development has increased business operations and fulfills changing regulatory criteria & high cost program limitations in the insurance industry.

Key segments covered:




  Deployment Model

  • On-Premise
  • Cloud


  Enterprise Size

  • Small & Medium Enterprises
  • Large Enterprises


  Industry vertical

  • Retail
  • BFSI
  • IT & Telecom
  • Transportation
  • Others


Key benefits of the report:

  • This study presents the analytical depiction of the global policy management software market along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global policy management software market share.     
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed market analysis based on the present and future competitive intensity of the market. 

Questions answered in policy management software market research report:    

  • Who are the leading market players active in the global policy management software market?
  • What would be the detailed impact of COVID-19 on the global policy management software market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global policy management software market?
  • What are the projections for the future that would help in taking further strategic steps?
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