IT service providers use their technical expertise and knowledge to help businesses and individuals design, manage, and improve their IT processes. Enterprises across multiple industry verticals, the insurance sector, in particular, are turning to IT services for a variety of reasons, including accurate forecasting through business intelligence, which aids in optimizing business operations, reducing waste, and increasing organizational revenues.
Furthermore, the demand for managed IT services in the emerging market is being fueled by an increasing reliance on cloud services and infrastructure upgrades. Moreover, the introduction of digitization trends is expected to fuel the growth of IT services, prompting SMBs and other large enterprises of the insurance sector to invest in IT infrastructure, which is also responsible for driving the growth of IT services. Therefore, the surge in demand for technology and IT services in the insurance sector is expected to boost the growth of the market in the upcoming period.
The global technology and IT services insurance market is segmented on the basis of service type, deployment, enterprise size and region. Based on service type, the market is divided into professional, managed services and telecom services. The professional segment is bifurcated into system integration and consulting. In terms of deployment, the market is categorized into on-premise and cloud. On the basis of enterprise size, the market is divided into large enterprise and small & medium enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Scenario Analysis
- The vulnerability of supply chains has been exposed with the onset of COVID-19, as the providers of critical IT services were part of most IT organizations' fragile ecosystems. And, since most of the operations have started to adopt online mode, the technology & IT services insurance have also turned to online mode as it helps in increasing efficiency.
- Work-from-home mandates have also prompted service providers to ensure that mission-critical enterprise customers have the tools and technologies they need to improve the speed, security, quality, and overall efficacy of services delivered.
Top Impacting Factors
Growing demand for cloud-based IT services in the insurance sector and emerging big data technology are driving the growth of the market. In addition, growing emphasis on outsourcing non-core operations to leverage core competencies propels the growth of the market. However, lack of standardization is expected to hamper the market growth. Contrarily, increased access to a larger pool of talent & scope for innovation is expected to provide lucrative opportunities to the market in the upcoming years.
Growing Demand for Cloud-Based IT Services in the Insurance Sector
The cloud-based software gives access to all of the company's applications at a low cost, and one doesn't have to spend a lot of money on software or hardware upfront. Similarly, the adoption of cloud computing allows insurance firms to more easily scale up and down their operations. As a result, in recent years, cloud-based IT services have become a more useful and cost-effective solution for SMEs, in particular. Moreover, many startups are investing in this technology in anticipation of future opportunities, and as a result, end-users now have a large number of vendors from which to choose. Therefore, the surge in demand for cloud-based IT services in the insurance sector is expected to boost the growth of the technology and IT services insurance market during the forecasted period.
Emerging Big Data Technology
The increase in data volume is opening up a lot of doors for IT service management in the insurance sector. Colocation data centers are also in high demand due to the increase in data volumes. To improve operational efficiencies, enterprises across the insurance sector are adopting industrial IoT, which will result in the generation of large amounts of data and have a positive impact on the IT Services market. As a result of the growing importance of big data in enterprises and businesses, the IT services market is expected to grow, which will further help in fueling the growth of the technology and IT services insurance market during the forecasted period.
Key Benefits of the Report
- This study presents an analytical depiction of the global technology and IT services insurance market forecast along with the current trends & future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the technology and IT services insurance market share.
- The current market is quantitatively analyzed to highlight the global technology and IT services insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the technology and IT services insurance market trends.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the technology and IT services insurance market analysis.
Questions Answered in the Technology and IT Services Insurance Market Research Report
- Which are the leading players active in the global technology and IT services insurance market size?
- What would be the detailed impact of COVID-19 on the global technology and IT services insurance market?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global technology and IT services insurance market?
- What are the projections for the future that would help in taking further strategic steps?
Technology and IT Services Insurance Market Report Highlights
By Service Type
By Enterprise Size
Key Market Players
FUJITSU, , Oracle Corporation, Hewlett Packard Enterprise Development LP, Toshiba India Pvt Ltd,, Datto Inc., DXC Technology Company, Microsoft Corporation, Capgemini, Accenture, International Business Machines (IBM) Corporation