Low Code Technology in Insurance Market Size is predicted to record a 18.16% CAGR during the forecast period for 2024-2031.
The insurance industry is being changed by low-code technology, which makes it possible to quickly build and launch apps with little to no coding. This method speeds up the digital transformation process by a large amount, which lets insurers improve business efficiency, make the customer experience better, and quickly roll out new services. Low-code platforms cut down on development time and costs by automating routine chores and making it easier to make digital solutions. This makes businesses more flexible and able to adapt to changes in the market and government requirements.
Low-code solutions streamline development processes and cut down on dependency on IT departments to combat the problem of a lack of qualified workers in the insurance industry. Companies can swiftly create and test new products, services, and business models using low-code platforms, which enable rapid prototyping and testing. Furthermore, the rising need for adaptable and scalable solutions and robust options that improve process transparency and management bodes well for the low-code technology arena.
However, the market growth is hampered by the lack of awareness criteria for the safety and well-being of low code technology in the insurance market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high low code technology in insurance, because dependence on vendor-supplied customization and the need to replace legacy software are factors that could impede the low-code development platform industry's progress. One expected barrier for the low-code technology industry is the challenge of pinpointing the ideal moment and procedure for automating processes. Due to the COVID-19 pandemic, which has affected the worldwide market and forced the closure of numerous factories to protect their personnel from contracting the virus, the expansion of the industry may be hindered.
The low code technology in insurance market is segmented based on component, application type, and organization size. As per the components, the market is segmented into platforms and services. By application type, the market is segmented into web-based, mobile-based, desktop, and server-based. The organization size segment is segmented into SMEs and large enterprises.
Mobile-based low-code technology in the insurance market is expected to lead with a major global market share. Investment in mobile applications by insurance companies aims to improve client interaction, offer self-service alternatives, and facilitate on-the-go access to insurance services, all in response to the rising use of smartphones and tablets. By creating mobile applications, insurance companies can potentially enhance their visibility, satisfy their clientele, and sustain a competitive advantage in the digital realm. This means that insurance companies may anticipate a further surge in demand for low-code apps that run on mobile devices.
This is because the platform provides the foundational technology that allows users to create, deploy, and manage apps with little code. The platform provides the visual development environment, tools, and frameworks required to create software solutions, making it an important part of the low-code ecosystem. It is an important component of the low-code ecosystem since the platform gives the IDE tools and frameworks needed to build software solutions.
The North American low-code technology in the insurance market is estimated to register the maximum market share in revenue in the near future. It can be attributed to the fact that the area has the biggest concentration of major low-code development platform suppliers and the highest concentration of small, medium, and large IT enterprises. In addition, Asia Pacific is predicted to grow rapidly in the global low code technology in the insurance market due to the region's acceptance of BYOD and enterprise mobility, rising demand for strong solutions, continuing digital transformation, and fast digitization.
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Report Attribute |
Specifications |
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Growth Rate CAGR |
CAGR of 18.16% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Component, Application Type, And Organization Size |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Competitive Landscape |
Appian, Damco Group, Mendix Technology BV, Hitachi Solutions, Microsoft Power Apps, Salesforce Platform, Quickbase, Oracle APEX Application Development, Zoho Corporation Pvt. Ltd, Pegasystems Inc., Sapiens International, Kissflow Inc., UiPath and Other Market Players |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Low Code Technology in Insurance Market Snapshot
Chapter 4. Global Low Code Technology in Insurance Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Component Estimates & Trend Analysis
5.1. by Component & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Component:
5.2.1. Platform
5.2.2. Services
Chapter 6. Market Segmentation 2: by Application Type Estimates & Trend Analysis
6.1. by Application Type & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application Type:
6.2.1. Web-based
6.2.2. Mobile-based
6.2.3. Desktop
6.2.4. Server-based
Chapter 7. Market Segmentation 3: by Organization Size Estimates & Trend Analysis
7.1. by Organization Size & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Organization Size:
7.2.1. SMEs
7.2.2. Large Enterprises
Chapter 8. Low Code Technology in Insurance Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Component, 2019-2031
8.1.2. North America Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Application Type, 2019-2031
8.1.3. North America Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Organization Size, 2019-2031
8.1.4. North America Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
8.2. Europe
8.2.1. Europe Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Component, 2019-2031
8.2.2. Europe Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Application Type, 2019-2031
8.2.3. Europe Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Organization Size, 2019-2031
8.2.4. Europe Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
8.3. Asia Pacific
8.3.1. Asia Pacific Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Component, 2019-2031
8.3.2. Asia-Pacific Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Application Type, 2019-2031
8.3.3. Asia Pacific Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Organization Size, 2019-2031
8.3.4. Asia Pacific Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
8.4. Latin America
8.4.1. Latin America Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Component, 2019-2031
8.4.2. Latin America Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Application Type, 2019-2031
8.4.3. Latin America Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Organization Size, 2019-2031
8.4.4. Latin America Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
8.5. Middle East & Africa
8.5.1. Middle East & Africa Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Component, 2019-2031
8.5.2. Middle East & Africa Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Application Type, 2019-2031
8.5.3. Middle East & Africa Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by Organization Size, 2019-2031
8.5.4. Middle East & Africa Low Code Technology in Insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Adacta
9.2.2. Appian
9.2.3. BriteCore
9.2.4. Cogitate
9.2.5. Damco Group
9.2.6. Easysend
9.2.7. Evari
9.2.8. Hitachi Solutions
9.2.9. Instanda
9.2.10. Insurity
9.2.11. Kissflow Inc.
9.2.12. Majesco
9.2.13. Mendix Technology BV
9.2.14. Microsoft Power Apps
9.2.15. Neutrinos
9.2.16. Newgen
9.2.17. Oracle APEX Application Development
9.2.18. OutSystems
9.2.19. Pegasystems Inc.
9.2.20. Quickbase
9.2.21. Salesforce Platform
9.2.22. ServiceNow
9.2.23. Solartis
9.2.24. SpeedBuilder Systems
9.2.25. UiPath
9.2.26. Unqork
9.2.27. Vitech
9.2.28. Zoho Corporation Pvt. Ltd
9.2.29. Other Prominent Players
Low Code Technology in Insurance Market By Component-
Low Code Technology in Insurance Market By Application Type-
Low Code Technology in Insurance Market By Organization Size-
Low Code Technology in Insurance Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
