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.
Competitive Landscape
Some Major Key Players In The Low Code Technology in Insurance Market:
- Adacta
- Appian
- BriteCore
- Cogitate
- Damco Group
- Easysend
- Evari
- Hitachi Solutions
- Instanda
- Insurity
- Kissflow Inc.
- Majesco
- Mendix Technology BV
- Microsoft Power Apps
- Neutrinos
- Newgen
- Oracle APEX Application Development
- OutSystems
- Pegasystems Inc.
- Quickbase
- Salesforce Platform
- ServiceNow
- Solartis
- SpeedBuilder Systems
- UiPath
- Unqork
- Vitech
- Zoho Corporation Pvt. Ltd
- Other Prominent Players
Market Segmentation:
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.
According To The Application Type, The Mobile-Based Segment Is Accounted As A Major Contributor To The Low Code Technology In Insurance Market.
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.
Platform Segment To Witness Growth At A Rapid Rate.
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.
In The Region, The North American Low Code Technology In Insurance Market Holds A Significant Revenue Share.
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.
Recent Developments:
- In October 2023, AppLearn announced the successful completion of its SOC2 Type 1 attestation. Achieving this goal shows how serious the organization is about protecting its customers' privacy, data, and security.
- In Nov 2023, Sagitec formed a partnership with Whatfix, the top-rated Digital Adoption Platform (DAP) for businesses that relies on data. Together, they are developing a distinctive digital adoption solution that will be combined with pension, labor, employment, and other industry solutions. This collaboration enables customers to obtain Whatfix's cutting-edge Digital Adoption Platform directly from Sagitec, simplifying the process of deploying Whatfix to enhance user experience and expedite the adoption of Sagitec's software solutions.
Low Code Technology in Insurance Market Report Scope
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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. |
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