Insurance Software Market Size | Industry Trends & Growth Insights 2025

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Code: MTA10092

Publication Date: Oct 2025

What is the size of Insurance Software Market?

According to 6Wresearch internal database and industry insights, the Global Insurance Software Market was valued at USD 12 Billion in 2024 and is expected to reach USD 17.49 Billion by 2031, growing at a compound annual growth rate of 5.60% during the forecast period (2025-2031).

The key factors contributing to this growth are increased need for automation in the insurance processes, increased migration to cloud-based solutions, and the growing need for tools to support regulatory compliance.

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Growth Factors for Insurance Software Industry

Increasing adoption of digital transformation and automation within the insurance industry.
Increasing demand for cloud-based solutions to increase scalability and reduce operational costs.
Increasing need for regulatory compliance tools to respond to evolving insurance regulations.
Increased use of AI and data analytics to improve customer experience and operational efficiencies.
Increase in mobile apps and usage of integrated software solutions to provide ease of access.

Insurance Software Market Trends

The Insurance Software Market is trending significantly as insurers are adopting cloud-based platforms for optimised and efficient operations. The use of artificial intelligence (AI) in underwriting, claims processing, and customer service is growing. Additionally, the need for real-time data analytics to provide more personalised services and assess risks more effectively is adding to the innovation in this space. Insurers are also moving towards mobile-first to meet customer expectations, as the world moves more towards mobile.

Emerging Developments in the Insurance Software Market

The Insurance Software Market is expected to grow with developments such as the integration of AI and machine learning to automate claims processing and risk management. Further, the growth of insurtech startups is fostering the development of innovative solutions tailored to small and medium-sized insurers. Mobile insurance apps are evolving to offer personalized services, while blockchain technology is expected to play a significant role in enhancing data security and transparency in insurance transactions.