Digital innovation in the Canadian end user industry has increased the consumer expectations from the insurance companies. Further, tech-savvy customers in Canada will continue to push for enhanced products & services and new insurance channels that fit their lifestyle. To cater increasing customer needs, Canadian insurance companies are anticipated to adopt advanced IT software and services to sharpen their focus on real-time solutions and services.

DataCube Research offers market analysis, trends, future outlook, market size, and forecast for the research study titled “Canada Insurance IT Software and Service Market: Industry Analysis, Size and Forecast, 2019-2031"

Browse Full Report: Canada Insurance IT Software and Service Market | Analysis 2019-2031

Segment Analysis

The Canada insurance IT software and service market is segmented into offering, software, and services. The software segment is bifurcated into enterprise application software, enterprise infrastructure software, and industry-specific software. In 2021, the service segment dominated the Canada insurance IT software and service market.

The service segment is classified into IT product support service and business support service. Of these, the IT product support service sub-segment is expected to grow at a highest CAGR during the forecast period between 2022 and 2031.

Market Scenario

The sharing economy and regulatory headwinds are anticipated to disrupt the Canadian insurance industry over the forecast period. On the other hand, rising customer expectations to get real-time assistance and digital service on personal electronic devices are projected to encourage Canadian insurance companies to deploy advanced IT software and services. This is attributed to drive the Canada insurance IT software and service market growth. However, continuous decline in the Canadian dollar and sluggish economic growth have impacted the insurance industry in the country. Moreover, accounting uncertainty and regulatory change are anticipated to hinder the Canada insurance IT software and service market growth.

Canada Insurance IT Software and Service Market Competition Analysis

Major vendors operating in the Canada insurance IT software and service market are OpenText Corporation, Constellation Software, Inc., D+H (Financial Technology & Services), Enghouse Systems, Ltd., Mitel Networks, Calian Technologies, CGI Group, Softchoice, and OnX Enterprise Solutions.