Insurance Enterprise ICT Investment Market Trends by Budget Allocations (Cloud and Digital Transformation), Future Outlook, Key Business Areas and Challenges, 2022
Insurance Enterprise ICT Investment Market Trends by Budget Allocations (Cloud and Digital Transformation), Future Outlook, Key Business Areas and Challenges, 2022, summarizes key findings from the GlobalData’s ICT customer insight survey carried out in H1-2022. It reveals how the overall ICT budgets and their allocations towards various business functions and spending areas, have changed for enterprises in the insurance sector in 2022 when compared to 2021. The report also discusses the change in ICT budget allocations for digital transformation enabling technologies like artificial intelligence (AI), internet of things (IoT), automation and edge computing among enterprises in 2022 as compared to 2021. It sheds focus on the change in ICT budget allocations across 30 IT hardware, software, and service categories. The report also gives an indication of ICT opportunities in insurance sector with forward-looking insights on enterprise spending priorities for over 100 ICT product and service sub-categories over next two years.
The survey report provides information and insights into ICT spending by enterprises in insurance sector –
– Insights of its ICT budget allocation by business function and key spending areas
– Enterprise ICT budget allocations by type of ICT project
– Breakdown of enterprise budget allocation change by digital transformation areas
– Segment ICT budget allocation trends
– Insights on ICT technology spending priorities of enterprises in insurance sector
– Enterprise cloud computing investment priority
Insurance Sector Enterprise ICT Budget Allocations Comparative Analysis – 2020 vs. 2021
The report reveals how total ICT budgets of enterprises in the insurance sector are expected change in 2021 compared to 2020 and how enterprises ICT budgets changed in 2020 compared to a year before.
Insurance Sector Enterprise ICT Budget Analysis 2020 vs 2021
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Majority of the enterprises in the insurance sector are planning to increase their ICT budget for 2021 compared to previous year
According to GlobalData’s survey, majority of respondents from the insurance sector claim that there is a slight increase (>1% to 6%) in their enterprise ICT budget for 2021 compared to 2020. This is 1.9 percentage points (p.p.) higher than the percentage of respondents who claimed that there has been a slight increase in their ICT budget for 2021 compared to the year earlier.
The report also discusses the level of change expected in enterprise ICT budget allocation in insurance sector in 2021 compared to previous year by:
- Key spending areas
- Key business functions
Insurance Sector Enterprise ICT Budget Allocations by ICT Infrastructure Spending Areas – 2020 & 2021
According to GlobalData’s survey, the largest share of the ICT budget in insurance sector will be allocated to hardware. The report shows how enterprises distributed their total ICT budget across the following ICT infrastructure spending areas in 2020, and how they propose to distribute their planned ICT budget in 2021 across these areas
- Internal Costs
- ICT Services
Planned Enterprise ICT Budget in Insurance Sector by Key Infrastructure Spending Areas, 2021
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Insurance Sector Enterprise ICT Budget Allocations by Key Business Functions – 2020 & 2021
According to GlobalData’s survey, among the business functions procurement & operations will receive the largest share of the ICT budget in insurance sector. The report shows how enterprises distributed their total ICT budget across the following Business Functions in 2020, and how they propose to distribute their planned ICT budget in 2021 across these functions?
- Procurement & Operations
- Sales, Marketing and Customer Relations
- Finance & Accounting
- Research & Development
- Human Resources & Legal
Planned Enterprise ICT Budget in the Insurance Sector by Key Business Functions, 2021
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Enterprise ICT Budget Allocations by type of ICT project – 2020 & 2021
According to GlobalData’s survey, the enterprises are likely to allocate higher share of their enterprise ICT budget on running existing ICT systems and applications compared to investments on new ICT projects. The report shows what proportion of their total ICT budget in 2021 have the enterprises allocated on “existing ICT systems and applications” versus “New ICT projects” and how do propose to distribute their planned ICT budget in 2021 on these existing systems and new projects?
Enterprise ICT budget breakdown: Existing systems Vs New ICT projects – 2021
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Enterprise Digital Transformation Budget Allocations in the Insurance Sector – 2020 & 2021
According to GlobalData’s survey, there will be a marked increase in the share of the ICT budget allocated towards digital transformation in 2021 compared to 2020. The report highlights the percentage of enterprise ICT budget that would be allocated for digital transformation in 2021 as compared to 2020, and also offers breakdown of the budget by following digital transformation areas.
- Artificial intelligence & Machine Learning
- Blockchain & Distributed Ledger
Enterprise ICT Budget Allocation for Digital Transformation: 2020 Vs 2021
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Segment ICT Budget Allocations– 2020 vs. 2021
The report offers segmental budget allocation trends and forecast across 33 ICT products and services covering hardware, software, IT consulting, managed IT services, and network & communications segments.
According to GlobalData’s survey, ‘network equipment’ will account for the largest share of the total insurance sector enterprise hardware budget estimated for 2021, which is an increase over the share of hardware budget it accounted for in 2020.
Annual change in Insurance Sector Enterprise Hardware Budget Allocations
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The survey also reveals, ‘enterprise applications (ERP, CRM)’ will account for the largest share of the total insurance sector enterprise software budget estimated for 2021, which is same as the share of software budget it accounted for in 2020. Similarly, ‘systems design & integration consulting’ will account for the largest share of the total insurance sector enterprise IT consulting services budget estimated for 2021, an increase over the share of total insurance sector enterprise IT consulting services budget it accounted for in 2020.
Enterprise ICT Technology Spending Priorities in Insurance Sector – Future Outlook
The report offers forward looking insights on enterprises’ ICT spending in insurance sector priorities across 29 technology areas within the following categories:
- Cloud Computing
- Communication & Collaboration
- Client Computing
Insurance Sector Enterprise Cloud Computing Investment Priority – Now vs. next two years
Largest number of the respondents claimed that their enterprises will invest in cloud management platform and PaaS in the next two years or that their enterprises have already invested in this cloud computing technology, closely followed by the number of respondents confirming their plans to invest in IaaS. Furthermore, among the cloud deployment models, largest number of the respondents confirmed their plans to invest on managed cloud and private cloud.
Cloud Computing Technology Investment Priority – Current Vs Next Two Years
For more insights on enterprise cloud budget allocations in insurance sector, download a free sample
Insurance Sector Enterprise ICT Investment Trends Overview
|Enterprise ICT Budget Allocations and Outlook||Business Functions, Key Spending Areas (ICT Products & Services), Existing vs. New Systems|
|Key ICT Infrastructure Spending Area||Hardware, Software, ICT Services, Consulting, Network and Communication, Internal Development & Maintenance (Internal Costs), and Others|
|Key Business Functions||Production, Procurement & Operations, Sales, Marketing and Customer Relations, Finance & Accounting, Research & Development, and Human Resources & Legal|
|Enterprise ICT Budget Allocations on Digital Transformation||Overall Digital Transformation Budget Allocation, and by Digital Transformation Areas|
|Key Digital Transformation Areas||Artificial intelligence & Machine Learning, Blockchain & Distributed Ledger, Automation, IoT, and Others|
Segment ICT Budget Allocations
|Hardware, Software, IT Consulting, Managed IT Services, Network & Communications|
Enterprise Technology Priorities and Spending Preferences
|Cloud Computing, Communication & Collaboration, Client Computing, Mobility, and Outsourcing|
Insurance Sector Enterprise ICT Investment Trends Report Scope
The survey-based report provides an overview of the following –
- Enterprise ICT Investment Trends – 2021: Overview of survey findings for enterprise ICT budget allocations across key spending areas, business functions, and existing vs new systems for current year
- Enterprise ICT Investment Trends – 2021: Overview of survey findings for enterprise ICT budget outlook across key spending areas, business functions, and existing vs new systems for 2021
- Enterprise ICT Investment Trends – 2020 vs. 2021: Overview of survey findings regarding changes in the enterprise ICT budget allocations in 2021 compared to the previous year across key spending areas, business functions, existing vs new systems, as well as for digital transformation
- Enterprise ICT Investment Trends – 2020 vs. 2021: Overview of survey findings regarding enterprise ICT budget allocations in 2020 and 2021 across the key ICT segments including software, hardware, IT consulting, managed IT services, and network & communications.
- Future Outlook – Enterprise Technology Priorities: Overview of survey findings on enterprise investment priority for key technologies current vs next two years
- The survey was conducted in H1 2021 via an online methodology, with respondents all having ICT decision maker responsibility (typically CIOs and IT Managers). GlobalData plans to repeat the survey in H1 2022, in order to monitor ICT budget changes on an ongoing basis.
– Most enterprises in the insurance sector have seen their ICT budgets increase significantly in 2022 compared to 2021.
– Most enterprises have seen their ICT budgets slightly increase across most of the ICT products/services areas in 2022.
– Most enterprises have had slight increases in their software budget allocations across all software categories; however, for storage, the proportion indicating significant increases in their budget allocation is relatively high.
– Cloud computing budgets across all cloud implementation models have increased in most enterprises in the insurance sector in 2022.
Reasons to Buy
– The report is based on GlobalData’s IT Customer Insight Survey carried out annually covering key ICT decision makers from enterprises across various industry verticals to understand their ICT investment priorities and trends.
– This survey report offers a thorough analysis of Enterprise ICT Investment Trends and how it has changed this year compared to previous year.
– The report also presents an analysis of enterprise ICT budget allocations by various spending areas, business functions and product/service categories and how they have changed this year compared to previous years.
– With more than 50 charts the report is designed for an executive-level audience, boasting presentation quality.
– The report provides insights in a concise format to help executives build proactive and profitable growth strategies.
– The report provides an easily digestible market assessment for decision-makers built around research gathered from the local IT decision makers, which enables executives to quickly get up to speed with the current and emerging trends in enterprise ICT investment priorities.
Table of Contents
Table of Contents
Enterprise ICT Budget Allocations – 2022 vs 2021
Key Business Areas and Business Challenges – 2022 vs 2021
Cloud & Digital Transformation Budget – 2022 vs. 2021
Segment ICT Budget Allocation – 2022 vs 2021
Future Outlook: Enterprise Technology Priorities
Frequently Asked Questions
About 31.5% of respondents from the insurance sector claimed that there will be a slight increase in their enterprise ICT budget for 2021-22 compared to 2020-21.
According to GlobalData’s survey results, the largest share of enterprise ICT budget for Insurance Sector in 2020 has been spent on internal costs, which is likely to remain the same in 2021.
The key ICT infrastructure spending areas in insurance sector are hardware, software, ICT services, consulting, network and communication, and internal development & maintenance (internal costs).
The key business functions considered for ICT budget allocation by enterprises in the insurance sector are production, procurement & operations, sales, marketing and customer relations, finance & accounting, research & development, and human resources & legal.
There will be a 5.3 percentage points (p.p.) increase in share of ICT budget allocated towards digital transformation in 2021 compared to 2020.
AI & Machine Learning, Blockchain & Distributed Ledger, and Automation will be some of the key digital transformation areas that enterprises would allocate their ICT budgets on.
ICT Infrastructure Maintenance, Applications, Service Support & Help desk, support IT management are some of the key ICT functions to be outsourced over the next two years.
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