Cloud computing (IaaS, PaaS, SaaS, private, and hybrid) accounted for 9.5% of a global ICT market that was worth $2tn in 2017 according to GlobalData. While the global ICT market is forecast to record a compound annual growth rate (CAGR) of 5.7% over the next five years, cloud computing revenues – which passed $193bn in 2017 – will grow at 18%. In theory, the entire IT market could shift to the cloud, so the disruption to the global software and IT services sector is likely to be substantial.
Insurance companies are increasingly adopting cloud technology to enable digital innovation, achieve reduced operational costs, and enhance operational efficiency through greater mobility. By altering the role of the IT function within an organization, the cloud is also changing the way insurers source and utilize IT infrastructure, such as using a remote server to store, manage, and process data. The readily available infrastructure and application components enable insurers to increase capacity or add capabilities speedily without investing in costly IT infrastructure.
This report focuses on the impact of cloud computing in the insurance sector.
-It discusses how the insurance sector is increasingly adopting cloud technology to enable digital innovation, achieve reduced operational costs, and enhance operational efficiency through greater mobility.
-It identifies key winners in the cloud computing technology theme.
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The report highlights some of the IT industry’s incumbents, as well as cloud disruptors, categorized by their positions in the cloud computing value chain.
-It splits the trends analysis for the cloud computing theme into technology trends and insurance industry trends.
-It discusses the key value chain segments within each model.
-It provides an industry analysis, explaining the adoption of cloud computing.
-The report discusses the impact of cloud computing on insurance through case studies and key recommendations for insurance companies.
-It offers a technology briefing, explaining the benefits of cloud computing to businesses.
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Table of Contents
Impact of cloud computing on insurance
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