The Claims Management Software (CMS) Market Will Be Worth Over $8 Billion In 2030

The Claims Management Software (CMS) Market Will Be Worth Over $8 Billion In 2030

In the Verdantix Market Size And Forecast: Claims Management Software 2024-2030 (Global) report, we calculated that the global market for CMS was worth $4.25 billion in 2024, and is expected to nearly double to $8.22 billion over the next five years, with a compound annual growth rate (CAGR) of 12%. Here are the key insights from our research:

• CMS plays a larger role as firms seek to do more with less.
  As organizations face increasing pressure from customers to optimize resources, control costs and maintain their competitive edge, CMS has become an essential tool for doing more with less. Claims management systems enable firms to handle higher volumes of claims with greater speed and accuracy, all while reducing the need for manual intervention and additional staffing. With this technology – and other innovations – providers in the market are targeting a significant reduction in cost and process complexity, up to 40% by 2030 according to McKinsey & Company.
  
  
• North America contributes the bulk of spend on CMS – and will continue to do so.
  North America is projected to lead spending in the global claims management software market, with a CAGR of 12% over the next five years. This will be driven by a sharp rise in climate-related disasters and mounting healthcare expenses, both of which are fuelling a higher volume and greater complexity of insurance claims. Recurrent events like wildfires, floods and hurricanes – particularly in high-risk areas across the US – are intensifying the need for advanced, efficient solutions in property and casualty claims processing.
  
  
• Highly regulated industries will experience the fastest growth.
  Verdantix research reveals that industries such as finance and insurance, healthcare, transportation, public administration and construction will dominate CMS spend. These industries face frequent, high-value claims and regulated operations, which necessitates advanced, compliant technology solutions. These organizations play a key role in economic stability and growth, with steady demand. However, their typically large and complex organizational structure often hinders agility, amplifying the need for digital, SaaS-based platforms that streamline workflows, mitigate litigation risks and enhance decision-making efficiency.

To learn more about the drivers and barriers in this market, as well as regional and industry trends, see Verdantix Market Size And Forecast: Claims Management Software (CMS) 2024-2030 (Global) and stay tuned for our upcoming Smart Innovators report on this market.