IT Spending Trends in the Japanese Insurance Industry: 2010
The scale of Japan's insurance market is shrinking due to demographic and economic factors. Despite the outlook for the market overall, Celent projects that IT investment by the Japanese insurance industry will continue to demonstrate moderate growth in the medium term.
A new report by Celent, IT Investment Trends in the Japanese Insurance Industry: 2010, offers an analysis of IT investment trends in one of the largest insurance markets in the world. In the fiscal year ending March 2013, Celent forecasts that IT investments in the Japanese insurance industry will reach US$8.8 billion, growing at a compound annual growth rate (CAGR) of 1.9% from the fiscal year ending March 2009.
“Japan’s insurance industry is facing a challenging situation with dramatic demographic changes and a sluggish economy with which to contend. However, insurance companies will be obligated to press ahead with strategic IT investments to maintain growth into the future,” concludes KyongSun Kong, an analyst in Celent’s Asian Financial Services group and coauthor of this report.
This report offers an incisive analysis of market trends and IT trends within the insurance industry in Japan as well as strategic suggestions for insurance companies and vendors looking to formulate a profitable strategy for the future.