IT Spending Trends in the Japanese Insurance Industry: 2011
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In March, Japan was rocked by one of the largest earthquakes on record. Despite the massive scale of the Great East Japan Earthquake, the insurance industry has weathered the disaster well. Celent forecasts that insurance IT investments will grow from 7.84 billion USD in the fiscal year ended March 2011 to reach 7.98 billion USD in the fiscal year ending March 2015.
In this new report, IT Spending Trends in the Japanese Insurance Industry: 2011, Celent offers an in-depth analysis of IT investments based on trends in the industry. This report takes into account the recent disaster while offering a comprehensive analysis of Japan’s insurance industry. Celent forecasts that information technology spending for the year ending March 2012 will decline marginally before rebounding to enjoy moderate growth. For the fiscal year ending March 2010 through the fiscal year ending March 2015 Celent expects a compound annual growth rate (CAGR) of approximately 0.38% as IT spending in Japan’s insurance industry trends largely sideways.
“The March 11 earthquake will accelerate change in a number of areas, including prompting the industry to revisit business continuity planning (BCP) and reconsider the adoption of green IT,” says KyongSun Kong, Analyst with Celent's Asian Financial Services Group and author of the report. “In terms of the latter, the disaster will spur companies that have been dragging their feet to study the introduction of technologies such as cloud computing and SaaS solutions.”
In this report, Celent scrutinizes the current state and future prospects for Japan’s insurance industry, offering analysis of IT trends as well as proposals to help insurance companies and vendors to formulate profitable strategies for the future.