LiDAR in Mapping Market Report 2025

The life insurance policy administration systems market size has grown rapidly in recent years. It will grow from $6.13 billion in 2024 to $6.93 billion in 2025 at a compound annual growth rate (CAGR) of 13.1%. During the historic period, growth was driven by rising demand for automated policy processing, increasing complexity of insurance products, greater need for regulatory compliance, higher customer expectations for faster service, and the growing adoption of digital platforms in the insurance sector.

The life insurance policy administration systems market size is expected to see rapid growth in the next few years. It will grow to $11.2 billion in 2029 at a compound annual growth rate (CAGR) of 12.7%. In the forecast period, growth is expected to be driven by rising adoption of cloud-based policy administration systems, growing demand for personalized insurance offerings, increasing focus on customer experience management, wider use of digital payment and e-policy solutions, and the need for real-time analytics and dashboards. Key trends during this period include the development of omnichannel service capabilities, predictive analytics models, integration with third-party platforms, adoption of blockchain solutions, and innovations in digital claims processing.

The growing demand for cloud-based solutions is expected to drive the life insurance policy administration systems market. Cloud-based solutions, delivered and accessed over the internet rather than installed locally, offer cost efficiency by reducing expenses on physical infrastructure, maintenance, and IT personnel through scalable, pay-as-you-go services. These solutions enhance life insurance policy administration systems by enabling flexible, scalable, and cost-effective management of policy operations, improving accessibility, automation, and real-time data processing. For example, in December 2023, Eurostat reported that 45.2 percent of businesses in the European Union used cloud computing services such as internet-based software, computing power, and storage, marking a 4.2 percentage point increase from 2021.

Companies in the life insurance policy administration systems market are focusing on innovative solutions, such as integrated digital payment platforms, to streamline transactions, improve operational efficiency, and enhance the customer experience. Integrated digital payment platforms combine multiple payment methods and financial services into a single digital interface, enabling seamless, real-time transactions within existing workflows. In June 2025, One Inc., a US-based software company, launched a pre-built payment integration for Verisk’s FAST platform, allowing seamless inbound premium processing within life insurance policy administration systems. The FAST platform streamlines end-to-end life insurance and annuity operations, from product development to customer self-service, policy administration, and claims management. By leveraging analytics, automation, and AI, it helps insurers enhance operational efficiency, reduce product time-to-market by up to 75 percent, and improve the overall digital experience for policyholders.

In August 2024, Eraaya Lifespaces Ltd., an India-based digital marketing company, acquired Ebix Inc. for $151.577 million. The acquisition enables Eraaya Lifespaces to expand its global technology presence, diversify its portfolio across insurance, finance, and healthcare sectors, and leverage Ebix’s expertise to drive growth and innovation. Ebix Inc., based in the US, provides comprehensive life insurance policy administration systems.

Major players in the life insurance policy administration systems market are Accenture Plc, Oracle Corporation, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Assure for Life and Wealth, Pegasystems Inc., Exl Service Holdings Inc., Sapiens International Corporation, Majesco, Insurity Sure Policy Inc., Vermeg S.A., Duck Creek Technologies Inc., EIS Group, Equisoft Corporation, Solartis Technologies Inc., FINEOS Corporation plc, Andesa Services Inc., BindHQ, QLAdmin Solutions Inc., Damco Solutions Inc.

North America was the largest region in the light detection and ranging (LiDAR) in the mapping market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in light detection and ranging (LiDAR) in mapping report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the light detection and ranging (LiDAR) in mapping market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The swift increase in U.S. tariffs and the ensuing trade tensions in spring 2025 are significantly affecting the machinery sector by increasing costs for steel, hydraulic systems, and precision bearings critical components often imported from tariff-affected regions. Manufacturers of construction, agricultural, and industrial machinery now face squeezed margins, as many long-term contracts prevent immediate price adjustments. The uncertainty has also delayed investment in automation and smart machinery technologies, slowing productivity gains. To adapt, firms are accelerating local supplier development, redesigning products to use alternative materials, and leveraging predictive maintenance to extend equipment lifespans amid higher replacement costs.

A life insurance policy administration system (PAS) is a software platform that manages the full lifecycle of life insurance policies, including issuance, underwriting, premium collection, claims processing, and policy servicing. It ensures accurate record-keeping, regulatory compliance, and efficient handling of customer interactions and policy-related transactions.

The main components of life insurance policy administration systems include software, services, and the administration system itself. The software automates and manages the end-to-end lifecycle of policies, covering issuance, administration, billing, claims, and reporting to enhance operational efficiency and customer experience. These systems support various insurance types, including individual and group life insurance. Deployment options include on-premises and cloud-based platforms. They are used for multiple applications such as new business processing, underwriting, policy administration, claims management, and billing and accounting, serving end-users such as insurance companies, banks, financial institutions, and other organizations.

The life insurance policy administration systems market research report is one of a series of new reports that provides life insurance policy administration systems market statistics, including life insurance policy administration systems industry global market size, regional shares, competitors with a life insurance policy administration systems market share, detailed life insurance policy administration systems market segments, market trends and opportunities, and any further data you may need to thrive in the life insurance policy administration systems industry. This life insurance policy administration systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The life insurance policy administration system market includes revenues earned by entities through system integration and implementation, application hosting and maintenance, consulting and advisory, training and education, and support and managed services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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