(PR Web Via Acquire Media NewsEdge) (PRWEB) March 31, 2014
This report studies the "Health Insurance Exchange (HIX) IT Market by Type (Public, & Private Exchanges), Phase (Implementation, QA, Operations), Component (Services, Software, Hardware), End User (Government Agencies, TPAs, Health Plans) - Trends & Global Forecasts to 2018." The market estimated at $1,609.7 Million in 2013 is expected to reach $2,656.4 Million by 2018, growing at a CAGR of 10.5% from 2013 to 2018.
Despite the largest share carried by public exchanges, private exchanges overtake significantly in terms of market growth during the forecast period. The implementation phase dominates the global HIX market, by phase, in terms of revenue while operations and maintenance activities pose a great market growth potential owing to increasing post-implementation requirements such as facility support, network operations, systems management, hardware and software upgrades, storage management, system performance monitoring and reporting, trouble reporting and resolution, and disaster recovery services.
Based on endusers, the market growth will be mainly driven by third party administrators (TPAs)/brokerage firms/consultanciesduring the forecast period.Among all HIX components, the services and software market is expected to have an edge over hardware due to periodic software upgradation and additional features required, recurring nature of services required for ongoing operations, and increasing shifttowards cloud and SaaS models.Based on geography, the U.S. dominates the market and is also expected to grow at thehighest CAGR at least till 2018.
The U.S. health insurance exchange IT market carries a lion's share in the global market and is yet poised to grow at the fastest CAGR during the forecast period owing to growing adoption of private exchanges. The European market currently has a miniscule market share, growing at a lower rate mainly due to economic crisis, cultural barriers to IT adoption, and lack of initiatives for implementing HIX. Currently, Asia and the Rest of the Worlddo not have a measurable stake in this market. However, increasing HCIT and HIE adoption, decent IT skills, and the increasingoutsourcing trend is expected to generaterevenues in terms of private exchanges in this market in the near future.
Some leading players in the health insurance exchange IT market are Accenture (Ireland), CGI Group, Inc. (Canada), Deloitte (U.S.), IBM Corporation (U.S.), Infosys (India), MAXIMUS (U.S.), Oracle Corporation (U.S.), Xerox Corporation Ltd. (U.S.), and other emerging players such as Connecture (U.S.), Cognosante (U.S.), hCentive (U.S.), Hewlett-Packard (U.S.), Hexaware Technologies (India), Inovalon, Inc. (U.S.), KPMG (Netherlands), Microsoft Corporation (U.S.), Noridian Healthcare Solutions, LLC (U.S.), Tata Consultancy Services (TCS) (India), and Wipro Limited (India), among others.
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