Figure of the day: Spending on software - insurance sector - Spain
Seeing as the crisis has had limited impacts on the Spanish insurance sector in the short term, insurers have not massively cut their budgets, as has been the case in other sectors. Spanish insurers continue to invest in IT modernization, integration of acquisitions, and digitalization of processes, and the sector has a strong need for software, and in particular SaaS. As a result, the insurance sector still offers opportunities; in 2020, spending on software amounted to €237m (+1%), and on IT services to €776m (-2.4%).
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Insurance - InBrief Analysis - Spain