PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532899
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532899
Credentialing Software Market size was valued at USD 2,910.32 million in 2023, expanding at a CAGR of 9.89% from 2024 to 2032.
Credentialing software is an essential tool in numerous sectors, from healthcare to sports, where maintaining professional certifications and accreditations is crucial. This software streamlines the credentialing process by automating tasks such as application processing, document management, background checks, compliance tracking, and re-credentialing. It also provides specialized solutions for healthcare organizations, with a focus on provider enrollment, privileging, and compliance.
Credentialing Software Market- Market Dynamics
Growing demand for effective management of professional qualifications and compliance requirements is expected to drive the growth of the market
Healthcare, finance, and education are heavily regulated industries. Credentialing software is essential for organizations to effectively manage and monitor compliance with these regulations. With the increasing number of professionals in various sectors, there is a growing need for efficient credentialing processes. Credentialing software plays a crucial role in seamlessly managing large volumes of data. The shift from check-the-box compliance to a more strategic approach has been noticed by 70% of corporate risk and compliance professionals over the past two to three years (2023 Thomson Reuters Risk & Compliance Survey Report). According to Compliance Statistics, 60% of business owners struggle with keeping up with compliance and regulations. The expansion of Telehealth services, accelerated by the COVID-19 pandemic, creates significant market opportunities for credentialing remote healthcare providers. However, market growth may be restricted by Data Security and Privacy Concerns.
Credentialing Software Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.89% over the forecast period (2024-2032)
Based on Product Type segmentation, Social Customer Service &Contact Center Infrastructure was predicted to show maximum market share in the year 2023
Based on Deployment Mode segmentation, On-premises was the leading Product Type in 2023
Based on Application segmentation, Electronic Credentials Storage was the leading Product Type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Credentialing Software Market is segmented based on Product Type, Deployment Mode, Application, and Region.
The market is segmented into three categories according to Product Type: Cloud Identity & Access Management, Social Customer Service & Contact Center Infrastructure, and Others. Social Customer Service & Contact Center Infrastructure holds the largest market share. This sector encompasses technologies and solutions that facilitate organizations in handling customer interactions and support services through social media platforms and traditional contact center channels.
The market is segmented into two categories according to Deployment Mode: On-premises and cloud. On-premises holds the majority share in the market. On-premises deployment entails the installation of software on servers located within the organization's premises, providing greater control over data security and compliance.
The market is segmented into two categories according to Application: Electronic Credentials Storage, Background Screening, Continuing Education, and Others. Electronic Credentials Storage leads the market. By digitizing and storing credentials electronically, electronic credentials storage enhances efficiency and security. This aspect is especially advantageous in healthcare, education, finance, and other sectors with strict credentialing procedures.
Credentialing Software Market- Geographical Insights
Geographically, the market covers North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are divided by countries for business purposes. North America leads the market, due to the increased focus on customer service management and access management. Companies in North America prioritize improving user experience through effective customer service management. Credentialing software is crucial in this aspect, providing efficient and automated processes for credential verification and management. A significant 40% of Americans believe that businesses are now giving more importance to customer service, as shown by Customer Service Statistics & Facts Of 2024. Europe is the second largest region for market growth, driven by the expanding healthcare industry.
The competitive landscape in the credentialing software market is shaped by a multitude of major players that provide a diverse array of solutions to meet the credentialing needs of various industries. These players emphasize the delivery of features like electronic credential storage, primary source verification, workflow automation, and compliance management. They also offer specialized assessment services tailored to different industries, guaranteeing precision and adherence to industry regulations, while emphasizing thorough and dependable credential evaluations.
vRad stands as the premier national provider of teleradiology services and telemedicine, boasting a team of more than 500 U.S. board-certified and eligible physicians. These skilled professionals analyze and manage patient imaging studies using the most advanced radiology PACS in the world, serving 2,100 client hospitals, health systems, and radiology group facilities across all 50 states.
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GLOBAL CREDENTIALING SOFTWARE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Kareo
OurRecords
Modio Health
Hyland Software
Echo
Vistar Technologies
BairesDev
Symplr
MidasPlus
Global Credential Evaluators, Inc
IntelliSoft Group
Covenant Technology Group
Others