Blockchain in Insurance Market Analysis
The global Blockchain in Insurance Market size will touch
USD 1.42 billion at a staggering 69.72% CAGR between the forecast period 2019-
2024, according to the new Market Research Future (MRFR) analysis. Blockchain
makes servicing and selling insurance better, cheaper, and faster via improving
fraud prevention, health insurance, claims management, and reinsurance. The end
results will be better customer experiences and lower prices.
Various factors are
propelling the global blockchain in insurance market growth rate. According to
the recent MRFR market estimates, such factors include early adoption by
financial service providers and insurance organizations, rising investments by
key players in R&D of blockchain-based application development, growing
digital technology that supports the development of platforms for digital
transactions, growing need of using advanced security at the time of the
transaction in digital platforms, increase in fraudulent insurance claims,
increasing adoption of cloud-based services and solutions, and rising
application areas of IoT.
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On the contrary, the
COVID-19 impact, limited technical knowledge in end users, lack of standard
protocols, and the uncertain regulatory issues are factors that may limit the
global blockchain in insurance market growth over the forecast period.
Market Segmentation
The MRFR report highlights
an inclusive segmental analysis of the global blockchain in insurance market
based on sector, application, organization size, service provider, and type.
By type, the global
blockchain in insurance market is segmented into federated or consortium
blockchain, private blockchain, and public blockchain.
By service providers, the
global blockchain in insurance market is segmented into infrastructure and
protocols providers, middleware service providers, application and solution
providers, and others. Of these, the application and solution providers segment
will lead the market over the forecast period.
By organization size, the
global blockchain in insurance market is segmented into large enterprises and
small and medium enterprises.
By application, the global
blockchain in insurance market is segmented into reinsurance, GRC management,
smart contracts, property and casualty insurance, and fraud detection and risk
prevention.
By sector, the global
blockchain in insurance market is segmented into auto insurance, title
insurance, health insurance, life insurance, and others.
Regional Analysis
By region, the global
blockchain in insurance industry covers the growth opportunity and recent
trends across Europe, North America, the Asia Pacific (APAC), and the Rest of
the World (RoW). Of these, North America will dominate the market over the
forecast period. High adoption in the finance sector, rising skilled expertise
for cryptocurrency, rising initiatives by insurance agencies to educate
insurers regarding the perks of using blockchain technology, and rising adoption
in Canada and the US, are adding to the global blockchain in insurance market
growth in the region.
The global blockchain in
insurance market in the APAC region is predicted to have healthy growth over
the forecast period. Increasing investments in R&D of blockchain technology
in South Korea, Singapore, and Japan, the introduction of blockchain-enabled
medical insurance service in China, development of advanced technologies in
India, rising initiatives by Indian insurer consortium, and improvement in
claims management systems and insurance services are adding to the blockchain
in insurance market growth in the region.
The global blockchain in
insurance market in Europe is predicted to have sound growth over the forecast
period, and in the RoW is predicted to have steady growth over the forecast
period.
Key Players
Key contenders profiled in
the global blockchain in insurance market report include Tierion, Teambrella,
RiskBazaar, Lemonade, Inmediate, B3i, Ixledger Black, Algorythmix, Applied
Blockchain, Recordskeeper, Symbiont, Guardtime, Consensys, Everledger,
Safeshare Global, Blockcypher, Chainthat Limited, Cambridge Blockchain, Bitpay,
Circle, Auxesis Group, Factom, Digital Asset Holdings, Bitfury, BTL Group,
Earthport, SAP SE, AWS, Microsoft Corporation, Oracle Inc., and IBM
Corporation.
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