Blockchain in Insurance Market Analysis
The blockchain in insurance market is anticipated to
grow by US1.42 Billion by 2024 rapidly growing at a CAGR of 69.72% during the forecast period 2019 to 2024. The
global blockchain in insurance market is driven by investments being made by
market’s key companies along with rising interest from different industry
segments in insurance and technology domains. These factors have helped shape
the blockchain in insurance market and are expected to boost the growth.
Companies in the blockchain in insurance market could also face challenges such
as uncertain regulatory issues and lack of clear policies. The details covered
in the blockchain in insurance market report cover all the aspects of the
industry. Analysts studying the blockchain in insurance market have also shared
growth projections in the report and have suggested blockchain in insurance
market players to plan business strategies accordingly.
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Market Segmentation
The global blockchain in insurance market has been
segmented based on application, organization size, sector, service provider,
and type.
On the basis of application, the market for
blockchain in insurance is segmented based on reinsurance, GRC management,
property & casualty insurance, smart contracts, and fraud detection &
risk prevention. Additionally, the market on the basis of organization size, is
segmented into SMEs and large enterprises. The global market for blockchain in
insurance is also covered based on sector segment which is further split into
auto insurance, health insurance, title insurance, life insurance, and others.
On the basis of service provider, the market for
blockchain in insurance is segmented based on infrastructure & protocols
providers, middleware service providers, and application & solution
providers. Additionally, the market on the basis of type, is segmented into
consortium or federated blockchain, private blockchain, and public blockchain.
Factors like increasing adoption of cloud-based
solutions and services and integration and deployment across different industry
verticals support the blockchain in insurance market growth. The performance of
blockchain in insurance market has also been studied for the past and current
years. Additionally, the blockchain in insurance market report provides
analysis of these segments. The blockchain in insurance market segmental
analysis provided in the report offers major details about the blockchain in
insurance market based on the data and forecasts till 2024.
Regional Overview
Companies in the blockchain in insurance market are
spread across the world. The blockchain in insurance market report provides
major information about regional markets of North America, Europe, Asia-Pacific
(APAC), and the rest of the world.
The North American blockchain in insurance market
has many companies across the United States, Canada, and Mexico. The blockchain
in insurance market of the Middle East, Africa, and other regions has also been
studied by analysts. The regional analysis of the blockchain in insurance market
can be found in the market research report. Europe has companies in the
blockchain in insurance market across Germany, France, Spain, Italy, and the
United Kingdom. A detailed analysis of the blockchain in insurance market
across India, China, and Japan in the Asia-Pacific region is also presented in
the report.
Competitive Landscape
The blockchain in insurance market is supported by
increasing application areas of IoT. The population growth around the world and
increasing demand of blockchain in insurance market based services and products
also support the market growth. However, the blockchain in insurance market
growth can be affected due to complex policies. The report covers all such
details which will help companies in the blockchain in insurance market to
strengthen their business plan and improve their product portfolio. The blockchain
in insurance market research report also provides company profiles of major
companies. The company profiles of many organizations operating in the
blockchain in insurance market report highlights crucial details like company
size, revenue growth, and details of mergers and acquisitions taking place in
the blockchain in insurance market. New companies and established businesses
can plan their strategies based on this data provided in the blockchain in
insurance market research report.
Industry News
Aragon, a network specialized in the administration
of decentralized independent entities, announced a merger with a blockchain
voting and governance solution provider, the Vocdoni protocol. This deal has a
much more conventional nature, unlike the Yearn.finance mergers. Dvote Labs OU,
the firm behind the Vocdoni protocol, was purchased by Aragon.
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