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.
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.
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 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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