Blockchain in Insurance Market Analysis
Blockchain in Insurance Market to hit US$ 4663 Million, Globally, by 2027 at 85.9% CAGR, 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. The market research report explores a comprehensive study on blockchain insurance companies, market various segments like opportunities, size, development, innovation, sales, and overall growth of major players.
Various factors are fuelling the global blockchain in insurance market growth. As per the recent MRFR market estimates, such factors include the early adoption of blockchain technology by financial providers, growing investments by key players in R&D of blockchain-based application development, the developing digital technology that support the development of platforms for digital transactions, developing need of integrating advanced security while transaction on digital platforms owing to rise in fraudulent insurance claims, and the emerging need to have trustworthy and transparent systems. The additional factors adding market growth include the overall trends witnessed in the insurance sector related to increase in claims-related frauds, increase in fraudulent insurance claims, focus to reduce total cost of ownership, growth of blockchain as a service, increasing penetration of IoT, and increasing adoption of cloud-based solutions.
On the contrary, uncertain regulatory status, lack of common standards, lack of standard protocols, limited technical knowledge in end users, and the impact of the COVID-19 pandemic may limit the global blockchain in insurance market growth in the region.
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Blockchain in Insurance Market Key Players
Key contenders profiled in the global blockchain in insurance market report include
- Oracle
- Applied Blockchain
- Microsoft
- Algorythmix
- iXLedger
- Auxesis Group
- Guardtime
- AWS
- Earthport
- BitPay
- Circle
- BTL Group
- ConsenSys
Blockchain in Insurance 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 Service Provider:
- Infrastructure provider
- Application and solution
- Middleware provider
By Application:
- Payments
- GRC management
- Death claims
- Identity management
- Fraud detection
- Claims management
By Organization:
- By small enterprise
- Large scale enterprise
Blockchain in Insurance Market 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 RD 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.
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Key Points Covered in the Report:
- The Blockchain in Insurance research assesses the industry’s share in terms of demand and supply, as well as volume.
- The study mentions the market share acquired by each product category in terms of consumption value and volume.
- The report meticulously discusses financial records of cumulative sales and overall income gathered by each product category.
- The study includes information on the major organizations’ sales, product pricing methods, revenue shares, and gross margins.
- The operational base of the listed enterprises throughout many locations, as well as their distribution methods, is considered.
- There is also information on the market concentration ratio, partnerships, alliances, acquisitions, new rivals, and other significant changes.
Major Points from TOC:
- Global Blockchain in Insurance Market Overview
- Executive Summary
- Production and Capacity by Region
- Production, Revenue, Price Trend by Type
- Key Players Analysis
Continued…
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