MarketDigits MR recently added Global Blockchain in Insurance Market Study that gives deep analysis of current scenario of the Market size, demand, growth, trends, and forecast. Revenue for Blockchain in Insurance Market has grown substantially over the five years to 2020 as a result of strengthening macroeconomic conditions and healthier demand, however with current economic slowdown and Face-off with COVID-19 Industry Players are seeing Big Impact in operations and identifying ways to keep momentum. Blockchain in Insurance Market estimates rely extensively on both the volume and value and due to slowdown price fluctuation in widening demand and supply gap.
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Report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
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The blockchain technology in insurance is a decentralized and shared digital distributed ledger that records and provides the history of an individual’s transactions, including claims, thus helping insurers prevent, detect, and counter frauds. The blockchain technology offers smart contracts for insurers and customers for managing claims transparently and responsively. Insurance companies have begun testing and proving out new models based on blockchain technology, starting with the low-risk, internal prototypes, and the pilot projects within their infrastructure.
The blockchain in insurance market size was valued at USD 64.50 million in 2018 and projected to reach USD 1,393.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9%. The major growth drivers of the market include the emerging need to have transparent and trustworthy systems, and the overall trends witnessed in the insurance sector related to increase in claims-related frauds. The base year considered for this report is 2017, and the market forecast period is 2018–2023.
Application and solution provider segment is expected to grow at the highest CAGR during the forecast period
The blockchain technology is a decentralized ledger that is distributed across a business network that permanently records business transactions. The blockchain technology decentralizes the ownership of credentials, thereby offering a universal protocol for verifying users’ records in an immutable data chain. The blockchain technology has the potential to deliver disruptive outcomes and reshape digital businesses. Market vendors provide various solutions, including digital identity verification, money transfers, exchanges, documentation, capital markets, and trading. These vendors offer blockchain technologies that are more likely to deliver value to businesses by reducing the duplication of transactional data and providing periodic reconciliation and authentication for commercial and regulatory reasons.
Key Market Players :
Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US), BlockCypher (US), BTL Group (Canada), Cambridge Blockchain (US), ChainThat (UK), Circle (US), ConsenSys (US), Digital Asset Holdings (US), Earthport (UK), Everledger (UK), Factom (US), Guardtime (Estonia), IBM (US), iXLedger (UK), Microsoft (US), Oracle (US)
Major Classifications are as follows:
- Health Insurance
• Life Insurance
• Title Insurance
- Consortium or Federated Blockchain
• Public Blockchain
• Private Blockchain
By Organization Size
• Large Enterprises
By Service Providers
- Application & Solution Providers
• Middleware Service Providers
• Infrastructure and Protocols Providers
- Smart Contracts
• Property & Casualty Insurance
• GRC Management
• Fraud Detection and Risk Prevention
- North America
- South America
- Rest of the World
Challenge: Lack of awareness about the blockchain technology
Blockchain technology is still in its nascent stage, with few applications getting traction among the industry verticals. Although the insurance industry has shown a positive trend in the adoption of technology, a lot needs to be done in terms of spreading awareness about the DLT and its diverse application areas in the insurance industry. The lack of awareness is one of the foremost challenges. Hence, it needs to be addressed swiftly. Blockchain use cases with its successful implementation stories could potentially build up the momentum of adoption by the insurance industry. Insurance companies are grappling with frauds, risk, compliance, and security issues, which could be addressed through the successful implementation of blockchain technology. Thus, creating awareness could drive the growth of blockchain technology adoption.
Blockchain in Insurance Market report provides statistics on the current state of the industry and thereby acts as a valuable source of guidance and direction for companies & investors interested in this market. Each of the topics is researched and analysed in depth for generating comprehensive Blockchain in Insurance Market research report. This Blockchain in Insurance Market report examines the market with respect to general market conditions, market status, market improvement, key developments, cost & profit of the specified market regions, position and comparative pricing between major players. Blockchain in Insurance Market report is an absolute background analysis of the industry which includes an assessment of the parental market.
Key questions addressed in the report
- Which regions are likely to grow at the highest CAGR?
- What are the recent trends affecting the blockchain in the insurance market?
- Who are the key players in the market, and how intense is the competition?
- What are the key implementation areas of blockchain insurance?
- What are the challenges hindering the adoption of blockchain insurance services?
Blockchain in Insurance Market Reports – Table of Contents
2. Assumptions and Research Methodology
3. Executive Summary: Global Blockchain in Insurance Market
4. Market Overview
5. Key Insights
6. Global Blockchain in Insurance Market Analysis and Forecast, By Product
7. Global Blockchain in Insurance Market Analysis and Forecast, By Detector
8. Global Blockchain in Insurance Market Analysis and Forecast, By Technology
9. Global Blockchain in Insurance Market Analysis and Forecast, By Application
10. Global Blockchain in Insurance Market Analysis and Forecast, By End-user
11. Global Blockchain in Insurance Market Analysis and Forecast, By Region
12. North America Blockchain in Insurance Market Analysis and Forecast
13. Europe Blockchain in Insurance Market Analysis and Forecast
14. Asia Pacific Blockchain in Insurance Market Analysis and Forecast
15. Latin America Blockchain in Insurance Market Analysis and Forecast
16. Middle East & Africa Blockchain in Insurance Market Analysis and Forecast
17. Competitive Landscape
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