Latest added Blockchain in Insurance Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2026. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Applied Blockchain, Algorythmix, Auxesis Group, AWS, Bitfury. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Blockchain In Insurance Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Blockchain In Insurance Market by companies, region, type and end-use industry.
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Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Blockchain in Insurance Market by Sector (Health Insurance, Life Insurance, Title Insurance), by Type (Consortium or Federated Blockchain, Public Blockchain and Private Blockchain), by Organization Size (SMEs and Large Enterprises), by Service Providers (Application & Solution Providers, Middleware Service Providers and Infrastructure & Protocols Providers), Application (Smart Contracts, Property & Casualty Insurance, GRC Management, Reinsurance, Fraud Detection & Risk Prevention) and Geography – Global Forecast to 2026″. Early buyers will get 10% customization on study.
To Avail deep insights of Blockchain In Insurance Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
Unlock new opportunities in Blockchain In Insurance Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.
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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
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- North America
- South America
- Rest of South America
- Rest of the World
- Middle East
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.
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?
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