Blockchain in Insurance Market Rising Trends and Technology Outlook 2022 to 2027 | Expert Review with Forecast

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The growth of the Blockchain in the insurance market is rapid. Especially the BSFI segment of the market is receiving high demand. Technological development will provide plenty of growth opportunities for the market.

Blockchain in Insurance Market Analysis

The 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 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 RD 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.

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.

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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 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 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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