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 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.

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 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 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.

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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
Reasons for Buying This Report:

It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
It Provides Five-Year Forecast Assessed based on How the Market Is Predicted to Grow.
It Helps in Understanding the Key Product Segments and Their Future.
It Provides Pinpoint Analysis of Changing Competition Dynamics and Keeps You Ahead of Competitors.
It Helps in Making Informed Business Decisions by Having Complete Insights of Market and By Making an In-Depth Analysis of Market Segments.

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