Blockchain in Insurance Market Analysis

The global blockchain in insurance market will touch USD 1.42 billion at a 69.72% CAGR in the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Blockchain uses the transparency, security, and efficiency of the insurance industry. It has beneficial applications to streamline insurance claims processing, speed up payment times, and boost cyber-security protocols. The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and blockchain in insurance market growth.

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.

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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.

Blockchain in Insurance Market Key Players

The leading players 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 throws light on an inclusive segmental analysis of the blockchain in insurance market based on application, sector, service provider, organization size, and type.

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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 market covers the recent trends and growth opportunity across Europe, North America, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will rule the market over the forecast period. High adoption rate of blockchain by the finance sector, increased skilled expertise for crytocurrency, and increasing initiatives by insurance agencies in educating insurers about the benefits of using blockchain technology are adding to the global blockchain in insurance market growth in the region. The US and Canada will have the utmost market share.

In the APAC region, the global blockchain in insurance market is predicted to have admirable growth over the forecast period. Insurance companies in South Korea, Singapore, and Japan having heavy investments in R&D of blockchain technology, Chinese insurance firms introducing blockchain-enabled medical insurance service, development in advanced technologies, and growing initiatives by Indian insurer consortium to improve their expertise in blockchain to improve their insurance services and claims management systems are adding to the global blockchain in insurance market growth in the region.

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Report Overview:

Market overview highlights
Analysis based upon COVID 19
Explanation upon the Market Dynamics
Value chain analysis
Market segmentation overview
The regional analysis
Competitive landscape analysis
Recent Developments
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