ID: MRFR/ICT/6484-HCR | February 2021 | Region: Global | 111 Pages
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.3 Research Objectives
2.4 Markets Structure
3 Research Methodology
4 Market Dynamics
4.1 Market Drivers
4.1.1 Early Adoption of Blockchain Application by Financial Service Providers
4.1.2 Increasing Investments by Key Players in the Research & Development of Blockchain-Based Application Development
4.1.3 Developing Digital Application Supporting the Development of Digital Transactions Platforms
4.2 Market Restraints
4.2.1 Lack of Standard Protocols
4.2.2 Limited Technical Knowledge in the End Users
4.3 Market Opportunities
4.3.1 Rising Adoption of Cloud-Based Solutions and Services
4.3.2 Increasing Applications Areas of IoT
4.3.3 Growing Adoption of Blockchain In the European Insurance Sector
4.4 Challenge
4.4.1 Uncertain regulatory issues
4.5 Value/Supply Chain Analysis
4.6 Porterβs Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Threat of Substitutes
4.6.4 Intensity of Rivalry
4.6.5 Bargaining Power of Suppliers
4.7 Government/Industry Norms and Regulations
4.8 Market Trends
4.8.1 Impact Analysis of Emerging Technologies
4.8.2 Use Cases
4.8.2.1 Claims management
4.8.2.2 Peer-to-Peer Insurance
4.8.2.3 Trade Finance & Post Trade/Transaction settlements
4.8.2.4 Cross Border Payments & Settlements
5 Blockchain in Insurance Market, by Type
5.1 Introduction
5.2 Public Blockchain
5.2.1 Market Estimates & Forecast, 2020β2027
5.2.2 Market Estimates & Forecast, by Region, 2020β2027
5.3 Private Blockchain
5.3.1 Market Estimates & Forecast, 2020β2027
5.3.2 Market Estimates & Forecast, by Region, 2020β2027
5.4 Consortium or Federated Blockchain
5.4.1 Market Estimates & Forecast, 2020β2027
5.4.2 Market Estimates & Forecast, by Region, 2020β2027
6 Blockchain in Insurance Market, by Service Providers
6.1 Introduction
6.2 Application & Solution Providers
6.2.1 Market Estimates & Forecast, 2020β2027
6.2.2 Market Estimates & Forecast, by Region, 2020β2027
6.3 Middleware Service Providers
6.3.1 Market Estimates & Forecast, 2020β2027
6.3.2 Market Estimates & Forecast, by Region, 2020β2027
6.4 Infrastructure & Protocols Providers
6.4.1 Market Estimates & Forecast, 2020β2027
6.4.2 Market Estimates & Forecast, by Region, 2020β2027
7 Blockchain in Insurance Market, by Organization Size
7.1 Introduction
7.2 SMEs
7.2.1 Market Estimates & Forecast, 2020β2027
7.2.2 Market Estimates & Forecast, by Region, 2020β2027
7.3 Large Enterprises
7.3.1 Market Estimates & Forecast, 2020β2027
7.3.2 Market Estimates & Forecast, by Region, 2020β2027
8 Blockchain in Insurance Market, by Application
8.1 Introduction
8.2 Fraud detection & risk prevention
8.2.1 Market Estimates & Forecast, 2020β2027
8.2.2 Market Estimates & Forecast, by Region, 2020β2027
8.3 Property & casualty insurance
8.3.1 Market Estimates & Forecast, 2020β2027
8.3.2 Market Estimates & Forecast, by Region, 2020β2027
8.4 Smart Contracts
8.4.1 Market Estimates & Forecast, 2020β2027
8.4.2 Market Estimates & Forecast, by Region, 2020β2027
8.5 GRC Management
8.5.1 Market Estimates & Forecast, 2020β2027
8.5.2 Market Estimates & Forecast, by Region, 2020β2027
8.6 Reinsurance
8.6.1 Market Estimates & Forecast, 2020β2027
8.6.2 Market Estimates & Forecast, by Region, 2020β2027
9 Blockchain in Insurance Market, by Sectors
9.1 Introduction
9.2 Life insurance
9.2.1 Market Estimates & Forecast, 2020β2027
9.2.2 Market Estimates & Forecast, by Region, 2020β2027
9.3 Health insurance
9.3.1 Market Estimates & Forecast, 2020β2027
9.3.2 Market Estimates & Forecast, by Region, 2020β2027
9.4 Title insurance
9.4.1 Market Estimates & Forecast, 2020β2027
9.4.2 Market Estimates & Forecast, by Region, 2020β2027
9.5 Auto insurance
9.5.1 Market Estimates & Forecast, 2020β2027
9.5.2 Market Estimates & Forecast, by Region, 2020β2027
9.6 Others
9.6.1 Market Estimates & Forecast, 2020β2027
9.6.2 Market Estimates & Forecast, by Region, 2020β2027
10 Blockchain in Insurance Market, by Region
10.1 Introduction
10.2 North America
10.2.1 Market Estimates & Forecast, by Country, 2020β2027
10.2.2 Market Estimates & Forecast, by Type, 2020β2027
10.2.3 Market Estimates & Forecast, by Service Providers, 2020β2027
10.2.4 Market Estimates & Forecast, by Organization Size, 2020β2027
10.2.5 Market Estimates & Forecast, by Application, 2020β2027
10.2.6 Market Estimates & Forecast, by Sectors, 2020β2027
10.2.7 US
10.2.7.1 Market Estimates & Forecast, by Type, 2020β2027
10.2.7.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.2.7.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.2.7.4 Market Estimates & Forecast, by Application, 2020β2027
10.2.7.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.2.8 Canada
10.2.8.1 Market Estimates & Forecast, by Type, 2020β2027
10.2.8.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.2.8.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.2.8.4 Market Estimates & Forecast, by Application, 2020β2027
10.2.8.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.2.9 Mexico
10.2.9.1 Market Estimates & Forecast, by Type, 2020β2027
10.2.9.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.2.9.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.2.9.4 Market Estimates & Forecast, by Application, 2020β2027
10.2.9.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.3 Europe
10.3.1 Market Estimates & Forecast, by Country, 2020β2027
10.3.2 Market Estimates & Forecast, by Type, 2020β2027
10.3.3 Market Estimates & Forecast, by Service Providers, 2020β2027
10.3.4 Market Estimates & Forecast, by Organization Size, 2020β2027
10.3.5 Market Estimates & Forecast, by Application, 2020β2027
10.3.6 Market Estimates & Forecast, by Sectors, 2020β2027
10.3.7 Germany
10.3.7.1 Market Estimates & Forecast, by Type, 2020β2027
10.3.7.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.3.7.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.3.7.4 Market Estimates & Forecast, by Application, 2020β2027
10.3.7.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.3.8 France
10.3.8.1 Market Estimates & Forecast, by Type, 2020β2027
10.3.8.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.3.8.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.3.8.4 Market Estimates & Forecast, by Application, 2020β2027
10.3.8.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.3.9 Italy
10.3.9.1 Market Estimates & Forecast, by Type, 2020β2027
10.3.9.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.3.9.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.3.9.4 Market Estimates & Forecast, by Application, 2020β2027
10.3.9.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.3.10 UK
10.3.10.1 Market Estimates & Forecast, by Type, 2020β2027
10.3.10.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.3.10.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.3.10.4 Market Estimates & Forecast, by Application, 2020β2027
10.3.10.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.3.11 Spain
10.3.11.1 Market Estimates & Forecast, by Type, 2020β2027
10.3.11.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.3.11.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.3.11.4 Market Estimates & Forecast, by Application, 2020β2027
10.3.11.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.3.12 Rest of Europe
10.3.12.1 Market Estimates & Forecast, by Type, 2020β2027
10.3.12.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.3.12.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.3.12.4 Market Estimates & Forecast, by Application, 2020β2027
10.3.12.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.4 Asia-Pacific
10.4.1 Market Estimates & Forecast, by Country, 2020β2027
10.4.2 Market Estimates & Forecast, by Type, 2020β2027
10.4.3 Market Estimates & Forecast, by Service Providers, 2020β2027
10.4.4 Market Estimates & Forecast, by Organization Size, 2020β2027
10.4.5 Market Estimates & Forecast, by Application, 2020β2027
10.4.6 Market Estimates & Forecast, by Sectors, 2020β2027
10.4.7 China
10.4.7.1 Market Estimates & Forecast, by Type, 2020β2027
10.4.7.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.4.7.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.4.7.4 Market Estimates & Forecast, by Application, 2020β2027
10.4.7.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.4.8 India
10.4.8.1 Market Estimates & Forecast, by Type, 2020β2027
10.4.8.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.4.8.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.4.8.4 Market Estimates & Forecast, by Application, 2020β2027
10.4.8.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.4.9 Japan
10.4.9.1 Market Estimates & Forecast, by Type, 2020β2027
10.4.9.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.4.9.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.4.9.4 Market Estimates & Forecast, by Application, 2020β2027
10.4.9.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.4.10 South Korea
10.4.10.1 Market Estimates & Forecast, by Type, 2020β2027
10.4.10.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.4.10.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.4.10.4 Market Estimates & Forecast, by Application, 2020β2027
10.4.10.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.4.11 Singapore
10.4.11.1 Market Estimates & Forecast, by Type, 2020β2027
10.4.11.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.4.11.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.4.11.4 Market Estimates & Forecast, by Application, 2020β2027
10.4.11.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.4.12 Australia
10.4.12.1 Market Estimates & Forecast, by Type, 2020β2027
10.4.12.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.4.12.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.4.12.4 Market Estimates & Forecast, by Application, 2020β2027
10.4.12.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.4.13 Rest of Asia-Pacific
10.4.13.1 Market Estimates & Forecast, by Type, 2020β2027
10.4.13.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.4.13.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.4.13.4 Market Estimates & Forecast, by Application, 2020β2027
10.4.13.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.5 Rest of the World
10.5.1 Market Estimates & Forecast, by Region, 2020β2027
10.5.2 Market Estimates & Forecast, by Type, 2020β2027
10.5.3 Market Estimates & Forecast, by Service Providers, 2020β2027
10.5.4 Market Estimates & Forecast, by Organization Size, 2020β2027
10.5.5 Market Estimates & Forecast, by Application, 2020β2027
10.5.6 Market Estimates & Forecast, by Sectors, 2020β2027
10.5.7 Middle East & Africa
10.5.7.1 Market Estimates & Forecast, by Type, 2020β2027
10.5.7.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.5.7.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.5.7.4 Market Estimates & Forecast, by Application, 2020β2027
10.5.7.5 Market Estimates & Forecast, by Sectors, 2020β2027
10.5.8 South America
10.5.8.1 Market Estimates & Forecast, by Type, 2020β2027
10.5.8.2 Market Estimates & Forecast, by Service Providers, 2020β2027
10.5.8.3 Market Estimates & Forecast, by Organization Size, 2020β2027
10.5.8.4 Market Estimates & Forecast, by Application, 2020β2027
10.5.8.5 Market Estimates & Forecast, by Sectors, 2020β2027
11 Competitive Landscape
11.1 Key Players Market Share Analysis, 2020/2020 (%)
11.2 Competitive Benchmarking
11.3 Key Developments Analysis, 2020/2020
11.3.1 Mergers & Acquisition
11.3.2 Product Developments
11.3.3 Business Expansion
11.3.4 Partnerships & Collaborations
11.3.5 Agreements
12 Company Profiles
12.1 IBM Corporation
12.1.1 Company Overview
12.1.2 Product/Business Segment Overview
12.1.3 Financial Updates
12.1.4 Key Developments
12.1.5 SWOT Analysis
12.1.6 Key Strategies
12.2 Oracle Inc.
12.2.1 Company Overview
12.2.2 Product/Business Segment Overview
12.2.3 Financial Updates
12.2.4 Key Developments
12.2.5 SWOT Analysis
12.2.6 Key Strategies
12.3 Microsoft Corporation
12.3.1 Company Overview
12.3.2 Product/Business Segment Overview
12.3.3 Financial Updates
12.3.4 Key Developments
12.3.5 SWOT Analysis
12.3.6 Key Strategies
12.4 AWS
12.4.1 Company Overview
12.4.2 Product/Business Segment Overview
12.4.3 Financial Updates
12.4.4 Key Developments
12.4.5 SWOT Analysis
12.4.6 Key Strategies
12.5 SAP SE
12.5.1 Company Overview
12.5.2 Product/Business Segment Overview
12.5.3 Financial Updates
12.5.4 Key Developments
12.5.5 SWOT Analysis
12.5.6 Key Strategies
12.6 Earthport
12.6.1 Company Overview
12.6.2 Product/Business Segment Overview
12.6.3 Financial Updates
12.6.4 Key Developments
12.6.5 SWOT Analysis
12.6.6 Key Strategies
12.7 BTL Group
12.7.1 Company Overview
12.7.2 Product/Business Segment Overview
12.7.3 Financial Updates
12.7.4 Key Developments
12.7.5 SWOT Analysis
12.7.6 Key Strategies
12.8 Bitfury
12.8.1 Company Overview
12.8.2 Product/Business Segment Overview
12.8.3 Financial Updates
12.8.4 Key Developments
12.8.5 SWOT Analysis
12.8.6 Key Strategies
12.9 Digital Asset Holdings
12.9.1 Company Overview
12.9.2 Product/Business Segment Overview
12.9.3 Financial Updates
12.9.4 Key Developments
12.9.5 SWOT Analysis
12.9.6 Key Strategies
12.10 Factom
12.10.1 Company Overview
12.10.2 Product/Business Segment Overview
12.10.3 Financial Updates
12.10.4 Key Developments
12.10.5 SWOT Analysis
12.10.6 Key Strategies
12.11 Auxesis Group
12.11.1 Company Overview
12.11.2 Product/Business Segment Overview
12.11.3 Financial Updates
12.11.4 Key Developments
12.11.5 SWOT Analysis
12.11.6 Key Strategies
12.12 Bitpay
12.12.1 Company Overview
12.12.2 Product/Business Segment Overview
12.12.3 Financial Updates
12.12.4 Key Developments
12.12.5 SWOT Analysis
12.12.6 Key Strategies
12.13 Circle
12.13.1 Company Overview
12.13.2 Product/Business Segment Overview
12.13.3 Financial Updates
12.13.4 Key Developments
12.13.5 SWOT Analysis
12.13.6 Key Strategies
12.14 Cambridge Blockchain
12.14.1 Company Overview
12.14.2 Product/Business Segment Overview
12.14.3 Financial Updates
12.14.4 Key Developments
12.14.5 SWOT Analysis
12.14.6 Key Strategies
12.15 Chainthat Limited
12.15.1 Company Overview
12.15.2 Product/Business Segment Overview
12.15.3 Financial Updates
12.15.4 Key Developments
12.15.5 SWOT Analysis
12.15.6 Key Strategies
12.16 Blockcypher
12.16.1 Company Overview
12.16.2 Product/Business Segment Overview
12.16.3 Financial Updates
12.16.4 Key Developments
12.16.5 SWOT Analysis
12.16.6 Key Strategies
12.17 Safeshare Global
12.17.1 Company Overview
12.17.2 Product/Business Segment Overview
12.17.3 Financial Updates
12.17.4 Key Developments
12.17.5 SWOT Analysis
12.17.6 Key Strategies
12.18 Everledger
12.18.1 Company Overview
12.18.2 Product/Business Segment Overview
12.18.3 Financial Updates
12.18.4 Key Developments
12.18.5 SWOT Analysis
12.18.6 Key Strategies
12.19 Consensys
12.19.1 Company Overview
12.19.2 Product/Business Segment Overview
12.19.3 Financial Updates
12.19.4 Key Developments
12.19.5 SWOT Analysis
12.19.6 Key Strategies
12.20 Guardtime
12.20.1 Company Overview
12.20.2 Product/Business Segment Overview
12.20.3 Financial Updates
12.20.4 Key Developments
12.20.5 SWOT Analysis
12.20.6 Key Strategies
12.21 Symbiont
12.21.1 Company Overview
12.21.2 Product/Business Segment Overview
12.21.3 Financial Updates
12.21.4 Key Developments
12.21.5 SWOT Analysis
12.21.6 Key Strategies
12.22 Recordskeeper
12.22.1 Company Overview
12.22.2 Product/Business Segment Overview
12.22.3 Financial Updates
12.22.4 Key Developments
12.22.5 SWOT Analysis
12.22.6 Key Strategies
12.23 Applied Blockchain
12.23.1 Company Overview
12.23.2 Product/Business Segment Overview
12.23.3 Financial Updates
12.23.4 Key Developments
12.23.5 SWOT Analysis
12.23.6 Key Strategies
12.24 Algorythmix
12.24.1 Company Overview
12.24.2 Product/Business Segment Overview
12.24.3 Financial Updates
12.24.4 Key Developments
12.24.5 SWOT Analysis
12.24.6 Key Strategies
LIST OF TABLES
Table 1 Blockchain in Insurance Market, by Region, 2020β2027
Table 2 North America: Blockchain in Insurance Market, by Country, 2020β2027
Table 3 Europe: Blockchain in Insurance Market, by Country, 2020β2027
Table 4 Asia-Pacific: Blockchain in Insurance Market, by Country, 2020β2027
Table 5 Rest of the World: Blockchain in Insurance Market, by Region, 2020β2027
Table 6 North America: Blockchain in Insurance Market Type Market, by Country, 2020β2027
Table 7 Europe: Blockchain in Insurance Market Type Market, by Country, 2020β2027
Table 8 Asia-Pacific: Blockchain in Insurance Market Type Market, by Country, 2020β2027
Table 9 Rest of the World: Blockchain in Insurance Market Type Market, by Region, 2020β2027
Table 10 Global Blockchain in Insurance Market Type Market, by Region, 2020β2027
Table 11 North America: Blockchain in Insurance Market Service Providers Market, by Country, 2020β2027
Table 12 Europe: Blockchain in Insurance Market Service Providers Market, by Country, 2020β2027
Table 13 Asia-Pacific: Blockchain in Insurance Market Service Providers Market, by Country, 2020β2027
Table 14 Rest of the World: Blockchain in Insurance Market Service Providers Market, by Region, 2020β2027
Table 15 Global Blockchain in Insurance Market Service Providers Market, by Region, 2020β2027
Table 16 North America: Blockchain in Insurance Market Organization Size Market, by Country, 2020β2027
Table 17 Europe: Blockchain in Insurance Market Organization Size Market, by Country, 2020β2027
Table 18 Asia-Pacific: Blockchain in Insurance Market Organization Size Market, by Country, 2020β2027
Table 19 Rest of the World: Blockchain in Insurance Market Organization Size Market, by Region, 2020β2027
Table 20 Global Blockchain in Insurance Market Organization Size Market, by Region, 2020β2027
Table 21 North America: Blockchain in Insurance Market Application Market, by Country, 2020β2027
Table 22 Europe: Blockchain in Insurance Market Application Market, by Country, 2020β2027
Table 23 Asia-Pacific: Blockchain in Insurance Market Application Market, by Country, 2020β2027
Table 24 Rest of the World: Blockchain in Insurance Market Application Market, by Region, 2020β2027
Table 25 Global Blockchain in Insurance Market Application Market, by Region, 2020β2027
Table 26 North America: Blockchain in Insurance Market Sectors Market, by Country, 2020β2027
Table 27 Europe: Blockchain in Insurance Market Sectors Market, by Country, 2020β2027
Table 28 Asia-Pacific: Blockchain in Insurance Market Sectors Market, by Country, 2020β2027
Table 29 Rest of the World: Blockchain in Insurance Market Sectors Market, by Region, 2020β2027
Table 30 Global Blockchain in Insurance Market Sectors Market, by Region, 2020β2027
β
LIST OF FIGURES
FIGURE 1 The Global Blockchain in Insurance Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porterβs Five Forces Analysis of The Global Blockchain in Insurance Market
FIGURE 4 Value Chain/supply chain of The Global Blockchain in Insurance Market
FIGURE 5 Share of The Global Blockchain in Insurance Market in 2020, by Country (in %)
FIGURE 6 The Global Blockchain in Insurance Market, 2020β2027
FIGURE 7 Sub-Segments of Type
FIGURE 8 The Global Blockchain in Insurance Market Size, by Type, 2020
FIGURE 9 Share of The Global Blockchain in Insurance Market, by Type, 2020β2027
FIGURE 10 The Global Blockchain in Insurance Market Size, by Service Providers, 2020
FIGURE 11 Share of the Global Blockchain in Insurance Market, by Service Providers, 2020β2027
FIGURE 12 The Global Blockchain in Insurance Market Size, by Organization Size, 2020
FIGURE 13 Share of The Global Blockchain in Insurance Market, by Organization Size, 2020β2027
FIGURE 14 The Global Blockchain in Insurance Market Size, by Applications, 2020
FIGURE 15 Share of the Global Blockchain in Insurance Market, by Applications, 2020β2027
FIGURE 16 The Global Blockchain in Insurance Market Size, by Sectors, 2020
FIGURE 17 Share of the Global Blockchain in Insurance Market, by Sectors, 2020β2027
$4663 Million
85.9%
Asia Pacific
2021β2027
It is a technology containing exceptional features such as crypto currency and Bitcoin. Blockchain highly transforms insurance companies. There are plenty of benefits of Blockchain in insurance. The Blockchain in insurance technology comes with fraud prevention and high-security features. Further, property-casualty management is an integral part of the program. It manages the tasks of health insurance, life insurance and reinsurance. All these tasks are flexible and quick through Blockchain in insurance. Due to all these factors, the Blockchain in insurance market value will reach 1.42 billion in 2024.
Blockchain in Insurance Market Covid Analysis:
Many global markets are facing several challenges due to covid 19. The outbreak of the virus is causing much damage to the insurance market. The market operations are slowing down due to the pandemic. The deployment and adoption of the technology are declining during this period. The economic recession is affecting the investment in insurance. During this period many are concerned about life and health. It leads to the adoption of life and health insurance.
The Blockchain in the insurance market offers the advantage of investment in insurance from home. It is exceptional for the new customers taking up issuance policies. The market operations are starting to resume this year. Post covid 19, the demand for the market is expected to reach massive rates. Also, the adoption of Blockchain in insurance will be higher. Fraud prevention and high-security features are the key reasons for high demand.
Market Dynamics:
Crucial Market Drivers:
The insurance industry is prone to data breaches, fraud and threats. Deploying Blockchain in insurance is a crucial way to prevent these frauds. Also, minimizing risks and increasing user experience is possible through technology. The fraudulent activity in the insurance market is constantly increasing. It ultimately results in the deployment of Blockchain in insurance. Due to this high adoption rate, it is driving high demand for the market. The growing concerns of fraud and risk are the crucial driver for Blockchain in Insurance Industry .
Most of the insurance companies are transforming their legacy sets with the Blockchain in insurance technology. The Blockchain in insurance is an efficient technology with less fraud and risks. Also, Validation is a crucial feature of the Blockchain insurance system policy. It can verify the policy and insurance through authentication. Also, the system can offer a historical record of the insurer. All these features enable fraud prevention methods. The growing digital technology is another driver for this market. The adoption of Blockchain in insurance is possible through application. These factors will be responsible for high Blockchain in Insurance Market Profit.
All these factors contribute to the growth of Blockchain in the Insurance Market Size. The increasing R&D in the Blockchain in the insurance market will offer growth opportunities. Research and development will lead to market innovation and growth. The launch of Blockchain needs application is possible in the upcoming years. These developments in the market will attract new customers. Ultimately result in more revenue and growth possibilities for the market.
The uncertain regulation is the crucial restraint in the Blockchain in insurance market. Further, the lack of regulation affects the adoption rate of Blockchain in the insurance market. The demand from financial services, Telecomm, government and retails sectors will decline in the armlet. The lack of standard standards in the market can affect the transactions. Especially the transactions of crypto currency are affected by these factors.
Blockchain has many features that help better and transaction in the insurance industry. Insurance companies can prevent fraud, follow compliance, and avoid risk and security risks with this technology. Therefore, with higher awareness, all these benefits can be experienced by the username industry. Creating more awareness will lead to an exceptional adoption rate of Blockchain technology.
Also, the security features of the Blockchain attract more end users. However, there is a serious need to fix the lack of common standards in the market. It affects the overall transaction in the market. Also, the need to comply with strict regulatory standards is another restraint. Lack of awareness brings damaging effects on the market. All these factors can hamper growth. As per the Blockchain in Insurance Market Analysis the growth is stable.
US and Canada are the key players in this region. Also, the investment from both these countries is tremendous. According to a reliable survey, nine out of ten insurance companies is adopting Blockchain technology. All these will contribute to the high profitability rates in growth America. The market opportunities are expected to reach their peak in 2024.
Blockchain in Insurance Market Segment Overview:
By Service Provider:
By Application:
By Organization:
By Region:
Competitive Landscape:
The competition is high in the Blockchain in the insurance market. The number of alternatives for the technology is rising rapidly. The launch of new features and product variation is a crucial part of the competitive landscape. Also, market acquisitions, partnerships and expansion rates are higher. Further, the technology promotion strategies will be high in upcoming years.
Blockchain in Insurance Market Regional Analysis:
The key regional players of the market are Asia Pacific, Europe and North America. North America will lead the Global Blockchain in Insurance Market. The region will contribute to high profitability and demand in the forecast period. There is a high investment in R&d. launch of the advanced and high-end features in the technology will attract more demand in this region.
Further, Asia Pacific is the fastest growing Blockchain in the insurance market. The adoption rate is higher. The insurance industry in the Asia Pacific is facing severe fraud and risks. The Blockchain in insurance technology will prevent massive losses in the market. Europe is witnessing moderate demand in the forecast period. However, growth opportunities are higher for this market.
The key players of the Blockchain in the insurance market are
Report Overview:
Report Attribute/Metric | Details |
---|---|
Market Size | USD 4663 Million |
CAGR | CAGR 85.9% |
Base Year | 2020 |
Forecast Period | 2021β2027 |
Historical Data | 2019 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Sector, Application |
Geographies Covered | North America, Europe, Asia-Pacific |
Key Vendors | Oracle Applied Blockchain Microsoft Algorythmix iXLedger Auxesis Group Guardtime AWS Earthport BitPay Circle BTL Group ConsenSys |
Key Market Opportunities | The growth of technology will lead to customized services for insurance companies. |
Key Market Drivers | It ultimately results in the deployment of Blockchain in insurance. |
Frequently Asked Questions (FAQ) :
The market can attain a growth rate of 69.72% in the coming years.
The market can attain a valuation of USD 1.42 Billion by 2024.
The main companies in the market are Ixledger, Consensys, IBM Corporation, SAP SE, Blockcypher, Earthport, Circle, BTL Group, Applied Blockchain, Digital Asset Holdings, Factom, Auxesis Group, Bitpay, Microsoft Corporation, Bitfury, Oracle Inc., Everledger, Guardtime, Symbiont, Cambridge Blockchain, Chainthat Limited, Algorythmix, Safeshare Global, AWS, Recordskeeper, and others.
Depending on the blockchain type, the market has been considered for private blockchain, consortium or federated blockchain as well as public blockchain.
The market is dominated by North America.