Blockchain in Insurance Market: by Sector (Health Insurance, Life Insurance, Title Insurance), by Application (Smart Contracts, Property & Casualty Insurance, GRC Management, Reinsurance, Fraud Detection & Risk Prevention), 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), by Region (North America, Europe, A...
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 Porter’s 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, 2020–2027
5.2.2 Market Estimates & Forecast, by Region, 2020–2027
5.3 Private Blockchain
5.3.1 Market Estimates & Forecast, 2020–2027
5.3.2 Market Estimates & Forecast, by Region, 2020–2027
5.4 Consortium or Federated Blockchain
5.4.1 Market Estimates & Forecast, 2020–2027
5.4.2 Market Estimates & Forecast, by Region, 2020–2027
6 Blockchain in Insurance Market, by Service Providers
6.1 Introduction
6.2 Application & Solution Providers
6.2.1 Market Estimates & Forecast, 2020–2027
6.2.2 Market Estimates & Forecast, by Region, 2020–2027
6.3 Middleware Service Providers
6.3.1 Market Estimates & Forecast, 2020–2027
6.3.2 Market Estimates & Forecast, by Region, 2020–2027
6.4 Infrastructure & Protocols Providers
6.4.1 Market Estimates & Forecast, 2020–2027
6.4.2 Market Estimates & Forecast, by Region, 2020–2027
7 Blockchain in Insurance Market, by Organization Size
7.1 Introduction
7.2 SMEs
7.2.1 Market Estimates & Forecast, 2020–2027
7.2.2 Market Estimates & Forecast, by Region, 2020–2027
7.3 Large Enterprises
7.3.1 Market Estimates & Forecast, 2020–2027
7.3.2 Market Estimates & Forecast, by Region, 2020–2027
8 Blockchain in Insurance Market, by Application
8.1 Introduction
8.2 Fraud detection & risk prevention
8.2.1 Market Estimates & Forecast, 2020–2027
8.2.2 Market Estimates & Forecast, by Region, 2020–2027
8.3 Property & casualty insurance
8.3.1 Market Estimates & Forecast, 2020–2027
8.3.2 Market Estimates & Forecast, by Region, 2020–2027
8.4 Smart Contracts
8.4.1 Market Estimates & Forecast, 2020–2027
8.4.2 Market Estimates & Forecast, by Region, 2020–2027
8.5 GRC Management
8.5.1 Market Estimates & Forecast, 2020–2027
8.5.2 Market Estimates & Forecast, by Region, 2020–2027
8.6 Reinsurance
8.6.1 Market Estimates & Forecast, 2020–2027
8.6.2 Market Estimates & Forecast, by Region, 2020–2027
9 Blockchain in Insurance Market, by Sectors
9.1 Introduction
9.2 Life insurance
9.2.1 Market Estimates & Forecast, 2020–2027
9.2.2 Market Estimates & Forecast, by Region, 2020–2027
9.3 Health insurance
9.3.1 Market Estimates & Forecast, 2020–2027
9.3.2 Market Estimates & Forecast, by Region, 2020–2027
9.4 Title insurance
9.4.1 Market Estimates & Forecast, 2020–2027
9.4.2 Market Estimates & Forecast, by Region, 2020–2027
9.5 Auto insurance
9.5.1 Market Estimates & Forecast, 2020–2027
9.5.2 Market Estimates & Forecast, by Region, 2020–2027
9.6 Others
9.6.1 Market Estimates & Forecast, 2020–2027
9.6.2 Market Estimates & Forecast, by Region, 2020–2027
10 Blockchain in Insurance Market, by Region
10.1 Introduction
10.2 North America
10.2.1 Market Estimates & Forecast, by Country, 2020–2027
10.2.2 Market Estimates & Forecast, by Type, 2020–2027
10.2.3 Market Estimates & Forecast, by Service Providers, 2020–2027
10.2.4 Market Estimates & Forecast, by Organization Size, 2020–2027
10.2.5 Market Estimates & Forecast, by Application, 2020–2027
10.2.6 Market Estimates & Forecast, by Sectors, 2020–2027
10.2.7 US
10.2.7.1 Market Estimates & Forecast, by Type, 2020–2027
10.2.7.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.2.7.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.2.7.4 Market Estimates & Forecast, by Application, 2020–2027
10.2.7.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.2.8 Canada
10.2.8.1 Market Estimates & Forecast, by Type, 2020–2027
10.2.8.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.2.8.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.2.8.4 Market Estimates & Forecast, by Application, 2020–2027
10.2.8.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.2.9 Mexico
10.2.9.1 Market Estimates & Forecast, by Type, 2020–2027
10.2.9.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.2.9.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.2.9.4 Market Estimates & Forecast, by Application, 2020–2027
10.2.9.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.3 Europe
10.3.1 Market Estimates & Forecast, by Country, 2020–2027
10.3.2 Market Estimates & Forecast, by Type, 2020–2027
10.3.3 Market Estimates & Forecast, by Service Providers, 2020–2027
10.3.4 Market Estimates & Forecast, by Organization Size, 2020–2027
10.3.5 Market Estimates & Forecast, by Application, 2020–2027
10.3.6 Market Estimates & Forecast, by Sectors, 2020–2027
10.3.7 Germany
10.3.7.1 Market Estimates & Forecast, by Type, 2020–2027
10.3.7.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.3.7.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.3.7.4 Market Estimates & Forecast, by Application, 2020–2027
10.3.7.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.3.8 France
10.3.8.1 Market Estimates & Forecast, by Type, 2020–2027
10.3.8.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.3.8.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.3.8.4 Market Estimates & Forecast, by Application, 2020–2027
10.3.8.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.3.9 Italy
10.3.9.1 Market Estimates & Forecast, by Type, 2020–2027
10.3.9.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.3.9.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.3.9.4 Market Estimates & Forecast, by Application, 2020–2027
10.3.9.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.3.10 UK
10.3.10.1 Market Estimates & Forecast, by Type, 2020–2027
10.3.10.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.3.10.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.3.10.4 Market Estimates & Forecast, by Application, 2020–2027
10.3.10.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.3.11 Spain
10.3.11.1 Market Estimates & Forecast, by Type, 2020–2027
10.3.11.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.3.11.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.3.11.4 Market Estimates & Forecast, by Application, 2020–2027
10.3.11.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.3.12 Rest of Europe
10.3.12.1 Market Estimates & Forecast, by Type, 2020–2027
10.3.12.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.3.12.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.3.12.4 Market Estimates & Forecast, by Application, 2020–2027
10.3.12.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.4 Asia-Pacific
10.4.1 Market Estimates & Forecast, by Country, 2020–2027
10.4.2 Market Estimates & Forecast, by Type, 2020–2027
10.4.3 Market Estimates & Forecast, by Service Providers, 2020–2027
10.4.4 Market Estimates & Forecast, by Organization Size, 2020–2027
10.4.5 Market Estimates & Forecast, by Application, 2020–2027
10.4.6 Market Estimates & Forecast, by Sectors, 2020–2027
10.4.7 China
10.4.7.1 Market Estimates & Forecast, by Type, 2020–2027
10.4.7.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.4.7.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.4.7.4 Market Estimates & Forecast, by Application, 2020–2027
10.4.7.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.4.8 India
10.4.8.1 Market Estimates & Forecast, by Type, 2020–2027
10.4.8.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.4.8.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.4.8.4 Market Estimates & Forecast, by Application, 2020–2027
10.4.8.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.4.9 Japan
10.4.9.1 Market Estimates & Forecast, by Type, 2020–2027
10.4.9.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.4.9.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.4.9.4 Market Estimates & Forecast, by Application, 2020–2027
10.4.9.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.4.10 South Korea
10.4.10.1 Market Estimates & Forecast, by Type, 2020–2027
10.4.10.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.4.10.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.4.10.4 Market Estimates & Forecast, by Application, 2020–2027
10.4.10.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.4.11 Singapore
10.4.11.1 Market Estimates & Forecast, by Type, 2020–2027
10.4.11.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.4.11.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.4.11.4 Market Estimates & Forecast, by Application, 2020–2027
10.4.11.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.4.12 Australia
10.4.12.1 Market Estimates & Forecast, by Type, 2020–2027
10.4.12.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.4.12.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.4.12.4 Market Estimates & Forecast, by Application, 2020–2027
10.4.12.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.4.13 Rest of Asia-Pacific
10.4.13.1 Market Estimates & Forecast, by Type, 2020–2027
10.4.13.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.4.13.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.4.13.4 Market Estimates & Forecast, by Application, 2020–2027
10.4.13.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.5 Rest of the World
10.5.1 Market Estimates & Forecast, by Region, 2020–2027
10.5.2 Market Estimates & Forecast, by Type, 2020–2027
10.5.3 Market Estimates & Forecast, by Service Providers, 2020–2027
10.5.4 Market Estimates & Forecast, by Organization Size, 2020–2027
10.5.5 Market Estimates & Forecast, by Application, 2020–2027
10.5.6 Market Estimates & Forecast, by Sectors, 2020–2027
10.5.7 Middle East & Africa
10.5.7.1 Market Estimates & Forecast, by Type, 2020–2027
10.5.7.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.5.7.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.5.7.4 Market Estimates & Forecast, by Application, 2020–2027
10.5.7.5 Market Estimates & Forecast, by Sectors, 2020–2027
10.5.8 South America
10.5.8.1 Market Estimates & Forecast, by Type, 2020–2027
10.5.8.2 Market Estimates & Forecast, by Service Providers, 2020–2027
10.5.8.3 Market Estimates & Forecast, by Organization Size, 2020–2027
10.5.8.4 Market Estimates & Forecast, by Application, 2020–2027
10.5.8.5 Market Estimates & Forecast, by Sectors, 2020–2027
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, 2020–2027
Table 2 North America: Blockchain in Insurance Market, by Country, 2020–2027
Table 3 Europe: Blockchain in Insurance Market, by Country, 2020–2027
Table 4 Asia-Pacific: Blockchain in Insurance Market, by Country, 2020–2027
Table 5 Rest of the World: Blockchain in Insurance Market, by Region, 2020–2027
Table 6 North America: Blockchain in Insurance Market Type Market, by Country, 2020–2027
Table 7 Europe: Blockchain in Insurance Market Type Market, by Country, 2020–2027
Table 8 Asia-Pacific: Blockchain in Insurance Market Type Market, by Country, 2020–2027
Table 9 Rest of the World: Blockchain in Insurance Market Type Market, by Region, 2020–2027
Table 10 Global Blockchain in Insurance Market Type Market, by Region, 2020–2027
Table 11 North America: Blockchain in Insurance Market Service Providers Market, by Country, 2020–2027
Table 12 Europe: Blockchain in Insurance Market Service Providers Market, by Country, 2020–2027
Table 13 Asia-Pacific: Blockchain in Insurance Market Service Providers Market, by Country, 2020–2027
Table 14 Rest of the World: Blockchain in Insurance Market Service Providers Market, by Region, 2020–2027
Table 15 Global Blockchain in Insurance Market Service Providers Market, by Region, 2020–2027
Table 16 North America: Blockchain in Insurance Market Organization Size Market, by Country, 2020–2027
Table 17 Europe: Blockchain in Insurance Market Organization Size Market, by Country, 2020–2027
Table 18 Asia-Pacific: Blockchain in Insurance Market Organization Size Market, by Country, 2020–2027
Table 19 Rest of the World: Blockchain in Insurance Market Organization Size Market, by Region, 2020–2027
Table 20 Global Blockchain in Insurance Market Organization Size Market, by Region, 2020–2027
Table 21 North America: Blockchain in Insurance Market Application Market, by Country, 2020–2027
Table 22 Europe: Blockchain in Insurance Market Application Market, by Country, 2020–2027
Table 23 Asia-Pacific: Blockchain in Insurance Market Application Market, by Country, 2020–2027
Table 24 Rest of the World: Blockchain in Insurance Market Application Market, by Region, 2020–2027
Table 25 Global Blockchain in Insurance Market Application Market, by Region, 2020–2027
Table 26 North America: Blockchain in Insurance Market Sectors Market, by Country, 2020–2027
Table 27 Europe: Blockchain in Insurance Market Sectors Market, by Country, 2020–2027
Table 28 Asia-Pacific: Blockchain in Insurance Market Sectors Market, by Country, 2020–2027
Table 29 Rest of the World: Blockchain in Insurance Market Sectors Market, by Region, 2020–2027
Table 30 Global Blockchain in Insurance Market Sectors Market, by Region, 2020–2027
LIST OF FIGURES
FIGURE 1 The Global Blockchain in Insurance Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s 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, 2020–2027
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, 2020–2027
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, 2020–2027
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, 2020–2027
FIGURE 14 The Global Blockchain in Insurance Market Size, by Applications, 2020
FIGURE 15 Share of the Global Blockchain in Insurance Market, by Applications, 2020–2027
FIGURE 16 The Global Blockchain in Insurance Market Size, by Sectors, 2020
FIGURE 17 Share of the Global Blockchain in Insurance Market, by Sectors, 2020–2027
Blockchain in Insurance Market
Blockchain in Insurance Market to hit US$ 4663 Million, Globally, by 2027 at 85.9% CAGR
$4663 Million
Market Size
85.9%
CAGR
Asia Pacific
Dominating Region
2021–2027
Forecast Period
Segmentation
Key Players
- Oracle
- Applied Blockchain
- Microsoft
- Algorythmix
- iXLedger
- Auxesis Group
- Guardtime
- AWS
- Earthport
- BitPay
- Circle BTL Group
- ConsenSys
Drivers
- Minimizing Risks
- Increasing user experience is possible through technology
- Lots of Growth opportunities
Blockchain in Insurance Market Overview:
The Blockchain in Insurance Market Growth rate is 69.72% for the forecast year. Blockchain is a technology that stores crypto information securely. Earlier many would prefer brokers for insurance. Policies on paper, contracts, payments and claims were prone to so much error. The risk involved in this kind of insurance is high. Loss of policies, misuse and misinterpretation are some of the threats. However, with the help of Blockchain in insurance, all these tasks have become effortless. Blockchain technology in insurance is receiving extreme hype in many regions.
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.
The Market Growth Opportunities:
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. The growth of technology will lead to customized services for insurance companies. The immense growth of BaaS is advantageous to the market growth. Many tech giants are adopting the BaaS. They are integrating the BaaS into their cloud computing modules.
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 Market Restraints:
The changing regulatory standards of technology are a restraint for the insurance industry. The Blockchain in insurance technology is under constant development. These advances affect the current regulatory standards. The use of technology is also affected due to this factor.
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.
The Market Challenges:
Blockchain technology is in the developing cycle. There are plenty of other technologies in the insurance market that are gaining traction. However, the insurance market is facing plenty of benefits due to Blockchain adoption. Still, the Blockchain in the insurance market requires more awareness. The lack of awareness is a significant challenge in Blockchain in Insurance Business.
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.
Cumulative Growth Analysis:
The Blockchain in Insurance Market Trends is positive during the forecast period. The factors for increasing demand are risk-reducing features of the technology. Also, the growing range of digital applications is another demand driving factor. The market will witness the highest revenue rates due to these crucial drivers. The launch of Blockchain applications will further enhance the market demand.
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.
Value Chain Analysis:
North America will dominate with the highest Blockchain in Insurance Market Sales. The adoption rate of Blockchain in insurance technology is rapid. Also, there are many Blockchain in Insurance Market Top Companies in this region. The banking and financial industry is witnessing exceptional benefits through technology.
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:
- 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
By Region:
- Asia pacific
- Europe
- North America
- Latin America
- Middle East Africa
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
- Oracle
- Applied Blockchain
- Microsoft
- Algorythmix
- iXLedger
- Auxesis Group
- Guardtime
- AWS
- Earthport
- BitPay
- Circle
- BTL Group
- ConsenSys
Recent Developments:
- Microsoft is developing new apps for blotching in the insurance market.
- AWS is partnering with a technology consulting firm to develop digital interfaces and the insurance claim process.
- IBM is launching a new app for Blockchain that is suitable for the financial and banking industry.
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
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | USD 4663 Million |
| CAGR | CAGR 85.9% |
| Base Year | 2020 |
| Forecast Period | 2021–2027 |
| 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.
