The blockchain technology in insurance is a decentralized and shared digital distributed ledger that records and provides the history of an individual’s transactions, including claims, thus helping insurers prevent, detect, and counter frauds. The blockchain technology offers smart contracts for insurers and customers for managing claims transparently and responsively. Insurance companies have begun testing and proving out new models based on blockchain technology, starting with the low-risk, internal prototypes, and the pilot projects within their infrastructure.
The blockchain in insurance market size was valued at USD 64.50 million in 2018 and projected to reach USD 1,393.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9%. The major growth drivers of the market include the emerging need to have transparent and trustworthy systems, and the overall trends witnessed in the insurance sector related to increase in claims-related frauds. The base year considered for this report is 2017, and the market forecast period is 2018–2023.
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Top Key Players
The blockchain market vendors include Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US), BlockCypher (US), BTL Group (Canada), Cambridge Blockchain (US), ChainThat (UK), Circle (US), ConsenSys (US), Digital Asset Holdings (US), Earthport (UK), Everledger (UK), Factom (US), Guardtime (Estonia), IBM (US), iXledger (UK), Microsoft (US), Oracle (US), RecordsKeeper (Gibraltar), SafeShare Global (UK), SAP (Germany),
Application and solution provider segment is expected to grow at the highest CAGR during the forecast period
The blockchain technology is a decentralized ledger that is distributed across a business network that permanently records business transactions. The blockchain technology decentralizes the ownership of credentials, thereby offering a universal protocol for verifying users’ records in an immutable data chain. The blockchain technology has the potential to deliver disruptive outcomes and reshape digital businesses. Market vendors provide various solutions, including digital identity verification, money transfers, exchanges, documentation, capital markets, and trading. These vendors offer blockchain technologies that are more likely to deliver value to businesses by reducing the duplication of transactional data and providing periodic reconciliation and authentication for commercial and regulatory reasons.
Payments application is expected to grow at the highest CAGR during the forecast period
The blockchain technology provides real-time payments against assets, thereby resulting in substantial cost savings. One of the recent trends witnessed is the use of blockchain technology for payment applications. Companies operating in the market are coming up with innovative blockchain technologies to revolutionize payments. The deployment of blockchain for payments assists in reducing risks and improving efficiency and transparency in payment systems across the insurance sector. Several banks across the globe, including Banco Masventas (Argentina), MUFG, and Taipei Fubon Commercial Bank, are building payment networks based on blockchain.
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North America is estimated to hold the largest market share during the forecast period
The global market is segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to dominate the technology adoption in the blockchain in insurance market. The financial sector, which encompasses banking, financial services, and insurance companies, is focusing on the blockchain technology for its numerous benefits. For instance, all the major banks in North America, such as JPMorgan, Royal Bank of Canada, and Bank of America, are investing in the blockchain technology. A group of Canadian banks, including Desjardins Group, Bank of Montreal, Royal Bank of Canada, Canadian Imperial Bank of Commerce, Scotiabank, and TD Bank, partnered with IBM and SecureKey Technologies to introduce digital identity management solutions, powered by the blockchain technology.
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COVID-19 Impact Analysis on Blockchain In Insurance Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the blockchain in insurance market include Applied Blockchain Ltd., Algorythmix Tech, Auxesis Services and Technologies Private Limited, BlockCypher Inc., BTL Group, Circle Internet Financial Limited, Digital Asset Holdings LLC, International Business Machines (IBM) Corporation, Microsoft Corporation, and Oracl.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Blockchain In Insurance Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/blockchain-in-insurance-market/download-sampleMarket DynamicsData breaches, fraud, and threats are common in the insurance industry.
The amount of fraudulent activity in the insurance sector is expanding all the time.
It leads to the use of blockchain in the insurance industry.
The report "Blockchain In Insurance Market by Provider, Application (GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, and Smart Contracts), Organization Size (Large Enterprises and SMEs), and Region - Global Forecast to 2023", The blockchain in insurance market size is expected to grow from USD 64.5 million in 2018 to USD 1,393.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9% during the forecast period.
The increasing number of fraudulent claims in insurance companies and the emerging need to have transparent and trustworthy systems are expected to drive the overall growth of the blockchain in insurance market.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=9714723The infrastructure and protocols provider segment is expected to have the largest market share during the forecast periodInfrastructure and protocols providers help enterprises implement the blockchain technology by developing solutions that fulfill the increasing need for customer services, including mining, public, and special protocols.
The blockchain technology can synchronize data across multiple entities, build trust, and engage customers by developing products and services that streamline and enhance the current payment processes.
The effective and economic integration of the blockchain technology needs profound cooperation among incumbents, innovators, and regulatory bodies, which, at times, results in delayed implementation.
Firms are, therefore, adopting coexistence as an approach to combine their infrastructure with the emerging technologies.
Ethereum is a decentralized platform that supports smart contracts and applications that run without any possibility of downtime, censorship, fraud, or third-party interference.The smart contracts application is expected to have the largest market share during the forecast periodInsurance vendors are deploying blockchain-based smart contracts to reduce the cost of verification, execution, arbitration, and fraud prevention.
Blockchain in Insurance Market AnalysisThe global 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 global 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 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.Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/7956On 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.Blockchain in Insurance Market Key PlayersKey contenders profiled in the global blockchain in insurance market report include Tierion, Teambrella, RiskBazaar, Lemonade, Inmediate, B3i, Ixledger Black, Algorythmix, Applied Blockchain, Recordskeeper, Symbiont, Guardtime, Consensys, Everledger, Safeshare Global, Blockcypher, Chainthat Limited, Cambridge Blockchain, Bitpay, Circle, Auxesis Group, Factom, Digital Asset Holdings, Bitfury, BTL Group, Earthport, SAP SE, AWS, Microsoft Corporation, Oracle Inc., and IBM Corporation.Blockchain in Insurance Market SegmentationThe 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 type, the global blockchain in insurance market is segmented into federated or consortium blockchain, private blockchain, and public blockchain.By service providers, the global blockchain in insurance market is segmented into infrastructure and protocols providers, middleware service providers, application and solution providers, and others.
Of these, the application and solution providers segment will lead the market over the forecast period.By organization size, the global blockchain in insurance market is segmented into large enterprises and small and medium enterprises.By application, the global blockchain in insurance market is segmented into reinsurance, GRC management, smart contracts, property and casualty insurance, and fraud detection and risk prevention.By sector, the global blockchain in insurance market is segmented into auto insurance, title insurance, health insurance, life insurance, and others.Get Complete Report Details at: https://www.marketresearchfuture.com/reports/blockchain-insurance-market-7956Blockchain in Insurance Market Regional AnalysisBy 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.
