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Blockchain in Insurance Market: By Provider (Application and Solution Provider, Middleware Provider, Infrastructure and Protocols Provider), By Application (GRC Management, Death and Claims Management, Identity Management and Fraud Detection, Payments, Smart Contracts), By Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises) And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Blockchain has the potential to help automate claims operations, by validating coverage between reinsurers and corporations. One of the most important advantages that blockchain may give is reduction in cost. It's easy to find how blockchain may affect claims, administration, underwriting, and product development, and many of the current blockchain use cases are centered on cost reduction. The usage of blockchain to automate the payment of claims is one of the first areas that insurance firms are considering. Another key feature of blockchain is the transfer of any sort of digital proof for underwriting, including the usage of electronic health records (EHR).
Global Blockchain in Insurance Market to surpass USD 185.1 billion by 2031 from USD 0.4 billion in 2021 at a CAGR of 85.4% in the coming years, i.e., 2021-2031. The rising need for trustworthy and transparent systems, as well as overall trends in the insurance sector connected to an increase in claims-related frauds, are the market's primary development drivers.
By Provider, the Blockchain in Insurance Market is divided into Application and Solution Provider, Middleware Provider, and Infrastructure and Protocols Provider. The Application and Solution Provider segment is projected to lead the market over the forecasted period. Blockchain technology can alter digital enterprises and offer disruptive effects. Digital identity verification, documentation, exchanges, capital markets, money transfers, and trading are among the services offered by market vendors. These companies provide blockchain technologies that add value to organizations by removing transactional data duplication and offering periodic reconciliation and authentication for regulatory and commercial purposes.
Based on Application, the blockchain in Insurance Market is segmented into GRC Management, Death and Claims Management, Identity Management and Fraud Detection, Payments, Smart Contracts, and Others. Blockchain technology allows for real-time asset payments, resulting in significant cost reductions.
The insurance industry is one of the most vulnerable markets when it comes to data theft and fraud. One of the novel approaches to prevent fraud, eliminate risks, and improve customer satisfaction is to use blockchain in insurance. The number of fraudulent incidences in the insurance industry is on the rise. As a result, insurance companies must replace inefficient legacy systems incorporated into their insurance systems with more efficient solutions to prevent fraudulent claims.
The market is growing due to the growing demand to reduce the total cost of ownership. The Blockchain technology, which is built on the concept of validation, is used to validate the authenticity of insurance customers' policies by giving a complete historical record of a policy holder's prior transactions. As a result, blockchain technology enhances fraud detection and prevention efficiency, and the market for blockchain technology in insurance is likely to grow in the future.
The market's growth is projected to be hampered by the security vulnerability of transactions across the industry platform employing blockchain technology.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Blockchain in Insurance Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is anticipated to lead the way in blockchain adoption in the insurance business. The financial sector, which includes financial services, banking, and insurance, is putting a lot of emphasis on blockchain technology because of its many advantages. North American major banks are investing in blockchain technology.
Insurers have always modified their offerings to meet evolving customer needs during the COVID-19 pandemic. However, the world after COVID-19 will see an extraordinary surge of new product offerings. The epidemic has put the blockchain market in jeopardy. Blockchain holds the potential to play a crucial role in expediting digital transformation operations and initiatives during this crisis.
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 0.4 billion |
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Revenue forecast in 2031 |
USD 185.1 billion |
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Growth Rate |
CAGR of 85.4% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Provider, Application, Organization Size, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled
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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 Oracle. |
The blockchain in Insurance Market size was estimated at USD 0.4 billion in 2021 and is expected to reach USD 185.1 billion in 2031.
Blockchain technology is the record-keeping technology behind bitcoin, which is a distributed and decentralized public ledger. Blockchain transactions are completely free to use and have the potential to revolutionize the way insurance is purchased.
The Application and Solution Provider segment accounted for the largest Blockchain in Insurance Market share.
Key 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 Oracle.
The rising number of bogus insurance claims, and also the growing demand for transparent and trustworthy procedures, are expected to drive industry growth.
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