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Blockchain In Insurance Market by Provider, Application, Organization Size And Region - Global Forecast to 2023

Blockchain In Insurance Market: Global Forecast until 2023

  • July 2018
  • 132 pages
  • ID: 5474768
In this report:
The Latin American region is expected to be the second-fastest growing region for blockchain adoption in the insurance sector among the large enterprises segment, and is likely to reach the market size of USD ##.## million by 2023, growing at a CAGR of ##.##% during the forecast period.
Latin America is expected to be the second-fastest growing region in terms of blockchain adoption among large enterprises, and is likely to reach the market size of USD ##.## million by 2023, growing at a CAGR of ##.##% during the forecast period.


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The blockchain in insurance market is estimated to rise at a compound annual growth rate of 84.90 percent

The overall blockchain in insurance market size is forecasted to grow from $64.50M in 2018 to $1393.80M by 2023, at a CAGR of 84.90 percent. Increasing number of fraudulent insurance claims, growing need to have transparent and trustworthy systems, and focus on reducing total cost of ownership are said to fuel the rise of this market. Additionally, rise of blockchain as a service and the rising penetration of Internet of Things would create possibilities for the increase of this market. On the other hand, uncertain regulatory status and lack of common standards might hinder the global rise of the market.

Identity management and fraud detection segment is forecasted to hold the biggest industry size during the estimate period

Globally, it is estimated, insurance companies lose over $80.0B to frauds every year.Blockchain is one-stop solution to minimize/combat frauds associated to insurance and financial markets.

Traditionally, insurers have been relying upon physical processes to authenticate claim information related to ownership, history item, and authenticity of the product.Nevertheless, with the introduction of the Distributed ledger technologywith features, including encryption and immutability, transparency in transactions is ensured at the more significant level, leaving no room for criminals to defraud the system.

All these factors are anticipated to fuel the global increase of this segment in the blockchain in insurance market.

Asia-Pac is expected to grow at the maximal rate during the outlook period

Huge venture capital investments and the testing of blockchain solutions in Asia Pacific (APAC) have increased the adoption of the blockchain technology in the insurance market in the territory.Unlike other regions, the Asia-Pacific regions has the presence of various developed countries that are currently focusing on regulating the blockchain technology.

Blockchain solution providers in the APAC region design and develop user-friendly, cost-effective, and faster processing blockchain platforms to embellish the application reach of DLT in insurance. Important enterprises and Small and Medium-sized Enterprises have been adopting venture funding strategies and are investing in Research&development activities in an effort to offer technologically advanced blockchain solutions to insurance companies.

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions were managed with main people. The break-up of the profiles of the primary participants is presented below:

• By organization: Tier 1: 55.0 percent, Tier 2: 20.0 percent, and Tier 3: 25.0 percent

• By description: C-suite: 60.0 percent, D-level: 25.0 percent, and Others: 15.0 percent

• By area: North America continent: 10.0 percent, EU: 20.0 percent, Asia-Pacific: 40.0 percent, and RoW: 30.0 percent

Segment Research

The document breaks down the blockchain in insurance market established on providers into application and solution provider, middleware provider, and infrastructure and protocols provider.Established on organization size, the industry has been split into big enterprises and SMEs.

Established on applications, the sector is divided into GRC management, death and claims management, payments, identity management and fraud detection, smart contracts, and others (content storage management and customer communication). The areas have been divided into north america, Europe (EU), Asia-Pac, Middle East (ME) and African continent, and Latin America area.

Reasons to Buy the Report

The analysis will facilitate the market top players/new sector entrants in this sector in these ways:

1. This document breaks down the blockchain in insurance market comprehensively and offers the best approximations of the revenue data for the global market and sub-segments across different areas.

2. The market research benefits partners comprehend the pulse of the sector and offers them with info on the main market drivers, market restraints, opportunities, and alternatives.

3. This industry report will facilitate partners better comprehend the players and obtain additional insights to improve their rank in the business sector. The competitive outlook section includes recent product launches/advancements; alliances and collaborations; mergers and acquisitions; and business developments.

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