1. Market Research
  2. > Information Technology Market Trends
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.

Summary

Table of Contents

Search Inside

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.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers
Blockchain in Retail Market by Provider, Application, Organization Size And Region - Global Forecast to 2023

Blockchain: Retail Market Forecast until 2023

  • $ 5650
  • Industry report
  • June 2018
  • by MarketsandMarkets

Growing interests and increasing applications of the blockchain technology in the retail industry is expected to drive the blockchain in retail marketThe blockchain in retail market size is expected to ...

Blockchain Supply Chain Market by Application, Provider, Vertical And Region - Global Forecast to 2023

Blockchain Supply Chain Market: Global Forecast until 2023

  • $ 5649
  • Industry report
  • July 2018
  • by MarketsandMarkets

The blockchain supply chain market is expected to grow at a CAGR of 87.0% during the forecast periodMarketsandMarkets forecasts the global blockchain supply chain market to grow from USD 145.0 million ...

Blockchain in Telecom Market by Provider, Application, Organization Size And Region - Global Forecast to 2023

Blockchain: Telecom Market Forecast until 2023

  • $ 5649
  • Industry report
  • July 2018
  • by MarketsandMarkets

Increasing support for OSS/BSS processes is expected to drive the overall growth of blockchain in telecom marketThe blockchain in telecom market size is expected to grow from USD 46.6 million in 2018 to ...


ref:plp2018

Reportlinker.com © Copyright 2018. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on