Global Blockchain In Insurance Market showed significant growth in the recent years and is anticipated to witness a steep rise by generating an estimated revenue of US$ XX.XX over the forecast period. According to latest study conducted by our analysts and industry experts, global blockchain in insurance market is expected to grow at a CAGR of XX.XX% during the forecast period, i.e. 2017-2025.

Blockchain is a latest technology that can aid an organization or sector to reduce its administrative operations costs considerably by automation in verification of payments data which have been obtained through third party. Blockchain in insurance is of great use for organizations as well as customers due to the superior security offered by Blockchain in saving money and time of insurers.

Global Blockchain In Insurance Market Size Analysis By Region 2017-2025

Market Dynamics

In 2018, Blockchain in insurance market is estimated to be around USD 64.5 million, and is expected to grow at a significant pace during the forecast period, owing to rising requirement of reliable and transparent systems in insurance sector due to escalation in number of fraud claims in insurance sector. Emerging demand of reduction in overall ownership cost is another reason for the growth of blockchain in insurance market.

Advancement in blockchain technology and development of systems that are designed especially for the requirements of insurance industry is expected to further boost the growth of blockchain in insurance market. However, high capital required to purchase and install blockchain technology/systems in small or middle-sized insurance agencies or organizations can hinder the growth of blockchain in insurance market during the upcoming years.

Objectives Of The Study

1. To forecast the market size of blockchain in insurance market, along with describing and defining the market, in terms of volume and revenue.

2. Market analysis and forecast of blockchain in insurance market on the basis of region, substrate and application or end-use industry.

3. To analyze and elaborate significant factors that will have major impact on the growth of blockchain in insurance market, such as drivers, restraints, challenges and opportunities.

4. Regional analysis of blockchain in insurance market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa and Asia Pacific.

5. Strategic analysis of micromarkets, in terms of individual prospects, opportunities, growth trends and their involvement in overall market.

6. To provide detailed analysis of competitive and strategic developments in the blockchain in insurance market like new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.

7. Analysis of market opportunities for stakeholders, in order to provide a competitive landscape for global market players.

8. To profile major market players, and to analyze their market shares and essential competencies comprehensively.

Bottom-up and top-down are two main approaches that were taken into account to anticipate and validate the market size of blockchain in insurance market, and to reach the anticipated market size of several dependent submarkets. The research and study involved massive utilization of secondary data sources, several directories, private and government websites, and authentic databases, to collect or gather market-oriented as well as technical information for the study of blockchain in insurance market commercially.

Segment Analysis 

Among application, smart contracts segment is projected to be the fastest growing application segment, owing to rise in deployment of smart contracts based on blockchain technology in order to reduce the verification cost, arbitration and prevention of several types of insurance frauds. Presence of market players who provide enterprise-ready solutions to combat the smart contracts limitations such as auditability, performance, privacy and scalability is expected to boost the segment’s growth in the upcoming years.

Among enterprise size, large enterprises segment is expected to have the major market share during the forecast period, due to higher support from venture funding companies to develop and set up infrastructure for the integration of blockchain technology. Presence of large customer base in large enterprises is expected to put more pressure on these organizations to adopt transparent and efficient systems in order to be competitive in the market as well as to improve customer satisfaction. SMEs segment is anticipated to exhibit significant growth during the forecast period, due to entrance of small blockchain technology vendors in the market who will probably aid small to medium insurance organization to deploy blockchain in their premises at a comparatively lower cost.

Regional Analysis of Blockchain In Insurance Market

North America is expected to be holding the major revenue share in the global blockchain in insurance market, owing to wider adoptation of automation and blockchain technology by many huge banking and financial organizations such as Bank of Montreal, TD Bank, and others. Partnership of major banks of North America such as Royal Bank of Canada, Desjardins Group and others with SecureKey Technologies and IBM for introduction of digital identity management solutions is another reason for the growth of blockchain in insurance market in the region.

Key players operating in Blockchain In Insurance Market

Major players operating in global blockchain in insurance market are AWS, ConsenSys, Guardtime, BlockCypher, Applied Blockchain, Auxesis Group, Microsoft, Factom, Algorythmix, Bitfury, Digital Asset Holdings, Earthport, SafeShare Global, Symbiont, ChainThat, SAP, Circle, Oracle, and Records Keeper.

Global Blockchain In Insurance Market Report Offer You!

Global Blockchain In Insurance Market Size report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast.

The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.

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