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Blockchain Insurance Market
Blockchain Insurance Market is expected to reach US$ XX Mn in 2026 from US$ XX Mn in 2019, at a CAGR of XX%.
Blockchain Technology is the key security mechanism behind cryptocurrency transactions. It has multiple cross-industrial applications including the insurance sector. Blockchain technology will certainly revolutionize the insurance sector through its distributed public ledger system.
There are numerous driving factors for adopting Blockchain Technology. It works on decentralized platforms.
Transparency, cost reduction, elimination of third parties, cryptographic security, micro-payments, and immutability are the obvious advantages of blockchain solutions. , Increasing need to have transparent and trustworthy systems, growing number of fraudulent insurance claims, and focus on reducing total cost of ownership are the key drivers to implement blockchain technology in the insurance sector. The financial sector is the pioneer in exploring and adopting blockchain solutions for smart transactions. Blockchain will disrupt the insurance industry and will create growth opportunities, monetization avenues, and facilitate digital transformation. However, lack of a central entity & common standards and lack of awareness & understanding of the use of blockchain technologies are expected to restrain the growth of this market to a certain extent. However, the growth of BaaS and increasing IoT penetration in all the geographic regions would create lucrative market opportunities.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The report segments the Blockchain Insurance Market by provider, application, organization size, and region. Talking about applications, the smart contracts is expected to rule the market in 2018 - reduced costs of verification, execution, arbitration, and fraud prevention is the prominent reasons. Identity management and fraud detection application is expected to be the highest revenue-generating segment by 2026, as the technology helps validate the authenticity, ownership, and origin, through the supply chain of goods and documents, the identity of customers doing transactions and the date and time of policy issuance, thereby helping reduce fraud rate and providing easy management. The payments application is also expected to grow at the faster rate, owing to reduced risks, improved efficiency, and transparency in payment systems, provided by blockchain across the insurance industry.
In case of providers, the infrastructure and protocols provider segment is anticipated to lead the market as various infrastructure and protocol providers are providing infrastructure and platforms, which are leveraged by application and solution providers to develop applications. The application and solution provider segment is expected to grow at the fastest rate due to the rising demand for international online money transfer network, and cloud-based services across the insurance sector. In addition, application and solution providers provide 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.
Companies, mostly large enterprises, get venture funding to develop supportive infrastructure for blockchain integration. Large enterprises are expected to dominate the market in terms of market share, as such enterprises are continuously investing in their R&D activities to improve their overall performance and provide customer satisfaction. However, the Small and Medium-sized Enterprises (SMEs) segment is expected to exhibit a higher CAGR, owing to the availability of blockchain-as-a-service, provided by vendors operating in the market, which minimizes infrastructure development costs.
The report covers all the major geographical regions. North America is the early adopter of blockchain and cryptocurrency technologies and boasting with the presence of the global and domestic industry players are expected to continue to dominate the market during the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period - Increase in digitalization, the humungous growth of IoT, and an increase in BaaS service providers in the region being the significant causes.
Major Vendors that offer blockchain solutions include Applied Blockchain, Algorythmix, Auxesis Group, AWS. The vendors listed here have adopted different organic and inorganic growth strategies, such as new product launches, product up-gradations, partnerships and collaborations, acquisitions, business expansions, and venture funding, to expand their product offerings and enhance the customer experience in the market. IBM’s recent blockchain banking solution that helps financial institutions expedite global payments could be a fine example. This solution uses IBM’s blockchain technology and collaborates with technology partners, such as Stellar.org and KlickEx Group, to enhance the speed so that financial institutions can settle payment transactions on a single network in real time. In November 2017, Microsoft partnered with R3, a provider of the distributed ledger technology, to simplify the overall development and deployment processes and create real-world solutions, applications, and pilot projects for its clients.
The objective of the report is to present comprehensive analysis Blockchain Insurance Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding Blockchain Insurance Market dynamics, structure by analyzing the market segments, and project the Blockchain Insurance Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Blockchain Insurance Market make the report investor’s guide.
The scope of the Report:
Blockchain Insurance Market,By Provider
• Application and solution provider
• Middleware provider
• Infrastructure and protocols provider
Blockchain Insurance Market, By Application
• GRC management
• Death and claims management
• Identity management and fraud detection
• Smart contracts
• Others (content storage management and customer communication)
Blockchain Insurance Market, By Organization Size
• Small and Medium-sized Enterprises (SMEs)
• Large enterprises
Blockchain Insurance Market, By Region
• Asia Pacific
• Latin America
• Middle East & Africa
Blockchain Insurance Market,Key Players:
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