The global Blockchain In Insurance market is expected to develop US$ 39,596.29 million by 2030, at a compound annual increase in price (CAGR) of 72.4.% throughout the forecast period.
Blockchain is a cryptographic digital ledger that stores data and transactions in a decentralized manner in the form of blocks, each having unique keys. Once created, a block cannot be altered without the consent of at least 51% of the members in that network. In addition, once the data is created on the blockchain network it can never be erased. Features such higher level of transparency and security are the prime reasons organizations are moving towards blockchain-based insurance solutions.
The aim of the report is to estimate the size of the market for blockchain in insurance and the future growth potential of the market for blockchain in insurance across various segments, such as service providers, organization size, and application.
The growing investment by major North American banks such as Bank of America, JPMorgan, and others in blockchain technology is driving the demand for the blockchain in the insurance market in the North American region. In addition, due to GDPR policy and strict data security laws and regulations European region also anticipated capturing major market share in forthcoming years.
The base year considered for the analysis is 2019 and from 2020 to 2028 the market size is estimated. Factors such as the growing number of fraudulent insurance claims and the increase in the need for transparent and trustworthy solutions are the key drivers of the blockchain in the insurance market. However, the lack of a common set of standards and awareness about the technology is hampering the market growth. Furthermore, the growing adoption of cloud-based services & solutions and applications areas of IoT is anticipated to be opportunistic for the market.
Blockchain In Insurance Market Scope
| Metrics | Details |
| Base Year | 2022 |
| Historic Data | 2020-2021 |
| Forecast Period | 2022-2030 |
| Study Period | 2020-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | US$ 39,596.29 million |
| Growth Rate | CAGR of 72.4% during 2021-2030 |
| Segment Covered | By Sector Type, By Enterprise Size, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | pplied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US), BlockCypher (US), BTL Group (Canada) and Cambridge Blockchain (US). |
Key Segments of the Global Blockchain In Insurance Market
Service Providers Overview, 2018-2028 (USD Million)
- Solution & Application Providers
- Infrastructure Providers
- Middleware Providers
Organization Size Overview, 2018-2028 (USD Million)
- Large Organizations
- Small & Medium Oraganizations
Application Overview, 2018-2028 (USD Million)
- Smart Contracts
- Fraud Detection & Identity Management
- GRC Management
- Payments
- Claims Management
- Others
Regional Overview, 2018-2028 (USD Million)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Important Companies in the Global Blockchain In Insurance market
- Applied Blockchain
- Auxesis
- AWS
- Bitfury
- BitPay
- BlockCypher
- Circle
- IBM
- Microsoft
- Oracle
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of blockchain in insurance market benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on blockchain in insurance market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the blockchain in insurance industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on service providers, organization size, and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global blockchain in insurance market. The report will benefit: Every stakeholder involved in the blockchain in insurance market.
- Managers within the blockchain in insurance industry looking to publish recent and forecasted statistics about blockchain in insurance market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global blockchain in insurance market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
North American dominated the market for blockchain in insurance market and accounted for the largest revenue share.
The application of the blockchain in insurance market Smart Contracts, Fraud Detection & Identity Management, GRC Management, Payments, Claims Management, and Others
The Global blockchain in insurance market is Segmented on the basis of Organization Size, Application,Geography.