Global Blockchain in Insurance Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Blockchain in Insurance Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global blockchain in insurance market report has been segmented on the basis of provider, organization size, application, and region.
Global Blockchain in Insurance Market: Overview
Blockchain in insurance is a shared record-keeping technology in which the data is in cryptographically secured form. Block chain technology provide cooperation and coordination of multiple different intermediaries with varying incentives. It is widely used to detect fake insurance claims.
Global Blockchain in Insurance Market: Dynamics
Increasing regulate for exploring insurance policies by insurance companies and growing fraudulent insurance claims are major factors expected to propel revenue growth of the target market. Increasing adoption as well as outsourcing of blockchain services and blockchain technologies in banking, financial services and insurance (BFSI) sector especially insurance organizations among various countries are factors expected to support the growth of the target market. Increasing adoption of blockchain owing to multiple features offered by blockchain applications such as fraud detection & risk prevention, property & casualty (P&C) insurance services, healthcare insurance policies, reinsurance use–cases are other factors expected to propel growth of the target market.
Moreover, growing need for secure and transparent transactional systems in various sectors is another factor expected to fuel growth of the market. In addition, increasing maturation and adoption of blockchain applications that offer fraud detection and risk prevention, claims prevention and management, and new and advanced distribution and payment models in insurance organizations is expected to proliferate growth of the potential blockchain in insurance market in the near future.
However, increasing data privacy and security concerns and uncertainty of standard and regulatory regulations associated with insurance companies and block chain technology implementation are among major factors expected to hamper growth of the global blockchain in insurance market.
Global Blockchain in Insurance Market: Opportunities and Trend
Increasing technological development activities, increasing adoption of backend as a service (BaaS), and integration of advanced technologies with banking services are factors expected to create high revenue growth opportunity for players in the global market.
Increasing deployment of Internet of things(IoT) and increasing adoption of cloud platforms in BFSI sector are major trends observed in the global market, in turn is expected to support growth of the market.
Global Blockchain in Insurance Market: Segment Analysis
On the basis of provider, the infrastructure and protocols provider segment is estimated to register major revenue share in the global blockchain insurance market.
Global Blockchain in Insurance Market: Regional Analysis
North America market is expected to register major revenue share in the global market, owing to high adoption of blockchain and cryptocurrency technologies in countries in region. Whereas, emerging countries in Asia Pacific is expected to register highest CAGR growth in the target market. Factors attributed in growth of target market in the Asia Pacific are enormous adoption of IoT technology, increasing digitalization, and rising BaaS service providers in countries in region. Moreover, the market in Europe is expected to register significant growth followed by market in Latin America.
Global Blockchain in Insurance Market Segmentation:
Segmentation by Provider:
- Middleware Provider
- Infrastructure and Protocols Provider
- Application, Services, and Solution Provider
Segmentation by Organization Size:
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
Segmentation by Application:
- Fraud Detection
- Smart Contracts
- GRC Management
- Death and Claims Management
- Identity and Access Management
- Others (Content Storage Management and Customer Communication)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2017 Estimated Year 2018 Forecast Period 2018–2027 Revenue in US$
- SAP SE
- Auxesis Group
- Earthport PLC.
- BTL Group Limited
- Oracle corporation
- Microsoft Corporation
- Digital Asset Holdings, LLC
- Amazon Web Services, Inc.
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