Market Highlights
The global blockchain in insurance market 2020 has offered some of the past decade’s best investment opportunities. Now, the predicted journey of the market looks promising, as Market Research Future reveals in its study that the market will be accounting worth USD 1.42 Billion by 2024 as it was USD 62.53 Million back in 2018. With this, the market also logged 69.72% CAGR hit during the forecast period 2019–2024.
Market Growth Pattern & Key Challenges
The eminent growth-inducing factors behind the global blockchain in insurance market leads to the early adoption of blockchain technology mainly by financial service providers, where key players are increasingly investing in the research & development of blockchain-based application. Even the investments are being made for developing digital technology that supports development of platforms for digital transactions, as well as, developing need of integrating advanced security while transaction, especially on digital platforms. All these activities are active owing to increasing number of fraudulent insurance claims, that results in growth of the market at a higher level.
Other factors promoting the market’s rising worth directs towards the rising adoption of cloud-based solutions and services, increasing applications areas of IoT. These activities have pushed the market to create significant opportunities, across the globe, thus expecting a substantial growth in the forecast period. Parallel to this, uncertain regulatory issues are posing as one of the major challenges for the global blockchain in insurance market growth in the coming years.
As blockchain is a decentralized technology that works on public or private distributed ledger systems. The providers are focusing in keeping track of monetary assets and transactions without any interference of any trusted authority such as banks, and financial institutes. These are making blockchain technology more and more reliable that results in increasing it demands among the technology giants. These exciting trends are inducing the growth of the global blockchain in insurance market all across the globe at significant level.
Besides all, MRFR further takes a not on the study of the market by portraying that numerous opportunities are also coming from the integration and deployment of blockchain technology-based solutions into banking, financial, and insurance operations as advantages. Some of the major use cases are improving functioning of peer-to-peer insurance, claims management, trade finance & post trade/transaction settlements, reinsurance applications, and cross border payments & settlements. These are prominently working in favor of the global blockchain in insurance market in approaching years.
On the contrary, the factor of lack of standard protocols and limited technical knowledge in end users segment are noted to be some of the restraining factors against the market’s growth.
Segmentation:
Global blockchain in insurance market size analysis has further been conducted in the report based on type, service provider, organization size, application, sector.
In terms of blockchain type segment, the market includes private blockchain, public blockchain, and consortium or federated blockchain.
In terms of service providers, the market includes middleware service providers, application & solution providers, and infrastructure & protocols providers.
In terms of organization size, the market includes SMEs and large enterprises.
In terms of application, the market includes property & casualty insurance, fraud detection & risk prevention, GRC management, smart contracts, and reinsurance.
In terms of sector, the market includes health insurance, life insurance, and auto insurance, title insurance.
Regional Framework
North America, Europe, Asia-Pacific, and the rest of the world are the key regions picked for the studying market share of global blockchain insurance market.
Blockchain in insurance market is currently on the top of share scale in the region of North America. The growth of the market is due to the high adoption rate of blockchain especially by the finance sector and rising skilled expertise for cryptocurrency. Also, the rising initiatives by insurance agencies in educating insurers regarding the benefits of using blockchain technology are predominantly fueling the market growth of blockchain in insurance. In this region, the US, along with Canada, is contributing significantly in generating the high revenue for the market.
The market in Asia-Pacific has a promising future to become the fastest growing market for blockchain in insurance. Giant insurance companies in developed countries such as Asia-Pacific such as Japan, Singapore, and South Korea are investing a significant amount in research & development of blockchain technology. Among these, China is leading the market as back in 2018, Chinese insurance firms Huatai Insurance, China Property & Casualty Reinsurance Company (CPCR), and Fun in Funding together introduced blockchain-supported medical insurance service, Hongfu e-life. On the other side, the market India is also projected to witness high growth rate in the coming years. The factors leading to the market’s growth is attributed to the development in advanced technologies and mounting initiatives by Indian insurer consortium in order to enhance their expertise in blockchain with an intention to improve their insurance services and claims management systems.
Market Key Players
IBM Corporation, Oracle Inc., AWS, SAP SE, Microsoft Corporation, BTL Group, Earthport, Digital Asset Holdings, Bitfury, Auxesis Group, Factom, Circle, Bitpay, Chainthat Limited, Cambridge Blockchain, Safeshare Global, Blockcypher, Consensys, Guardtime, Everledger, Symbiont, Recordskeeper, Algorythmix, Applied Blockchain, Ixledger are the prominent key players covered in the global blockchain in insurance market research study by MRFR.
Black, B3i, Inmediate, Lemonade, RiskBazaar, Teambrella, and Tierion are some of the key start-ups supporting the deployment of blockchain in insurance companies.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/blockchain-insurance-market-7956