Blockchain in Insurance Market Size, Key Company Profiles and Industry Share Analysis

Market Highlights

Blockchain insurance’s market growth in the coming years is inevitable by giving the fact that early adoption of the technology for it has a considerable boost. Market Research Future reveals that the global blockchain insurance market is set to demonstrate a steady valuation of USD 1.42 Billion by 2024 by attaining 69.72% CAGR during the forecast period 2019–2024, in its detailed study.

Segmentation:

The segmental analysis of the global blockchain in insurance market size has been done among the elements type, service provider, organization size, application, and sector.

In terms of type, the blockchain in the insurance market includes public blockchain, private blockchain, and consortium or federated blockchain. Among these, at present, public blockchain is leading the market as blocks in this are verified one after another and cannot be modified, which makes it a highly secured blockchain type. Though, public blockchain is an open network that can be accessed easily and read it. In the end, consortium blockchain is estimated to observe a high growth rate in the forthcoming years as it authorizes the blocks based on pre-defined rules made by a federation of blockchain, which mounts the security level of the blocks.

In terms of service providers, the market includes application & solution providers, middleware service providers, and infrastructure & protocols providers. Among these, the segment of infrastructure & protocols providers is leading the market owing to the mounting demand from banks, finance, and insurance service providers for advanced and secured infrastructure. Whereas, application and solution providers are estimated to record the highest CAGR during the assessment period owing to the rising adoption of cloud-based services and secured network gateways for money transactions by end-users.

In terms of organization size, the blockchain in the insurance market consists of SMEs and large enterprises. Here, the segments of large enterprises have contributed the highest by revenue generation for the market owing to high investments in developing skilled expertise for blockchain technology. While SMEs are probable to perceive a high growth rate in the years to come.

In terms of application, the market includes fraud detection & risk prevention, property & casualty insurance, smart contracts, GRC management, and reinsurance. Out of these, the intelligent contracts segment is leading the market as it enhances the security of information by benefitting information blocks with low-cost verification and by reducing the risk of frauds and security breaches.

In terms of sector, the market includes life insurance and health insurance, title insurance, and auto insurance, and others. Among these, life insurance and the health insurance sector are leading the market.