New York, US, March 14, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in Insurance Market Research, by Sector, by application, by type, by organization Size, by Service providers, by region - forecast 2030”. Valuation is poised to reach USD 67.9 billion by 2030, registering a 39.20% CAGR throughout the forecast period (2022–2030).
Drivers
Increasing Adoption by Insurance Companies to Boost Market Growth
With regards to fraud and data loss, insurance businesses are among the sectors that are most at risk. Consumers are paying higher premiums as a result of an increase in fraudulent activity. To stop fraudulent claims, insurance firms must replace outdated systems with more effective ones. Blockchain technology might be able to solve this issue successfully. They might benefit from using blockchain technology to cut expenses and boost productivity.
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Blockchain in Insurance Market Key Players
Eminent industry players profiled in the Blockchain in Insurance market report include
- Ixledger
- Microsoft Corporation
- Safeshare Global
- SAP SE
- Auxesis Group
- Recordskeeper
- Bitfury
- Digital Asset Holdings
- IBM Corporation
- Symbiont
- Bitpay
- Circle
- Guardtime
- Chainthat Limited
- BTL Group
- Oracle Inc.
- Earthport
- Everledger
- Consensys
- Cambridge Blockchain
- AWS
- Applied Blockchain
- Algorythmix
- Blockcypher
- Factom
Opportunities
Enormous Increase of BaaS to offer Robust Opportunities
The market's expansion is aided by the massive growth of BaaS. The BaaS is being embraced by major tech companies. The BaaS is a component of their cloud computing modules.
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Restraints
Security Vulnerability to act as Market Restraint
The security vulnerability related to transactions across industry platforms utilizing blockchain technology and lack of understanding associated with blockchain technology may act as market restraints over the forecast period.
Challenges
Uncertain Regulatory Status to act as Market Challenge
The uncertain regulatory status coupled with dearth of common standards may act as market challenges over the forecast period.
Market Segmentation
The global blockchain in insurance market is bifurcated based on service providers, organization size, type, application, and sector.
By sector, the market is segmented into title insurance, life insurance, and health insurance.
By application, smart contracts will lead the market over the forecast period.
By type, private blockchain will domineer the market over the forecast period.
By organization size, large enterprises will spearhead the market over the forecast period.
By service providers, application & solution providers will have the lions share in the market in the forecast period.
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COVID-19 Analysis
The trend towards remote labor & remote access to the services, including insurance, has been hastened by the COVID-19 pandemic. There is a growing demand for safe online platforms that can offer dependable and secure access both to data & services as more consumers access insurance services online and work from home. Additionally, there are stringent rules governing data security and privacy that the insurance sector must adhere to, and failure to do so can have dire repercussions. Because of this, there is now more need for safe online platforms which can satisfy these legal criteria. In order to satisfy the expectations of their consumers and guarantee the protection of their data, insurers are making investments in secure online platforms, which are fueling the development of blockchain in the insurance industry.
Regional Analysis
North America to Head Blockchain in Insurance Market
The maximum Blockchain in Insurance Industry Sales will be in North America. Blockchain is being embraced by the insurance industry quickly. Also, this region has a large number of top Blockchain in Insurance Industry Businesses. The banking and finance sector is benefiting tremendously from technology. The dominant nations in this region are the US and Canada. Also, both of these nations have made enormous investments. 9 out of 10 insurance businesses are reportedly using Blockchain technology, according to a credible survey. All of these will support America's rapid economic growth and high profitability rates. The market's potential is anticipated to peak in 2024. North America currently holds the top spot in the global blockchain insurance market thanks to the growing need for blockchain especially in the finance industry and the abundance of knowledgeable crypto-currency professionals in the United States & Canada. Business growth in the area is driven by the rise in the initiatives launched by insurance agencies to inform insurers about the advantages of blockchain technology. Given their technical prowess and stable financial situations, the US and Canada are the region's two best-performing markets. The market size in North America was the largest in 2021. This is because major North American retail banking service providers are utilizing blockchain technology to benefit their clients and combat fraud. Additionally, it is anticipated that blockchain technology would benefit the insurance sector due to the rapid use of the technology for ID/KYC fraud prevention & risk assessment.
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APAC to Have Admirable Growth in Blockchain in Insurance Market
In the insurance industry, Asia Pacific has the fastest-growing Blockchain. The rate of adoption is higher. Throughout Asia and the Pacific, there is a lot of fraud and danger in the insurance market. The use of Blockchain in the insurance technology will stop the market from suffering significant losses. Throughout the foreseeable period, demand is moderate in Europe. Yet, this market has more room for expansion. Thanks to the increasing number of insurance businesses in Singapore, South Korea, and Japan spending significantly on research and development of blockchain technology, APAC has the potential to experience the fastest pace of growth in the upcoming years. While India's market appears to be headed for a favorable growth rate in the evaluation, China is the region's most lucrative market. The Indian market in fact benefits from the quick technological advances as well as the increasing number of measures taken by the insurer consortium to sell their insurance services and claims management systems. Given the government-imposed work-from-home and lockdown rules, the entire IT business is anticipated to perform well even though the region is battling to make a COVID-19 breakthrough.
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