Blockchain In Insurance Market Overview
A blockchain is a digital ledger that organizes data into groups called blocks, each of which contains data. When a block's storage capacity is reached, it is linked to the previous block, forming a data chain known as a "blockchain." All subsequent information added after the newly added block is compiled into a new block, which is then added to the chain. As the name implies, a blockchain organizes data into segments (blocks) that are linked together. As a result, all blockchains are databases, but not all databases are blockchains. The blockchain is the encrypted system that is used to secure digitalized data. It is used to digitally secure each financial transaction so that it cannot be tampered. In the insurance industry, the primary goal of blockchain is to protect against fraud in automated transactions by allowing them to track and manage physical data digitally. Blockchain technology can be used by insurers and customers to create smart contracts that manage claims in a transparent and timely manner. Insurance companies have begun testing and proving new models based on blockchain technology, beginning with low-risk internal prototypes and pilot projects within their infrastructure. The vast majority of health records today are kept in a single provider system. When a patient event occurs, providers could choose whether to publish information to a shared blockchain or to continuously upload to the blockchain. Data entering the blockchain via smart contracts (decentralized programmes that perform actions automatically based on blockchain activity) would be subjected to previously agreed-upon data standards, resulting in understandable and consistent data from all sources. The Blockchain in Insurance Market size accounted for US$ 177.85 million in 2020 and is estimated to be US$ 39,596.29 million by 2030 and is anticipated to register a CAGR of 72.4%.
Blockchain In Insurance Market Dynamics
Fraudulent activity in the insurance market is on the rise
Data breaches, fraud, and threats are common in the insurance industry. The use of Blockchain in insurance is a critical step toward preventing these frauds. Technology can also be used to reduce risks while improving user experience. Fraudulent activity in the insurance market is on the rise. It eventually leads to the use of Blockchain in insurance. Due to high adoption rate, the market is experiencing high demand. The growing concern about fraud and risk is a key driver for Blockchain in the Insurance Industry. The majority of insurance companies are transforming their legacy systems using Blockchain in insurance technology. Blockchain in insurance is a cost-effective technology that reduces fraud and risk. Furthermore, validation is an important feature of the Blockchain insurance system policy. Through authentication, it can confirm the policy and insurance. In addition, the system can provide a history of the insurer. All of these features make fraud prevention methods possible. Another driving force in this market is the advancement of digital technology. Blockchain adoption in insurance is possible through application. These elements will be accountable for the high Blockchain in Insurance Market Profit.
Adoption of Blockchain technology
The adoption of Blockchain technology in the insurance industry is accelerating. The BSFI segment of the market, in particular, is in high demand. Technological advancements will provide numerous opportunities for market growth. The advancement of technology will result in customised services for insurance companies. The enormous growth of BaaS is beneficial to market growth. Many tech titans are embracing BaaS. BaaS is being integrated into their cloud computing modules. All of these elements contribute to the expansion of Blockchain in the Insurance Market Size. The increasing R&D in Blockchain in the insurance market will provide opportunities for growth. Market innovation and growth will result from research and development. Blockchain needs application launch is possible in the coming years.
The insurance industry is hampered by changing regulatory standards for technology. The Blockchain in insurance technology is constantly evolving. These advancements have an impact on current regulatory standards. This factor has an impact on how people use technology.
Uncertain regulation is a major restrain in the Blockchain insurance market. Furthermore, the lack of regulation has an impact on Blockchain adoption in the insurance market. In the forecast period, demand will fall in the financial services, telecommunications, government, and retail sectors. The absence of market-wide standards can have an impact on transactions. These factors have a particular impact on crypto currency transactions.
Blockchain In Insurance Market Segmentation
Source: Prophecy Market Insights |Disclaimer: Data is only a representation. Actual data may vary in the final report.
The global Blockchain in Insurance Market is segmented based on Sector Type, Enterprise Size, Provider, Deployment Model, Application and region.
Sector Type Insights
On the basis of Sector Type, the global Blockchain in Insurance Market is segmented into Health Insurance, Title Insurance and Life Insurance.
Enterprise Size Insights
On the basis of application, the target market is segmented into Large Enterprise and Small & Medium Enterprise.
Provider Insights
Based on Provider, the target market is segmented into Application & Service Provider, Infrastructure & Protocols Provider and Middleware Provider. The application and service provider category is expected to grow at the fastest CAGR during the forecast period. Blockchain technology is a distributed ledger that is spread across a business network and permanently records corporate transactions. Blockchain technology decentralises credential ownership, enabling a standardised system for authenticating users' records in an immutable data chain. Blockchain technology has the potential to disrupt and transform the digital economy.
Deployment Model Insights
Based on Deployment Model, the target market is segmented into On-Premise and cloud.
Application Insights
Based on Application, the target market is segmented into Smart Contracts, GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments and Others. The payments application is expected to grow at the fastest CAGR during the forecast period. Blockchain technology enables real-time payments against assets, resulting in significant cost savings. One of the most recent trends is the use of blockchain technology for payment applications. Companies in the market are developing revolutionary blockchain technology to change payments.
Regional Insights:
The global Blockchain in Insurance Market size accounted for US$ 177.85 million in 2020 and is estimated to be US$ 39,596.29 million by 2030 and is anticipated to register a CAGR of 72.4%. On region the global Blockchain in Insurance Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America will lead the way in terms of Blockchain in Insurance Market Sales. The adoption of Blockchain in insurance technology is accelerating. There are also numerous Blockchain in Insurance Market Top Companies in this region. Technology is providing exceptional benefits to the banking and financial industries.
The United States and Canada are the dominant players in this region. Furthermore, both of these countries have made significant investments. According to a credible survey, nine out of ten insurance companies are implementing Blockchain technology. All of this will contribute to growth America's high profitability rates. The market's opportunities are expected to peak in 2024.
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2030 |
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Market Segmentation |
By Sector Type - Health Insurance, Title Insurance and Life Insurance By Enterprise Size– Large Enterprise and Small & Medium Enterprise By Provider – Application & Service Provider, Infrastructure & Protocols Provider and Middleware Provider By Deployment Model – On-Premise and Cloud By Application – Smart Contracts, GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments and Others |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Recent Development:
- Applied Blockchain, Inc. announced in May 2021 that it had executed a Purchase Agreement with Sparkpool, the world's largest Ethereum mining pool, to procure NVIDIA GPUs as part of the company's plan to scale a large Ethereum / Altcoin mining operation.
- Microsoft released Azure Blockchain Workbench in May 2018, a set of new tools for developing apps quickly and efficiently.
- BTL announced the launch of its proprietary blockchain platform Interbit in April 2018 and made it available for testing and feedback. The company intends to commercialise Interbit through regular software releases. Developers and businesses can licence Interbit to build and share applications in a trusted ecosystem.
- AWS partnered with Luxoft Holding, a technology consulting firm, in March 2018 to offer blockchain solutions certified to run on AWS. Luxoft Holding used the Hyperledger Fabric network to implement a digital ledger solution.
Global Blockchain in Insurance Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Blockchain In Insurance Market Key Players
The leading players operating in the Global Blockchain in Insurance Market includes
- Applied Blockchain, LLC develop dozens of blockchain applications, ranging from NFT marketplaces for famous artists to sophisticated DeFi protocols and Web3 dApps.
- Algorythmix is a group of innovators and radical thinkers working on some disruptive blockchain applications.
- Auxesis Group is a Blockchain infrastructure and protocol company that was founded in 2014 and is the creator of Auxledger Technology.
- AWS a fully managed service that simplifies the creation and management of scalable private networks using the popular open-source frameworks Hyperledger Fabric and Ethereum.
- Bitfury is artificial intelligence division builds integrated product solutions at the edge using the company's world-class hardware and software technologies.
- BitPay is a bitcoin payment service provider headquartered in Atlanta, Georgia, United States.
- BlockCypher is a cloud-optimized platform that reliably and at scale powers blockchain applications.
- BTL Group provides blockchain solutions to businesses in a variety of industries, including finance, energy, and gaming.
- Cambridge Blockchain provides financial institutions with blockchain-based identity management and compliance software solutions.
Blockchain In Insurance Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Blockchain in Insurance Market
- Key Questions this Study will Answer
- Market Snippet, By Sector Type
- Market Snippet, By Enterprise Size
- Market Snippet, By Provider
- Market Snippet, By Deployment Model
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Blockchain in Insurance Market, By Sector Type, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Health Insurance
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Title Insurance
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Life Insurance
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Blockchain in Insurance Market, By Enterprise Size , 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Large Enterprises
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Small & Medium Enterprises
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Blockchain in Insurance Market, By Provider , 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Application & Service Provider
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Middleware Provider
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Infrastructure & Protocols Provider
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Blockchain in Insurance Market, By Deployment Model, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- On-Premise
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Cloud
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Blockchain in Insurance Market, By Application, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Smart Contracts
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- GRC Management
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Death & Claim Management
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Identity Management & Fraud Detection
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Payments
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Blockchain in Insurance Market, By Region, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Sector Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Enterprise Size, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Provider, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Deployment Model, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Sector Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Enterprise Size, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Provider, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Deployment Model, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Sector Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Enterprise Size, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Provider, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Deployment Model, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Sector Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Enterprise Size, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Provider, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Deployment Model, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Sector Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Enterprise Size, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Provider, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Deployment Model, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Applied Blockchain
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Algorythmix
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Auxesis Group
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- AWS
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Bitfury
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- BitPay
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- BlockCypher
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- BTL Group
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cambridge Blockchain
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
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- Future Impact
- About Us
- Contact
FAQs
The Blockchain in Insurance Market is segmented based on Sector Type, Enterprise Size, Provider, Deployment Model, Application and region.
The adoption of Blockchain technology in the insurance industry is accelerating. The BSFI segment of the market, in particular, is in high demand. Technological advancements will provide numerous opportunities for market growth.
North America will lead the way in terms of Blockchain in Insurance Market Sales. The adoption of Blockchain in insurance technology is accelerating.
The key players operating in the Blockchain in Insurance Market includes Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US), BlockCypher (US), BTL Group (Canada) and Cambridge Blockchain (US).