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Blockchain in insurance market estimated at US$39.5 billion by 2030 with a CAGR of 72.4% over the forecast period – By PMI

Covina, June 21, 2022 (GLOBE NEWSWIRE) — Blockchain is a data storage method that makes changing data difficult or impossible. A blockchain is a digital record of transactions that is replicated and distributed across the network of computer systems that make up the blockchain. Blockchain technology will result in significant efficiencies, cost savings, transparency, faster payments and fraud mitigation by enabling real-time data sharing between different parties in a reliable and traceable manner. Additionally, insurance companies operate in a highly competitive environment where individuals and businesses expect the best value and the best online experience. In the insurance industry, blockchain technology represents an opportunity for positive change and growth. As a result, the increased demand for blockchain in insurance is expected to drive the market. The growing number of fraudulent insurance claims, along with the belief that smart contracts will hold a large market share, is expected to drive the market growth. Additionally, the growing need to reduce the total cost of ownership is driving the growth of the market. However, market growth is expected to be hampered by transaction security vulnerability in the industry platform using blockchain technology. On the other hand, a lack of understanding of blockchain technology is expected to provide lucrative opportunities for blockchain in the insurance market in the coming years.

Analysis of the region:

North America is expected to lead the adoption of blockchain technology in the insurance market. The financial industry, which includes banking, financial services, and insurance, is focusing on blockchain technology because of its many benefits. For example, all major banks in North America, including JPMorgan, Royal Bank of Canada, and Bank of America, are investing in blockchain technology. Additionally, a survey conducted by Accenture revealed that 9 out of 10 banks in North America are deploying blockchain technology for their payment applications, indicating the rapid growth of blockchain technology.

Highlights:

  • In 2022, Beazley, a specialty insurer, announced the launch of a new directors and officers (D&O) liability insurance product designed specifically for cryptocurrency businesses.
  • In 2022, Covinsure, according to Zetrix, will provide insurance using blockchain technology and cryptocurrency as payment. Zetrix has simplified the insurance process by requiring only a Zetrix passport and wallet.

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Key market insights from the report:

The global blockchain in insurance market accounted for US$177.85 million in 2020 and is estimated to grow to US$39.56 billion by 2030 and is expected to register a CAGR of 72.4%. The global blockchain in insurance market is segmented on the basis of industry type, company size, vendor, deployment model, application, and region.

  • Based on industry type, blockchain in insurance market is segmented into health insurance, title insurance, and life insurance.
  • Based on enterprise size, Blockchain in Insurance Market is segmented into Large Enterprises and Small & Medium Enterprises.
  • Based on vendor, Blockchain in Insurance Market is segmented into Application & Service Provider, Infrastructure & Protocol Provider, and Middleware Provider.
  • Based on the deployment model, Blockchain in Insurance market is segmented into on-premises and cloud-based.
  • Based on Application, Blockchain in Insurance Market is segmented into Smart Contracts, GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments and Others.
  • By region, the Blockchain in Insurance market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Competitive Landscape and their Blockchain Strategies in Insurance Market:

Major players operating in the Blockchain in Insurance market include Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US) , BlockCypher (US), BTL Group (Canada) and Cambridge Blockchain (US).

Report Scope:

  1. Global Blockchain in Insurance Market, by Industry Type, 2020-2030, (USD Million)
    • Insight
      • Market Value & Forecast (USD Million) & Share Analysis (%), 2020 – 2030
      • Annual Growth Analysis (%), 2020 – 2030
      • Industry trends
    • Health insurance
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    • Title insurance
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    • Life insurance
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
  2. Global Blockchain in Insurance Market, by Enterprise Size, 2020-2030, (USD Million)
    • Insight
      • Market Value & Forecast (USD Million) & Share Analysis (%), 2020 – 2030
      • Annual Growth Analysis (%), 2020 – 2030
      • Industry trends
    • Large companies
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    • Small and medium enterprises
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
  3. Global Blockchain in Insurance Market, by Vendor, 2020-2030, (USD Million)
    • Insight
      • Market Value & Forecast (USD Million) & Share Analysis (%), 2020 – 2030
      • Annual Growth Analysis (%), 2020 – 2030
      • Industry trends
    • Application and service provider
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    • middleware provider
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    • Infrastructure and protocol provider
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
  4. Global Blockchain in Insurance Market, by Deployment Model, 2020-2030, (USD Million)
    • Insight
      • Market Value & Forecast (USD Million) & Share Analysis (%), 2020 – 2030
      • Annual Growth Analysis (%), 2020 – 2030
      • Industry trends
    • On the site
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    • Cloud
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
  5. Global Blockchain in Insurance Market, by Application, 2020-2030, (USD Million)
    1. Insight
      • Market Value & Forecast (USD Million) & Share Analysis (%), 2020 – 2030
      • Annual Growth Analysis (%), 2020 – 2030
      • Industry trends
    2. Smart contracts
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    3. CRM management
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    4. Death and claims management
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    5. Identity management and fraud detection
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    6. Payments
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030
    7. Others
      • Insight
      • Market Size & Forecast (Million US$) & Annual Growth (%), 2020-2030

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Some important points addressed by this market report are given below:

  • Explains an overview of the product portfolio, including product development, planning and positioning
  • Explains details of key operational strategies with emphasis on R&D strategies, corporate structure, location strategies, production capabilities, and financial performance of various companies.
  • Detailed analysis of market revenue over the forecast period.
  • Examine various market perspectives using Porter’s Five Forces Analysis, PEST & SWOT Analysis.
  • Study on the segments expected to dominate the market.
  • Regional Analysis Study which is expected to register the highest growth over the forecast period

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