BlockchainInsurance Market is expected to reach US$ XX Mn in 2027 from US$ XX Mn in2019, at a CAGR of XX%.
Blockchain Technology is the key security mechanism behindcryptocurrency transactions. It has multiple cross-industrial applicationsincluding the insurance sector. Blockchain technology will certainlyrevolutionize the insurance sector through its distributed public ledgersystem.
The report includes the analysis of impact of COVID-19lock-down on the revenue of market leaders, followers, and disrupters. Sincelock down was implemented differently in different regions and countries,impact of same is also different by regions and segments. The report hascovered the current short term and long term impact on the market, same willhelp decision makers to prepare the outline for short term and long termstrategies for companies by region.
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There are numerous driving factors for adopting BlockchainTechnology. It works on decentralized platforms. Transparency, cost reduction,elimination of third parties, cryptographic security, micro-payments, andimmutability are the obvious advantages of blockchain solutions. , Increasingneed to have transparent and trustworthy systems, growing number of fraudulentinsurance claims, and focus on reducing total cost of ownership are the keydrivers to implement blockchain technology in the insurance sector. Thefinancial sector is the pioneer in exploring and adopting blockchain solutionsfor smart transactions. Blockchain will disrupt the insurance industry and willcreate growth opportunities, monetization avenues, and facilitate digitaltransformation. However, lack of a central entity & common standards andlack of awareness & understanding of the use of blockchain technologies areexpected to restrain the growth of this market to a certain extent. However,the growth of BaaS and increasing IoT penetration in all the geographic regionswould create lucrative market opportunities.
The report segments the Blockchain Insurance Market byprovider, application, organization size, and region. Talking aboutapplications, the smart contracts is expected to rule the market in 2018 -reduced costs of verification, execution, arbitration, and fraud prevention isthe prominent reasons. Identity management and fraud detection application isexpected to be the highest revenue-generating segment by 2026, as thetechnology helps validate the authenticity, ownership, and origin, through thesupply chain of goods and documents, the identity of customers doingtransactions and the date and time of policy issuance, thereby helping reducefraud rate and providing easy management. The payments application is alsoexpected to grow at the faster rate, owing to reduced risks, improvedefficiency, and transparency in payment systems, provided by blockchain acrossthe insurance industry.
In case of providers, the infrastructure and protocolsprovider segment is anticipated to lead the market as various infrastructureand protocol providers are providing infrastructure and platforms, which areleveraged by application and solution providers to develop applications. Theapplication and solution provider segment is expected to grow at the fastestrate due to the rising demand for international online money transfer network,and cloud-based services across the insurance sector. In addition, applicationand solution providers provide blockchain technologies that are more likely todeliver value to businesses by reducing the duplication of transactional dataand providing periodic reconciliation and authentication for commercial andregulatory reasons.
Companies, mostly large enterprises, get venture funding todevelop supportive infrastructure for blockchain integration. Large enterprisesare expected to dominate the market in terms of market share, as suchenterprises are continuously investing in their R&D activities to improvetheir overall performance and provide customer satisfaction. However, the Smalland Medium-sized Enterprises (SMEs) segment is expected to exhibit a higherCAGR, owing to the availability of blockchain-as-a-service, provided by vendorsoperating in the market, which minimizes infrastructure development costs.
The report covers all the major geographical regions. NorthAmerica is the early adopter of blockchain and cryptocurrency technologies andboasting with the presence of the global and domestic industry players areexpected to continue to dominate the market during the forecast period. TheAPAC region is expected to grow at the highest CAGR during the forecast period- Increase in digitalization, the humungous growth of IoT, and an increase inBaaS service providers in the region being the significant causes.
Major Vendors that offer blockchain solutions includeApplied Blockchain, Algorythmix, Auxesis Group, AWS. The vendors listed herehave adopted different organic and inorganic growth strategies, such as newproduct launches, product up-gradations, partnerships and collaborations,acquisitions, business expansions, and venture funding, to expand their productofferings and enhance the customer experience in the market. IBM’s recent blockchainbanking solution that helps financial institutions expedite global paymentscould be a fine example. This solution uses IBM’s blockchain technology andcollaborates with technology partners, such as Stellar.org and KlickEx Group,to enhance the speed so that financial institutions can settle paymenttransactions on a single network in real time. In November 2017, Microsoftpartnered with R3, a provider of the distributed ledger technology, to simplifythe overall development and deployment processes and create real-worldsolutions, applications, and pilot projects for its clients.
The objective of the report is to present comprehensiveanalysis Blockchain Insurance Market including all the stakeholders of the industry. The past and currentstatus of the industry with forecasted market size and trends are presented inthe report with analysis of complicated data in simple language. The reportcovers all the aspects of industry with dedicated study of key players thatincludes market leaders, followers and new entrants by region. PORTER, SVOR,PESTEL analysis with the potential impact of micro-economic factors by regionon the market have been presented in the report. External as well as internalfactors that are supposed to affect the business positively or negatively havebeen analyzed, which will give clear futuristic view of the industry to thedecision makers.
The report also helps in understanding Blockchain InsuranceMarket dynamics, structure by analyzing the market segments, and project theBlockchain Insurance Market size. Clearrepresentation of competitive analysis of key players by type, price, financialposition, product portfolio, growth strategies, and regional presence in theBlockchain Insurance Market make the report investor’s guide.
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Blockchain Insurance Market, By Provider
• Application and solution provider
• Middleware provider
• Infrastructure and protocols provider
Blockchain Insurance Market, By Application
• GRC management
• Death and claims management
• Identity management and fraud detection
• Payments
• Smart contracts
• Others (content storage management and customercommunication)
Blockchain Insurance Market, By Organization Size
• Small and Medium-sized Enterprises (SMEs)
• Large enterprises
Blockchain Insurance Market, By Region
• North-America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Blockchain Insurance Market,Key Players:
Applied Blockchain
Algorythmix
Auxesis Group
AWS
Bitfury
BitPay
BlockCypher
BTL Group
Cambridge Blockchain
ChainThat
Circle
ConsenSys
Digital Asset Holdings
Earthport
Everledger
Factom
Guardtime
IBM
iXLedger
Microsoft
Oracle
RecordsKeeper
SafeShare Global
SAP
Symbiont
About Maximize Market Research:
Maximize market research, a global market research firm witha dedicated team of specialists and data has carried out extensive researchabout the Blockchain Insurance Market. The report encompasses the blockchaininsurance market by different segments and region, providing the in-depthanalysis of the overall industry ecosystem, useful for taking the informedstrategic decision by the key stakeholders in the industry. Importantly, thereport delivers forecasts and share of the market, further giving an insightinto the market dynamics, and future opportunities that might exist in theBlockchain Insurance Market. The driving forces, as well as considerablerestraints, have been explained in depth. In addition to this, competitivelandscape describing the strategic growth of the competitors have been takeninto consideration for enhancing market know-how of our clients and at the sametime explain Blockchain Insurance Market positioning of competitors.
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