Blockchain in Insurance Market Size to Reach $33.21 Billion by 2033 at 52.41% CAGR
PRESS RELEASE
Published on April 29, 2023
According to the study initiated by Evolve Business Intelligence, the global Blockchain in Insurance market was valued at USD 0.47 billion in 2022, growing at a CAGR of 52.41% from 2023 to 2033. Blockchain is a digital distributed ledger technology which enables safe, transparent and manipulation-proof registration of transactions. In the insurance industry, blockchain has the potential to improve the efficiency and transparency of insurance processes, as well as increase security and reduce fraud. Smart contracts are one of the ways blockchain can be used in insurance. Smart contracts are self-executing agreements that automatically take effect when specific conditions are met. In insurance, smart contracts can automate claims processing and payments, reducing the time and costs associated with traditional manual processing. In addition, blockchain can create a shared database of insurance policies and claims, allowing insurance companies to easily and securely access and verify customer information. This can help prevent fraud by detecting duplicate claims and ensuring proper validation of claims.
Request a free sample report or PDF copy:
Key highlights:
- The global Blockchain in Insurance market was valued at USD 47 billion in 2022, growing at a CAGR of 52.41% from 2023 to 2033.
- North America dominated the market in 2022
- Asia Pacific is expected to grow the fastest with the highest CAGR from 2023 to 2033
Evolve Business Intelligence has published a new market research report on the global Blockchain in Insurance market focusing on various aspects including market size and forecast, market dynamics, competitor market share analysis, market size in terms of value and volume, SWOT analysis, product benchmarking, key players recent developments, and opportunities , among others. The market has also been analyzed based on 4 indicators in market dynamics chapter which includes drivers, restraints, key trends and challenges. The combined sum of these sections will help to understand the best strategies to use to prosper in this industry in the short and long term. The quantitative analysis includes our authentic findings from this research study where we provided further insight into what our readers can do to embrace new opportunities or plan against threats that could hinder the market.
In terms of COVID-19 impact, the Blockchain in Insurance market report also includes the following data points:
- COVID-19 impact on blockchain in the size of the insurance market
- End user/industry/application trend and preferences
- Government policy/regulations
- Key Players’ Strategy to Cope with Adverse Impact/Post-COVID Strategies
- Opportunity in the blockchain in the insurance market
Buy the latest copy of the report now at a higher discount:
Key players
Some of the major Blockchain Insurance players with high market shares include Microsoft, Symbiont, IBM, and Oracle. These players are using partnership and expansion as key strategies to gain significant market share to compete with market leaders.
The most important actors profiled in the report are:
- SafeShare Global
- Amazon Web Services Inc
- Auxesis Services & Technologies (P) Ltd
- Xceedance
- Microsoft
- Symbiont
- IBM
- Oracle
- Consensys
- Records Keeper
Segment analysis
Market segment by component focusing on market share, consumption trend and growth rate for Blockchain in the insurance market:
Market segment by company size focusing on market share, consumption trend and growth rate for Blockchain in Insurance Market:
- Large companies
- Small and medium-sized enterprises
Market segment by application focusing on market share, consumption trend and growth rate of Blockchain in Insurance Market:
- GRC management
- Claims processing
- Identity management and fraud detection
- Payments
- Others
| Parameters | Details |
| Market Size (2022) | USD 0.47 billion |
| CAGR (2023 to 2033) | 52.41% |
| Market segmentation | Component, Enterprise Size, Application |
| Land covered | USA, Canada, Mexico, UK, Germany, France, Italy, Spain, Nordics, BeNeLux, Rest of Europe, China, India, Japan, South Korea, Indonesia, Malaysia, Australia, Rest of Asia Pacific, Middle East and Africa, and South America |
For more information:
Global blockchain in insurance geographic coverage:
- North America
- Europe
- Great Britain
- Germany
- France
- Italy
- Spain
- Nordic countries
- Benelux
- The rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Australia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- The rest of the MEA
- Latin America
- Mexico
- Brazil
- Argentina
- The rest of Latin America
Reasons to buy this report:
- Detailed analysis of the impact of market drivers, restraints and opportunities
- Competitive Intelligence provides an understanding of the ecosystem
- Detailed analysis of the total addressable market (TAM) for your products
- Investment pockets and new business opportunities
- Demand-supply gap analysis
- Strategy planning
About EvolveBI
Evolve Business Intelligence is a market research, business intelligence and consulting firm that offers innovative solutions to challenging business pain points. Our market research reports include data useful for micro, small, medium and large businesses. We offer solutions that range from pure data collection to business consulting.
Evolve Business Intelligence is built on technology developments that provide highly accurate data through our in-house AI-modeled data analysis and forecasting tool – EvolveBI. This tool tracks real-time data, including quarterly results, annual performance and recent developments from Fortune Global 2000 companies.
Address
Develop Business Intelligence
C-218, 2nd floor, M-Cube
Gujarat 396191
India
Email: [email protected]
Website:
This press release is written with the intention of providing accurate market information that will enable our readers to make informed strategic investment decisions. If you discover any problems with this content, please feel free to contact us at [email protected]
Xherald
Xherald is passionate about providing comprehensive coverage of global business news. Dedicated to creating each participant’s notification, when it’s own reader. Daily, our experts offer fresh relevant information about what is actually happening in Markets as well as Business. Our headlines are actually fast and comprehensive. Our distributor directory connects you with brand new products or services and the market situation from the most effective companies around the world. Xherald is run by its 500+ contributors who come from all over the world. Xherald offers local as well as global market information coverage in sectors ranging from healthcare, IOT, chemicals and 17 more sectors. Our updates are fast and detailed. The news we present is actually a mix of authentic content, community contributions and curated headlines. All the updates our company delivers must meet a strict criterion of authenticity, relevance and importance to our readers.
