Portland, OR, March 09, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global blockchain in insurance market generated $496.9 million in 2021 and is projected to reach $32.9 billion by 2031, with a CAGR of 52.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape and competitive scenario. The report is a useful source of information for leading market players, new entrants, investors and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage and details:
| Report coverage | Details |
| Forecast period | 2022-2031 |
| Foundation year | 2021 |
| Market size in 2021 | 496.9 million dollars |
| Market size in 2031 | 32.9 billion dollars |
| CAGR | 52.4% |
| Number of pages in the report | 380 |
| Segments covered | Component, Application, Company Size and Region |
| Drivers | Increasing demand for secure online platforms |
| Increasing number of fraudulent insurance claims | |
| Increasing use of technologically advanced software platforms | |
| Possibilities | Growth of smart contracts in insurance |
| Limitations | High initial setup costs |
| Lack of standardization and awareness in blockchain technology |
Covid-19 scenario:
- The outbreak of the COVID-19 pandemic had a positive impact on the global blockchain in the insurance market, as the pandemic highlighted the importance of trust and transparency in the insurance industry.
- In addition, the pandemic created new risks for the insurance industry, such as the risk of COVID-19-related injuries. Blockchain technology helped insurers assess risk more accurately by analyzing data from various sources, including medical records, social media data and other sources.
- Furthermore, the pandemic emphasized the need for more efficient and cost-effective blockchain solutions in the insurance industry, which resulted in increased use of blockchain and IoT-based services.
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The report offers a detailed segmentation of the global blockchain in insurance market based on component, application, company size, and region. The report provides an analysis of each segment and sub-segment using tables and figures. This analysis helps market players, investors and new entrants to determine the sub-segments to use to achieve growth in the coming years.
Based on component, the solutions segment held the largest share in 2021, accounting for around two-thirds of the global blockchain in insurance market and will dominate the market in terms of revenue through 2031. The services segment, on the other hand, is estimated to witness the fastest CAGR of 55.2% during the forecast period.
Based on application, the identity management and fraud detection segment captured the largest market share of more than one-third of the global blockchain in insurance market in 2021 and will maintain the leadership in terms of revenue in 2031. However, the payments segment is expected to achieve the fastest CAGR of 56.1% through 2031.
Based on company size, the large enterprise segment held the largest share in 2021, accounting for more than two-thirds of the global blockchain in insurance market and would dominate the market in terms of revenue through 2031. On the other hand, the small and medium enterprise segment is estimated to to witness the fastest CAGR of 54.3% during the forecast period.
Based on region, the North American market was the largest in 2021, accounting for nearly two-fifths of the global blockchain in insurance market. Furthermore, the Asia Pacific market will dominate the market in terms of revenue through 2031. The same region is also projected to exhibit the fastest CAGR of 57.6% from 2022 to 2031.
Leading players in the global blockchain in insurance market analyzed in the research include Amazon Web Services, Inc., Xceedance, IBM, Consensys, SafeShare Global, Microsoft, Oracle, Auxesis Services & Technologies (P) Ltd., RecordsKeeper, Symbiont.
The report analyzes these key players in the global blockchain in insurance market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio and development of each market player.
Important benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimates and dynamics of the Blockchain in Insurance market analysis from 2021 to 2031 to identify the prevailing Blockchain in Insurance market share.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the blockchain in insurance market size segmentation helps in determining the prevailing blockchain in insurance market.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Positioning of market players facilitates benchmarking and provides a clear understanding of the market players’ current position.
- The report includes the analysis of the regional as well as the global Blockchain in Insurance market trends, key players, market segments, application areas and market growth strategies.
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Blockchain in key segments for the insurance market:
Component
application
- GRC management
- Claims processing
- Identity management and fraud detection
- Payments
- Others
Company size
- Large companies
- Small and medium-sized enterprises
By region
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-The Pacific Ocean (China, Japan, India, Australia, South Korea, Rest of Asia Pacific)
- LAMEA(Latin America, Middle East, Africa)
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Allied Market Research (AMR) is a full-service market research and business consulting firm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a single-minded approach to providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domains.
We are in professional corporate relationships with various companies and this helps us to dig out market data which helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasts. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help clients in every possible way to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top executives from leading companies in the concerned domain. Our secondary data sourcing methodology includes deep online and offline research and discussion with knowledgeable industry professionals and analysts.
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