New York, United States, March 14, 2023 (GLOBE NEWSWIRE) — Market analysis
According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in insurance Market Research, by sector, by application, by type, by organization size, by service providers, by region – forecast 2030”. Valuation is set to reach USD 67.9 billion by 2030, registering a CAGR of 39.20% throughout the forecast period (2022-2030).
Increasing use of insurance companies to increase market growth
When it comes to fraud and data loss, insurance businesses are among the sectors most at risk. Consumers pay higher premiums as a result of increased fraud activity. To stop fraudulent claims, insurers must replace outdated systems with more efficient ones. Blockchain technology may be able to successfully solve this problem. They can benefit from using blockchain technology to cut expenses and increase productivity.
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Blockchain in the insurance market key players
Eminent industry players profiled in the Blockchain in Insurance market report include
- Microsoft Corporation
- Safeshare Global
- SAP SE
- Auxesis group
- Record holder
- Bit fury
- Digital Asset Holdings
- IBM Corporation
- Duty time
- Chainthat Limited
- BTL Group
- Oracle Inc.
- Cambridge Blockchain
- Used blockchain
- Algorithm mix
- Block cipher
Huge increase of BaaS to offer robust capabilities
The market’s expansion is aided by the massive growth of BaaS. BaaS is being embraced by major technology companies. BaaS is a component of their cloud computing modules.
Browse an in-depth market research report (111 pages) on blockchain in the insurance market:
Security vulnerability to act as market restriction
The security vulnerability related to transactions across industry platforms using blockchain technology and lack of understanding related to blockchain technology may act as market restraints over the forecast period.
Uncertain regulatory status to act as a market challenge
The uncertain regulatory status combined with a lack of common standards may act as market challenges during the forecast period.
The global blockchain in insurance market is bifurcated based on service providers, organization size, type, application, and sector.
By sector, the market is segmented into title insurance, life insurance and health insurance.
If applied, smart contracts will lead the market over the forecast period.
By type, private blockchain will dominate the market over the forecast period.
By organizational size, large enterprises will lead the market in the forecast period.
Of service providers, application and solution providers will have the lion’s share of the market during the forecast period.
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The trend towards telecommuting and remote access to services, including insurance, has been accelerated by the COVID-19 pandemic. There is a growing demand for secure online platforms that can offer reliable and secure access to both data and services as more consumers access insurance services online and work from home. In addition, there are strict rules for data security and privacy that the insurance sector must comply with, and failure to do so can have serious consequences. Because of this, there is now more need for secure online platforms that can satisfy these legal criteria. In order to satisfy the expectations of consumers and guarantee the protection of their data, insurance companies are investing in secure online platforms, which is driving the development of blockchain in the insurance industry.
North America will lead Blockchain in the insurance market
Maximum blockchain in insurance industry sales will be in North America. Blockchain is rapidly being embraced by the insurance industry. This region also has a large number of top blockchains in the insurance industry. The banking and finance sector is benefiting enormously from technology. The dominant nations in this region are the United States and Canada. Moreover, both these nations have made huge investments. 9 out of 10 insurance companies are reportedly using Blockchain technology, according to a credible survey. All of these will support America’s rapid economic growth and high rates of profitability. The market’s potential is expected to peak in 2024. North America currently holds the top spot in the global blockchain insurance market thanks to the growing need for blockchain, especially in the financial industry and the abundance of knowledgeable cryptocurrency professionals in the US and Canada. The business growth in the area is driven by the increase in the initiatives launched by insurance agencies to inform insurers about the benefits of blockchain technology. Given their technical prowess and stable economic situations, the US and Canada are the region’s two best performing markets. The market size in North America was the largest in 2021. This is because major North American retail banking services are using blockchain technology to benefit customers and fight fraud. Additionally, blockchain technology is expected to benefit the insurance sector due to the rapid adoption of the technology for ID/KYC fraud prevention and risk assessment.
APAC will see admirable growth in blockchain in the insurance market
In the insurance industry, Asia Pacific has the fastest growing Blockchain. The adoption rate is higher. Throughout Asia and the Pacific, there is a lot of fraud and danger in the insurance market. The use of Blockchain in insurance technology will stop the market from suffering significant losses. For the entire foreseeable period, demand is moderate in Europe. Nevertheless, this market has more room for expansion. Thanks to the growing number of insurance companies in Singapore, South Korea and Japan spending significantly on research and development of blockchain technology, APAC has the potential to experience the fastest growth in the coming years. While India’s market appears to be moving towards a favorable growth rate in the evaluation, China is the region’s most lucrative market. Indeed, the Indian market is benefiting from the rapid technological advancements as well as the increasing number of initiatives taken by the insurance consortium to sell their insurance services and claims management systems. Given the government-imposed work-from-home and lockdown rules, the entire IT business is expected to perform well even as the region struggles to make a COVID-19 breakthrough.
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