Dublin, June 09, 2023 (GLOBE NEWSWIRE) — The “Blockchain in Insurance Market by Component, Application, Company Size: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added ResearchAndMarkets.com’s Offering.
According to this report, the global blockchain in insurance market was valued at USD 496.87 million in 2021 and is projected to reach USD 32.9 billion by 2031, growing at a CAGR of 52.4% from 2022 to 2031.
Important market players
- SafeShare Global
- Amazon Web Services, Inc.
- Auxesis Services & Technologies (P) Ltd.
- Records Keeper
Blockchain in insurance market is likely to witness a significant growth rate of 52.4% from 2022-2031 due to increasing market demand from the insurance sector
Blockchain is a decentralized digital ledger technology that allows secure and transparent transactions across a distributed network. Blockchain technology can help the insurance industry transform a number of processes. It provides fast, secure and transparent data exchange, visibility for all parties and allows all transactions to be verified. Blockchain also eliminates intermediaries and has the potential to disrupt the insurance value chain.
Additionally, blockchain technology can be used to provide secure and tamper-proof record keeping of insurance policies, claims and payments, making it easier for insurers to track and manage policies and claims across the entire network. Furthermore, blockchain is a shared record keeping system used in the insurance industry where data is encrypted. Using blockchain technology, data can be shared between a number of parties in real time in a reliable and verifiable manner.
This technology also results in significant efficiency improvements, cost savings, transparency, faster payouts and a reduction in fraud. The blockchain is the name of the encrypted system used to secure digitized data. Every financial transaction is digitally protected by it, making it impossible for anyone to tamper with it. Blockchain can also help new insurance techniques develop better markets and products.
Key factors driving the growth of the cardless ATM market include increasing number of fraudulent insurance claims driving the growth of blockchain in the insurance market. Fraud in the insurance industry is increasing. Therefore, it provides a compelling reason to adopt blockchain technology in the processes.
As a result, insurance companies need to replace their inefficient seniority systems integrated into the insurance systems with belt systems for effective fraudulent claims prevention. In addition, the demand for secure online platforms and the use of technologically advanced software platforms is increasing.
Thus, these factors drive the growth of blockchain in insurance size. The use of technologically sophisticated software platforms is fueling the expansion of blockchain in the insurance industry. The adoption of technology in the insurance sector has increased dramatically over time, fueling the expansion of the insurance sector.
Additionally, app-based AR lessons and games can be useful marketing tools that help gather consumer feedback and reduce training costs by enhancing the learning experience. Also an increase in the frequency of false insurance claims and the demand for safe internet platforms.
The market also provides growth opportunities for the key players in the market. Growth of smart contracts in insurance will provide great lucrative opportunities for growth of the blockchain in insurance. The development of the technology is expected to give blockchain service providers previously unheard of opportunities to customize their offerings and make them available to such banks. As BaaS has become more popular, major titans of the IT industry, such as IBM, Oracle and Microsoft, have started adding BaaS modules to their cloud computing platforms.
Important benefits for stakeholders
- The study provides an in-depth analysis of the global blockchain in insurance market, also along with current and future trends to illustrate the impending investment pockets.
- Information on key drivers, restraints and opportunities and their impact analysis on the global Blockchain in Insurance market size is provided in the report.
- Porter’s five forces analysis illustrates the strength of buyers and suppliers operating in the industry.
- The quantitative analysis of the global blockchain in insurance market from 2022 to 2031 is provided to determine the market potential.
- Adoption of technologically advanced software platforms
- Increasing number of fraudulent insurance claims
- Increasing demand for secure online platforms
- High initial setup costs
- Lack of standardization and awareness in blockchain technology
- Growth of smart contracts in insurance
Important market segments
- GRC management
- Claims processing
- Identity management and fraud detection
By company size
- Large companies
- Small and medium-sized enterprises
- North America
- Great Britain
- The rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
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