Blockchain in Insurance Market By Providers (Application and Solution Provider, Middleware Provider ), By Application (GRC Management, Death and Claims Management, Payments ), By Size (Large Enterprises, Small and Medium-Sized Enterprises) - Business Over

Global Blockchain in Insurance Market was valued at USD 40.47 Million in the year 2017. Global Blockchain in Insurance Market is further estimated to grow at a CAGR of 81% from 2018 to reach USD 1423 Million by the year 2023.

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The Global Blockchain in Insurance is segmented as by provider, application, organization size, and by region. On the basis of application, the smart contracts application is estimated to dominate the market in 2018, owing to reduced costs of verification, execution, arbitration, and fraud prevention. On the basis of providers, the infrastructure and protocols provider segment is expected to dominate the market as various infrastructure and protocols providers are providing infrastructure and platforms, which are leveraged by application and solution providers to develop applications.

On the other hand, by organization type, the market is segmented as Large Enterprises and Disposable Small and Medium-Sized Enterprises for Large Enterprises segment is expected to grow at highest CAGR during the year 2018-2023. Owing to the availability of blockchain-as-a-service, provided by vendors operating in the market, which minimizes infrastructure development costs.

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North America region holds the highest market share in 2017 and the Asia Pacific is considered as the fastest growing market in the forecasted period. At the country level, China, India, and Japan are projected to grow strongly in the coming years. Being the early adopter of blockchain and cryptocurrency technologies, and the presence of the global and domestic industry players, North America is expected to continue to dominate the market during the forecast period.

Drivers:

• Growing Number of Fraudulent Insurance Claims.
• Increasing Need to Have Transparent and Trustworthy Systems

Restraints:

• Uncertain Regulatory Status and Lack of Common Standards

Opportunities:

• Growth in IoT market
• Increase in cyber crimes

Challenges:

• Lack of Awareness about the Blockchain Technology

IBM (US), Oracle (US), Microsoft (US), AWS (US), SAP (Germany), Earthport (U.K), Digital Asset Holdings (US), Factom (US) are some of the key players in the Blockchain in Insurance Market. For instance, in October 2017, IBM launched a new blockchain banking solution that helps financial institutions expedite global payments. This solution uses IBM’s blockchain technology and collaborates with technology partners, such as Stellar.org and KlickEx Group, to enhance the speed so that financial institutions can settle payment transactions on a single network in real time

Key Benefits for Stakeholders

• Blockchain technology vendors
• Network solution providers
• Independent software vendors
• Consulting firms
• Payment gateway providers
• Value-added resellers
• Financial services firms

By Providers

• Application and Solution Provider
• Middleware Provider
• Infrastructure and Protocols Provider

By Application

• GRC Management
• Death and Claims Management
• Payments
• Identity Management and Fraud Detection
• Smart Contracts
• Others

By Size

• Large Enterprises
• Small and Medium-Sized Enterprises

By Region

• North America
• Europe
• Asia-Pacific
• RoW

Key Market Players

• IBM
• Oracle
• Microsoft
• AWS
• SAP
• Earthport
• BTL Group
• Bitfury
• Digital Asset Holdings
• Factom

(Another brief information of 10 companies will be provided in the report)

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