Blockchain in Insurance Market to Grow at 84.9% CAGR to 2023 | Applied Blockchain, Algorythmix, Auxesis Group, AWS, Bitfury , BitPay, BlockCypher, BTL Group, Cambridge Blockchain, ChainThat, Circle, ConsenSys and Others.

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The Global Blockchain in Insurance Market size is expected to grow from US$ 64.5 Million in 2018 to US$ 1,393.8 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9%. Growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and focus on reducing total cost of ownership are said to fuel the growth of this market.

#Complete report on Blockchain in Insurance Market spread across 131 pages, profiling 25 companies and supported with tables and figures. Buy Research at https://www.reportsnreports.com/purchase.aspx?name=1569111

Growth of Blockchain as a Service and the increasing penetration of Internet of Things (IoT) would create opportunities for the growth of this market. However, uncertain regulatory status and lack of common standards might hinder the overall growth of the market.

“Identity management and fraud detection segment is expected to hold the largest market size during the forecast period”
Globally, it is estimated, insurance companies lose over USD 80 billion to frauds every year. Blockchain is one-stop solution to reduce/combat frauds related to insurance and financial sectors. Traditionally, insurers have been relying upon physical processes to authenticate claim information related to ownership, history item, and authenticity of the product. However, with the introduction of the Distributed ledger technology (DLT) with features, such as encryption and immutability, transparency in transactions is ensured at the highest level, leaving no room for criminals to defraud the system.

“APAC is projected to grow at the highest rate during the forecast period”
Huge venture capital investments and the testing of blockchain solutions in Asia Pacific (APAC) have increased the adoption of the blockchain technology in the insurance sector in the region. Unlike other regions, the APAC region has the presence of several developed countries that are currently focusing on regulating the blockchain technology. Blockchain solution providers in the APAC region design and develop user-friendly, cost-effective, and faster processing blockchain platforms to enhance the application reach of DLT in insurance.

Study Objectives:
The main objective of the report is to define, describe, and forecast the global blockchain in insurance market on the basis of providers, applications, organization size, and regions. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the total market. The report attempts to forecast the market size with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.

#Target Audience for Blockchain in Insurance Market:
• Network solution providers
• Blockchain technology vendors
• Independent software vendors
• Consulting firms
• Payment gateway providers
• Value-added resellers
• Financial services firms
• Blockchain security providers
• Communication service providers
• Trading software providers
• Government agencies
• Insurance providers
• Infrastructure and protocol providers
• Re-insurance providers

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#Top Companies in the “Blockchain in Insurance Market” include are Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US), BlockCypher (US), BTL Group (Canada), Cambridge Blockchain (US), ChainThat (UK), Circle (US), ConsenSys (US), Digital Asset Holdings (US), Earthport (UK), Everledger (UK), Factom (US), Guardtime (Estonia), IBM (US), iXLedger (UK), Microsoft (US), Oracle (US), RecordsKeeper (Gibraltar), SafeShare Global (UK), SAP (Germany), Symbiont (US).

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