Blockchain in Insurance Market Ongoing Trends and Recent Developments | Key Players like Oracle, AWS, SAP, Microsoft and IBM
Browse 38 market data Tables and 37 Figures spread through 131 Pages and in-depth TOC on "Blockchain In Insurance Market”
The infrastructure and protocols provider segment is expected to have the largest market share during the forecast period
Infrastructure and protocols providers help enterprises implement the blockchain technology by developing solutions that fulfill the increasing need for customer services, including mining, public, and special protocols. The blockchain technology can synchronize data across multiple entities, build trust, and engage customers by developing products and services that streamline and enhance the current payment processes. The effective and economic integration of the blockchain technology needs profound cooperation among incumbents, innovators, and regulatory bodies, which, at times, results in delayed implementation. Firms are, therefore, adopting coexistence as an approach to combine their infrastructure with the emerging technologies. Ethereum is a decentralized platform that supports smart contracts and applications that run without any possibility of downtime, censorship, fraud, or third-party interference.
The smart contracts application is expected to have the largest market share during the forecast period
Insurance vendors are deploying blockchain-based smart contracts to reduce the cost of verification, execution, arbitration, and fraud prevention. Companies operating in the blockchain in insurance market offer enterprise-ready solutions to overcome the existing limitations of smart contracts in terms of privacy, scalability, auditability, confidentiality, and performance.
According to B3i, blockchain and smart contracts have the potential to improve the insurance sector efficiency by almost 30%.
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North America is estimated to hold the largest market share during the forecast period
The global market is segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to dominate the technology adoption in the blockchain in insurance market. The financial sector, which encompasses banking, financial services, and insurance companies, is focusing on the blockchain technology for its numerous benefits. For instance, all the major banks in North America, such as JPMorgan, Royal Bank of Canada, and Bank of America, are investing in the blockchain technology. A group of Canadian banks, including Desjardins Group, Bank of Montreal, Royal Bank of Canada, Canadian Imperial Bank of Commerce, Scotiabank, and TD Bank, partnered with IBM and SecureKey Technologies to introduce digital identity management solutions, powered by the blockchain technology.
The blockchain market vendors include 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), and Symbiont (US).
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