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Blockchain in Insurance Market Is Thriving Worldwide | Top Companies, Latest Innovation, Advance Technology
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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%. This report spread across 131 pages, profiling 25 companies and supported with tables and figures are available in this research.
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.
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.
Breakdown of primary participants' profile:
o By Company: Tier 1:55%, Tier 2: 20%, and Tier 3:25%
o By Designation: C-level:60%, Director level:25%, and Others:15%
o By Region: North America:10%, Europe:20%, APAC:40%, and RoW: 30%
The Study Objectives of this report are:
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.
Target Audience for Blockchain in Insurance Market : Blockchain technology vendors, Network solution providers, 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, Re-insurance providers, Infrastructure and protocol providers
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Major Vendors profiled 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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