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Blockchain in Insurance Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

02-19-2024 07:27 PM CET | IT, New Media & Software

Press release from: Evolve Business Intelligence

Blockchain in Insurance Market Growth Factors, Segmentation,

As per the study initiated by Evolve Business Intelligence, the global Blockchain in Insurance Market size accounted for USD 2.1 billion in 2022, growing at a CAGR of 39.25% from 2023 to 2033. The blockchain in insurance market refers to the use of blockchain technology in the insurance industry to enhance existing business practices and build new ones. The technology offers smart contracts for insurers and customers for managing claims, introducing more automation and tamper-proof audit trails. The market is driven by factors such as the need for transparency, trustworthiness, and efficiency in the insurance industry. The market size was valued at USD 64.50 million in 2018 and is projected to reach USD 1,393.8 million by 2023, growing at a compound annual growth rate (CAGR) of 84.9%. The major growth drivers of the market include the emerging need to have transparent and trustworthy insurance policies, the increasing demand for faster payouts, and the need for fraud mitigation. Key players in the market include ConsenSys, Deloitte, and PwC.

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Key Highlights:
• The global Blockchain in Insurance Market size was valued at USD 2.1 billion in 2022 growing at a CAGR of 39.25% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
Evolve Business Intelligence has just unveiled its latest market research report focusing on the Global Blockchain in Insurance Market. This comprehensive report delves into various facets of the market, including market size and projections, market dynamics, competitor market share analysis, market value and volume, SWOT analysis, product comparisons, recent advancements by major players, and prospective opportunities. Furthermore, the market's evaluation in the dynamic chapter considers four key indicators: Drivers, Constraints, Emerging Trends, and Challenges..

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Key Players
Some of the major Blockchain in Insurance Market players holding high market shares include Oracle Applied Blockchain, Microsoft, Algorythmixi and Xledger. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:
• Oracle Applied Blockchain
• Microsoft
• Algorythmixi
• Xledger
• Auxesis Group
• Guardtime
• AWS
• Earthport
• BitPay
• Circle
• BTL Group
• ConsenSys.
• Others

Segmental Analysis
Market Segment By Sector
• Health Insurance
• Life Insurance
• Title Insurance
Market Segment By Service Provider
• Infrastructure provider
• Application and solution
• Middleware provider
Market Segment By Application
• Payments
• GRC management
• Death claims
• Identity management
• Fraud detection
• Claims management
Market Segment By Organization Size
• By small enterprise
• Large scale enterprise

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Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

Reasons to Buy this Report:
• Comprehensive insights.
• Reliable and accurate data.
• Market size and dataforecast
• Competitive analysis.
• Identification of market opportunities.
• Risk identification and mitigation strategies.
• SWOT analysis.
• TAM Analysis
• Recent industry developments.
• Customization options.
• Expertise and guidance for strategic decision-making

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Evolve Business Intelligence
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Gujarat 396191
India
Email: sales@evolvebi.com
Website: https://evolvebi.com/

About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.

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