Press release
Blockchain In Insurance Market Anticipated To Witness Robust Growth, Surpassing $20.3 Billion By 2029
Blockchain In Insurance
What Is the Current Blockchain In Insurance Market Size and Its Estimated Growth Rate?
The blockchain in insurance market size has grown exponentially in recent years. It will rise from $1.94 billion in 2024 to $3.11 billion in 2025, at a CAGR of 60.1%. The growth can be attributed to improvements in fraud prevention, streamlined claims processing, enhanced data security, greater transparency and trust, regulatory compliance, cost reductions, and better customer satisfaction.
The blockchain in insurance market is projected to grow exponentially, reaching $20.3 billion by 2029, at a CAGR of 59.8%. The growth is driven by smart contracts, IoT integration, parametric insurance, regulatory changes, and digital insurance. Key trends include blockchain interoperability, tokenization of assets, AI integration, decentralized insurance models, and the development of privacy-preserving solutions.
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How Are Emerging Segments Shaping the Blockchain In Insurance Market Landscape?
The blockchain in insurance market covered in this report is segmented -
1) By Component: Solution, Services
2) By Enterprise Size: Large Enterprises, Small And Medium-sized Enterprises
3) By Application: Identity Management And Fraud Detection, Claims Management, Payments, Governance Risk And Compliance (GRC) Management, Other Applications
4) By Sector: Life Insurance, Health Insurance, Title Insurance
Subsegments:
1) By Solution: Claims Management Solutions, Policy Management Solutions, Underwriting Solutions, Fraud Detection And Prevention Solutions, Reinsurance Solutions, Smart Contract Solutions, Decentralized Insurance Platforms
2) By Services: Consulting Services, Blockchain Integration And Implementation Services, Blockchain-As-A-Service (Baas), Support And Maintenance Services, Training And Education Services, Smart Contract Auditing Services
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Which Growth Factors Are Influencing Blockchain In Insurance Market Expansion?
The rise in fraudulent insurance claims is expected to spur blockchain growth in the insurance sector. Fraudulent claims are dishonest attempts by policyholders to gain financial benefits they are not entitled to. This increase is attributed to economic pressures, the perceived ease of fraud, and insufficient detection measures. Blockchain helps reduce fraud by providing a transparent, immutable ledger to verify and authenticate claims. Allianz Insurance reported in February 2024 that claims fraud amounted to $98.04 million in 2023, an increase from $89.55 million in 2022. Therefore, the rise in fraudulent claims is propelling blockchain's growth in the insurance market.
Who Are the Dominant Players Across Different Blockchain In Insurance Market Segments?
Major companies operating in the blockchain in insurance market are Microsoft Corporation, Amazon Web Services Inc. (AWS), accen*ture plc, International Business Machines Corporation (IBM), Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers (PwC), Ernst & Young Global Limited, Oracle Corporation, KPMG International Cooperative, SAP SE, Capgemini SE, Lemonade Inc., R3 LLC, Metromile Inc., OneConnect Financial Technology Co. Ltd., Bitfury Group Limited, Guardtime AS, Insurwave, MetLife Insurance, Symbiont.io Inc., FidentiaX, ChainThat Limited, BTL Group, ConsenSys, Etherisc GmbH, Stratumn SAS, Kaleido Inc., Factom Inc., Auxesis Group, Everledger Ltd.
What Are the Major Trends Shaping the Blockchain In Insurance Market?
In the blockchain insurance market, companies are focusing on developing blockchain-based solutions to improve transparency, speed up claims processing, and enhance security. For instance, in January 2022, Etherisc, a Germany-based blockchain insurance company, launched a blockchain-backed insurance app that autonomously processes policies and payouts for flight delays, offering a secure, transparent experience without intermediaries.
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Which Geographic Regions Are Expected to Dominate the Blockchain In Insurance Market in the Coming Years?
North America was the largest region in the blockchain in insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Blockchain In Insurance Market?
2. What is the CAGR expected in the Blockchain In Insurance Market?
3. What Are the Key Innovations Transforming the Blockchain In Insurance Industry?
4. Which Region Is Leading the Blockchain In Insurance Market?
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