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Key Trends Reshaping the Blockchain In Insurance Market: Advancements In Blockchain Technology Revolutionizing The Insurance Industry Industry Transformation
Blockchain In Insurance
Blockchain In Insurance Market Size Growth Forecast: What to Expect by 2025?
The insurance market for blockchain technology has witnessed substantial growth lately. The projected growth for this market is from $1.94 billion in 2024 to $3.11 billion in 2025 with a compound annual growth rate (CAGR) of 60.1%. The thriving phenomenon during the historical period is owed to successful fraud prevention, expedited claims processing, advanced data protection, heightened trust and transparency, observing regulatory compliances, reduced costs, and elevated customer contentment.
How Will the Blockchain In Insurance Market Size Evolve and Grow by 2029?
In the coming years, the market size for blockchain in insurance is predicted to undergo massive expansion, skyrocketing to $20.3 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 59.8%. The rapid escalation during the prognosis period is mainly due to factors such as the implementation of smart contracts, the amalgamation with IoT gadgets, the rise in parametric insurance, the broadening of consortiums and collaborations, the transformation of regulatory environments, an emphasis on data privacy and adherence, and a spike in insurance digitalization. In this period, there will also be noticeable trends such as blockchain cross-functionality, the tokenization of insurance assets, the addition of AI and ML features, the rise of decentralized insurance patterns, the application of oracles for incorporating external data, blockchain-facilitated identity checks, and the advancement in preserving privacy solutions.
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What Drivers Are Propelling the Growth of Blockchain In Insurance Market Forward?
The escalating issue of fraudulent insurance claims is set to fuel the expansion of blockchain in the insurance sector moving forward. Such fraudulent claims entail deceitful or false requests made by policyholders or beneficiaries to insurance firms, with the objective of receiving financial benefits they don't rightfully deserve. The rise in fraudulent insurance claims is linked to economic hardships pushing individuals to seek financial profit via dishonest techniques, the notion that insurance fraud is easy and carries a low-risk, and the inadequate detection and examination methods deployed by insurance groups. Blockchain can assist in combating fraudulent insurance claims as it offers a transparent, unalterable record of transactions, assuring each claim is examined and approved via a decentralized consensus process. For example, Allianz Insurance plc, a German firm specializing in insurance and asset management, reported that fraudulent claims totalling $98.04 million were identified in 2023, up from $89.55 million in 2022. Hence, the rising number of fraudulent insurance cases is encouraging expansion of blockchain in the insurance sector.
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Which Emerging Trends Are Transforming the Blockchain In Insurance Market in 2025?
Leading corporations in the blockchain insurance market are focused on generating highly sophisticated technological solutions, such as blockchain insurance, to provide enhanced transparency, quicker claim settlement, and improved security. The concept of blockchain insurance entails applying blockchain technology to upgrade transparency, effectiveness, and safety within the insurance sector through automation of operations like claims management, underwriting, and policy governance. For illustration, Etherisc, a blockchain insurance firm based in Germany, debuted a blockchain-supported insurance software in January 2022. The system independently creates policies and executes payouts for flight hold-ups and terminations. Utilizing the decentralized security of the Ethereum blockchain along with the Chainlink oracle framework, it guarantees a safe and clear answer for policy subscribers. This comprehensive method dismisses the requirement for go-betweens, simplifying the entire insurance journey.
What Are the Key Segments in the Blockchain In Insurance Market?
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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Who Are the Key Players Shaping the Blockchain In Insurance Market's Competitive Landscape?
Major companies operating in the blockchain in insurance market are Microsoft Corporation, Amazon Web Services Inc. (AWS), accenture* 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 Geographic Markets Are Powering Growth in the Blockchain In Insurance Market?
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.
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