Blockchain In Insurance Market - Global Forecast to 2023: Market to Grow at a CAGR of 84.9%
DUBLIN, July 16, 2018 /PRNewswire/ --
The "Blockchain In Insurance Market by Provider, Application (GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, and Smart Contracts), Organization Size and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The blockchain in insurance market is expected to grow from USD 64.5 million in 2018 to USD 1,393.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9%.
Factors such as growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and focus on reducing total cost of ownership are expected to drive the growth of the global market.
The report provides detailed insights into the global blockchain in insurance market, which is segmented by provider, application, organization size, and region. Among applications, the smart contracts application is estimated to dominate the market in 2018, owing to reduced costs of verification, execution, arbitration, and fraud prevention. Identity management and fraud detection application is expected to be the highest revenue-generating segment by 2023, as the technology helps validate the authenticity, ownership, and origin, through the supply chain of goods and documents; the identity of customers doing transactions; and the date and time of policy issuance, thereby helping reduce fraud rate and providing easy management. The payments application is expected to grow at the fastest rate, owing to reduced risks, improved efficiency, and transparency in payment systems, provided by blockchain across the insurance industry.
Among providers, the infrastructure and protocols provider segment is expected to dominate the market as various infrastructure and protocols providers are providing infrastructure and platforms, which are leveraged by application and solution providers to develop applications.
The application and solution provider segment is expected to grow at the fastest rate due to the rising demand for international online money transfer network, and cloud-based services across the insurance sector. In addition, application and solution providers provide blockchain technologies that are more likely to deliver value to businesses by reducing the duplication of transactional data and providing periodic reconciliation and authentication for commercial and regulatory reasons.
Companies, mostly large enterprises, get venture funding to develop supportive infrastructure for blockchain integration. Large enterprises are expected to dominate the market in terms of market share, as such enterprises are continuously investing in their R&D activities to improve their overall performance and provide customer satisfaction. However, the Small and Medium-sized Enterprises (SMEs) segment is expected to exhibit a higher CAGR, owing to the availability of blockchain-as-a-service, provided by vendors operating in the market, which minimizes infrastructure development costs.
The report covers all the major aspects of the blockchain in insurance market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. Being the early adopter of blockchain and cryptocurrency technologies, and the presence of the global and domestic industry players, North America is expected to continue to dominate the market during the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to Increase in digitalization, humungous growth of IoT, and an increase in BaaS service providers in the region.
Factors such as growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and focus on reducing total cost of ownership are expected to drive the growth of the global blockchain in insurance market. However, the growth of BaaS and increasing IoT penetration in all the geographic regions would create lucrative market opportunities.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Blockchain in Insurance Market
4.2 Market Share Across Various Regions
4.3 Market Top 4 Applications and Regions
5 Market Overview
5.1 Market Overview
5.1.1 Drivers
5.1.1.1 Growing Number of Fraudulent Insurance Claims
5.1.1.2 Increasing Need to Have Transparent and Trustworthy Systems
5.1.1.3 Focus on Reducing the Total Cost of Ownership
5.1.2 Restraints
5.1.2.1 Uncertain Regulatory Status and Lack of Common Standards
5.1.3 Opportunities
5.1.3.1 Growth of Baas
5.1.3.2 Growth of Iot
5.1.4 Challenges
5.1.4.1 Lack of Awareness About the Blockchain Technology
5.1.4.2 Lack of Understanding of Blockchain Concept, Skill Sets, and Technical Knowledge
5.2 Industry Trends
5.2.1 Types of Blockchain Technology
5.2.1.1 Private Blockchain
5.2.1.2 Public Blockchain
5.2.2 Blockchain Associations and Consortiums
5.2.2.1 Blockchain Insurance Industry Initiative
5.2.2.2 R3cev Blockchain Consortium
5.2.2.3 Cash Settlement Providers Group
5.2.2.4 Financial Blockchain Shenzhen Consortium (FBSC)
5.2.2.5 CU Ledger
5.2.2.6 Blockchain Collaborative Consortium (BCCC)
5.2.2.7 Wall Street Blockchain Alliance (WSBA)
5.2.2.8 Financial Conduct Authority (FCA)
5.2.2.9 Hyperledger
5.2.2.10 Global Payments Steering Group (GPSG)
5.3 Blockchain in Insurance Market: Use Cases
5.3.1 Use Case #1: Minimized Settlement Time has Reduced the Cost of Completing Global Payments
5.3.2 Use Case #2: Revolutionizing the KYC Process for the Insurance Industry
6 Market By Provider
6.1 Introduction
6.2 Application and Solution Provider
6.3 Middleware Provider
6.4 Infrastructure and Protocols Provider
7 Blockchain in Insurance Market, By Application
7.1 Introduction
7.2 GRC Management
7.3 Death and Claims Management
7.4 Payments
7.5 Identity Management and Fraud Detection
7.6 Smart Contracts
7.7 Others
8 Market By Organization Size
8.1 Introduction
8.2 Large Enterprises
8.3 Small and Medium-Sized Enterprises
9 Blockchain in Insurance Market, By Region
10 Competitive Landscape
10.1 Overview
10.2 Prominent Players in the Blockchain in Insurance Market
10.3 Competitive Scenario
10.3.1 New Product Launches and Product Upgradations
10.3.2 Partnerships, Collaborations, and Agreements
11 Company Profiles
- AWS
- Algorythmix
- Applied Blockchain
- Auxesis Group
- BTL Group
- Bitfury
- Bitpay
- Blockcypher
- Cambridge Blockchain
- Chainthat Limited
- Circle
- Consensys
- Digital Asset Holdings
- Earthport
- Everledger
- Factom
- Guardtime
- IBM
- Ixledger
- Microsoft
- Oracle
- Recordskeeper
- SAP
- Safeshare Global
- Symbiont
For more information about this report visit https://www.researchandmarkets.com/research/4zjdxh/blockchain_in?w=5
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