Global Blockchain In Insurance Industry to reach USD 4314.98 million by 2025.
Global Blockchain In Insurance Industry valued approximately USD 16.99 million in 2016 is anticipated to grow with a healthy growth rate of more than 84% over the forecast period 2017-2025. The major growth drivers of the Industry include the emerging need to have transparent and trustworthy systems, and the overall trends witnessed in the insurance sector related to increase in claims-related frauds. Companies, mostly large enterprises, get venture funding to develop supportive infrastructure for blockchain integration. Large enterprises are expected to dominate the Industry in terms of Industry 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 Industry, which minimizes infrastructure development costs.
North America is expected to continue to dominate the Industry 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 Industry
The objective of the study is to define Industry sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the Industry. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The major market players in Industry players include IBM, Oracle, Microsoft, AWS, SAP., Earthport, BTL Group, BitFury, Factom, Bitpay and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers.
Blockchain In Insurance Industry Segmentation
• GRC Management
• Death & Claim Management
• Identity Management & Fraud detection
• Smart Contracts
By Organization Size
• Large Scale
• Rest of Europe
• Rest of Asia-Pacific
• Latin America
• Middle East & Africa