Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Blockchain in Insurance Market by Component, Application, Enterprise Size: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the global blockchain in insurance market was valued at $496.87 million in 2021, and is estimated to reach $32.9 billion by 2031, growing at a CAGR of 52.4% from 2022 to 2031.
Key Market Players
- SafeShare Global
- Amazon Web Services, Inc.
- Auxesis Services & Technologies (P) Ltd.
- Xceedance
- Microsoft
- Symbiont
- IBM
- Oracle
- Consensys
- RecordsKeeper
The Blockchain in Insurance Market is likely to experience a significant growth rate of 52.4% from 2022-2031 owing to increasing market demand from insurance sector
Blockchain is a decentralized digital ledger technology that allows secure and transparent record-keeping of transactions across a distributed network. Blockchain technology can help the insurance industry transform a number of processes. It provides fast, secure and transparent data exchange, visibility for all parties and allows for all transactions to be verified. Blockchain also eliminates intermediaries and has the potential to disrupt the insurance value chain.
Moreover, blockchain technology can be used to provide secure and tamper-proof record-keeping of insurance policies, claims, and payments, making it easier for insurers to track and manage policies and claims across their entire network. Further, blockchain is a shared record-keeping system used in the insurance industry where data is encrypted. With the use of blockchain technology, data can be shared between numerous parties in real-time in a trustworthy and verifiable way.
This technology also results in significant efficiency improvements, cost savings, transparency, speedier payouts, and a decrease in fraud. The blockchain is the name of the encrypted system that is used to safeguard digitalized data. Each financial transaction is protected digitally by it, making it impossible for anybody to interfere with it. Blockchain can also assist new insurance techniques in developing better markets and products.
Key factors driving the growth of the cardless ATM market include growing number fraudulent insurance claims is driving the growth of blockchain in insurance market. Fraudulent activities in the insurance industry are increasing. Hence, it makes a compelling reason to adopt the blockchain technology in its processes.
As a result, insurance companies have to replace their inefficient legacy systems integrated in the insurance systems with belter systems for efficient prevention of fraudulent claims. In addition, increasing demand for secure online platforms and adoption of technologically advanced software platforms.
Thus, these factors drives the growth of the blockchain in insurance size. The use of technologically sophisticated software platforms is fueling the expansion of the blockchain in the insurance industry. The adoption of technology by the insurance sector has risen dramatically over time, fueling the expansion of the insurance sector.
Moreover, AR lessons and games that are based on apps may be useful marketing tools that assist gather consumer feedback and lower training costs by improving the learning experience. Also, an increase in the frequency of false insurance claims and the demand for safe internet platforms.
The market also offers growth opportunities to the key players in the market. Growth of smart contracts in insurance will provide major lucrative opportunities for growth of the blockchain in insurance. The development of the technology is anticipated to give blockchain service providers hitherto unheard-of options to adapt their offerings and make them available to such banks. As BaaS has become more popular, major titans of the IT industry, like IBM, Oracle, and Microsoft, have begun adding BaaS modules to their cloud computing platforms.
Key benefits for stakeholders
- The study provides in-depth analysis of the global blockchain in insurance market also along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global blockchain in insurance - market size is provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global blockchain in insurance market from 2022 to 2031 is provided to determine the market potential.
Market Dynamics
Drivers
- Adoption of technologically advanced software platforms
- Growing number fraudulent insurance claims
- Increasing demand for secure online platforms
Restraints
- High initial setup costs
- Lack of standardization and awareness in blockchain technology
Opportunities
- Growth of smart contracts in insurance
Key Market Segments
By Component
- Solution
- Service
By Application
- GRC Management
- Claims Management
- Identity Management and Fraud Detection
- Payments
- Others
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
For more information about this report visit https://www.researchandmarkets.com/r/tp1b27
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