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Blockchain in Insurance Market Size, Share & Industry Trends Analysis Report By Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), By Component, By Application, By Regional Outlook and Forecast, 2023-2029

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    Report

  • 204 Pages
  • April 2023
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5806534
The Global Blockchain in Insurance Market size is expected to reach $11.8 billion by 2029, rising at a market growth of 51.8% CAGR during the forecast period.

A decentralized and shared digital distributed ledger that keeps track and gives the history of a person's transactions, including claims, is known as a blockchain in insurance. This technology aids insurers in preventing, detecting, and combating fraud. In addition, for customers and insurers to manage claims in a transparent and timely manner, smart contracts are available due to blockchain technology. Insurance companies have started testing and validating new models based on blockchain technology, starting with internal, low-risk prototypes and pilot projects within their infrastructure.



Blockchain is a technique that securely saves cryptographic data. Many people used to favor insurance brokers. Paper-based policies, payments, contracts, and claims were vulnerable to numerous mistakes. This form of insurance carries a significant amount of risk. Among the threats are policy loss, abuse, and misinterpretation. However, all of these tasks have become simple with the aid of blockchain in the insurance market. In several places, blockchain technology for insurance is getting a lot of attention.

It is a technology with unique components like Bitcoin and cryptocurrency. Blockchain has a significant impact on insurance firms. Blockchain has many advantages in the insurance industry. With regard to insurance technology, the blockchain has features for high security and fraud avoidance. The curriculum also includes property-casualty management as a key component. It oversees the administration of reinsurance, life insurance, and health insurance.

COVID-19 Impact Analysis

The demand for the market is anticipated to increase dramatically after COVID-19. Additionally, Blockchain adoption in the insurance industry will be higher. The main causes of the rising demand are fraud prevention measures and strong security features. After the COVID-19 pandemic has passed and the insurance sector has recovered, blockchain adoption is anticipated to soar in the upcoming years. Also, many people adopted life and health insurance during this time because of their worries about their health during the pandemic. Although the pandemic had a minor impact on market growth, the above-mentioned factors caused the market to rebound and experience significant growth during and after the pandemic.

Market Growth Factors

The use of cutting-edge software platforms

Especially in the BFSI sector, blockchain is expected to expand extremely quickly. The technology development is anticipated to give blockchain service providers previously unheard-of options to adapt their offerings and make them available to such banks. As a result of the phenomenal expansion of BaaS, some giants of the IT industry have begun adding BaaS modules to their cloud computing platforms. As a result, the expansion of the blockchain in the insurance market is being driven by these insurance-related aspects.

Rising demand for safe online platforms

The adoption of secure online platforms is driving the expansion of the blockchain in insurance, as the insurance sector is increasingly utilizing digital technology to boost operations, expedite procedures, and improve customer experience. Due to this, there is an increasing need for secure online platforms that can give users an effortless and secure digital experience. In addition, the move toward working-from-home trends and online access to services, including insurance, has also been pushed by the pandemic. As a result, there is a growing demand for safe online platforms that can offer dependable and secure access to data and services as more consumers access insurance services online and conduct business remotely.

Market Restraining Factors

Regulatory status uncertainty and a lack of consistent norms

Blockchain technology used in insurance is constantly evolving. These developments impact the existing regulatory requirements. However, this aspect impacts technology utilization as it is challenging for regulatory bodies to keep up with technological changes. Regulatory agencies must comprehend how the rules can affect the entire application of technology in light of these technological breakthroughs. Regulator uncertainty is still a worry in the insurance industry's adoption of blockchain technology. Hence, uncertain rules and a lack of uniform standards for writing cryptocurrency transactions on blockchain technology impact its adoption in the insurance sector.

Component Outlook

Based on component, the blockchain in insurance market is segmented into solution and services. The services segment acquired a substantial revenue share in the blockchain in insurance market in 2022. This is because these services can provide insurance with a focus on the needs of the customer and maximizing profits. Additionally, for insurance firms, blockchain technology holds a lot of promise because it supports several key operations, such as the gathering of data on insured individuals.



Application Outlook

On the basis of application, the blockchain in insurance market is divided into GRC management, claims management, identity management & fraud detection, payments and others. The claims management segment procured a significant revenue share in the blockchain in insurance market in 2022. This is due to the fact that the system offers a complete record of customer and insurance data, which aids in preventing duplicate claim payments. Insurance businesses may simplify claim intake and validation using blockchain technology, which ensures fair and transparent claim resolution.

Enterprise Size Outlook

By enterprise size, the blockchain in insurance market is classified into large enterprises and small and medium-sized enterprises. The large enterprises segment witnessed the largest revenue share in the blockchain in insurance market in 2022. This is because with blockchain the information is secure and automated. The use of a smart contract on blockchain technology enables this type of payment contract to be performed without human interaction. This potent technology can benefit big businesses with the automation of the contract.

Regional Outlook

Region-wise, the blockchain in insurance market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region registered the highest revenue share in the blockchain in insurance market in 2022. This is due to the fact that major North American retail banking service providers are utilizing blockchain technology to benefit their clients and combat fraud. Due to the quick adoption of the technology for KYC/ID fraud prevention and risk scoring, it is also projected that blockchain technology would be advantageous for the insurance industry.

The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Amazon Web Services, Inc. (Amazon.com, Inc.), Microsoft Corporation, Oracle Corporation, IBM Corporation, RecordsKeeper, Symbiont, Xceedance, Auxesis Services & Technologies (P) Ltd., Cornerstone Insurance Brokers Ltd. (SafeShare) and ConsenSys Software Inc.

Scope of the Study

By Enterprise Size

  • Large Enterprises
  • Small & Medium-sized Enterprises

By Component

  • Solution
  • Services

By Application

  • Identity Management & Fraud Detection
  • Claims Management
  • Payments
  • GRC Management
  • Others

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Amazon Web Services, Inc. (Amazon.com, Inc.)
  • Microsoft Corporation
  • Oracle Corporation
  • IBM Corporation
  • RecordsKeeper
  • Symbiont
  • Xceedance
  • Auxesis Services & Technologies (P) Ltd.
  • Cornerstone Insurance Brokers Ltd. (SafeShare)
  • ConsenSys Software Inc.

Unique Offerings

  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Blockchain in Insurance Market, by Enterprise Size
1.4.2 Global Blockchain in Insurance Market, by Component
1.4.3 Global Blockchain in Insurance Market, by Application
1.4.4 Global Blockchain in Insurance Market, by Geography
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition & scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Blockchain in Insurance Market by Enterprise Size
3.1 Global Large Enterprises Market by Region
3.2 Global Small & Medium-sized Enterprises Market by Region
Chapter 4. Global Blockchain in Insurance Market by Component
4.1 Global Solution Market by Region
4.2 Global Services Market by Region
Chapter 5. Global Blockchain in Insurance Market by Application
5.1 Global Identity Management & Fraud Detection Market by Region
5.2 Global Claims Management Market by Region
5.3 Global Payments Market by Region
5.4 Global GRC Management Market by Region
5.5 Global Others Market by Region
Chapter 6. Global Blockchain in Insurance Market by Region
6.1 North America Blockchain in Insurance Market
6.1.1 North America Blockchain in Insurance Market by Enterprise Size
6.1.1.1 North America Large Enterprises Market by Country
6.1.1.2 North America Small & Medium-sized Enterprises Market by Country
6.1.2 North America Blockchain in Insurance Market by Component
6.1.2.1 North America Solution Market by Country
6.1.2.2 North America Services Market by Country
6.1.3 North America Blockchain in Insurance Market by Application
6.1.3.1 North America Identity Management & Fraud Detection Market by Country
6.1.3.2 North America Claims Management Market by Country
6.1.3.3 North America Payments Market by Country
6.1.3.4 North America GRC Management Market by Country
6.1.3.5 North America Others Market by Country
6.1.4 North America Blockchain in Insurance Market by Country
6.1.4.1 US Blockchain in Insurance Market
6.1.4.1.1 US Blockchain in Insurance Market by Enterprise Size
6.1.4.1.2 US Blockchain in Insurance Market by Component
6.1.4.1.3 US Blockchain in Insurance Market by Application
6.1.4.2 Canada Blockchain in Insurance Market
6.1.4.2.1 Canada Blockchain in Insurance Market by Enterprise Size
6.1.4.2.2 Canada Blockchain in Insurance Market by Component
6.1.4.2.3 Canada Blockchain in Insurance Market by Application
6.1.4.3 Mexico Blockchain in Insurance Market
6.1.4.3.1 Mexico Blockchain in Insurance Market by Enterprise Size
6.1.4.3.2 Mexico Blockchain in Insurance Market by Component
6.1.4.3.3 Mexico Blockchain in Insurance Market by Application
6.1.4.4 Rest of North America Blockchain in Insurance Market
6.1.4.4.1 Rest of North America Blockchain in Insurance Market by Enterprise Size
6.1.4.4.2 Rest of North America Blockchain in Insurance Market by Component
6.1.4.4.3 Rest of North America Blockchain in Insurance Market by Application
6.2 Europe Blockchain in Insurance Market
6.2.1 Europe Blockchain in Insurance Market by Enterprise Size
6.2.1.1 Europe Large Enterprises Market by Country
6.2.1.2 Europe Small & Medium-sized Enterprises Market by Country
6.2.2 Europe Blockchain in Insurance Market by Component
6.2.2.1 Europe Solution Market by Country
6.2.2.2 Europe Services Market by Country
6.2.3 Europe Blockchain in Insurance Market by Application
6.2.3.1 Europe Identity Management & Fraud Detection Market by Country
6.2.3.2 Europe Claims Management Market by Country
6.2.3.3 Europe Payments Market by Country
6.2.3.4 Europe GRC Management Market by Country
6.2.3.5 Europe Others Market by Country
6.2.4 Europe Blockchain in Insurance Market by Country
6.2.4.1 Germany Blockchain in Insurance Market
6.2.4.1.1 Germany Blockchain in Insurance Market by Enterprise Size
6.2.4.1.2 Germany Blockchain in Insurance Market by Component
6.2.4.1.3 Germany Blockchain in Insurance Market by Application
6.2.4.2 UK Blockchain in Insurance Market
6.2.4.2.1 UK Blockchain in Insurance Market by Enterprise Size
6.2.4.2.2 UK Blockchain in Insurance Market by Component
6.2.4.2.3 UK Blockchain in Insurance Market by Application
6.2.4.3 France Blockchain in Insurance Market
6.2.4.3.1 France Blockchain in Insurance Market by Enterprise Size
6.2.4.3.2 France Blockchain in Insurance Market by Component
6.2.4.3.3 France Blockchain in Insurance Market by Application
6.2.4.4 Russia Blockchain in Insurance Market
6.2.4.4.1 Russia Blockchain in Insurance Market by Enterprise Size
6.2.4.4.2 Russia Blockchain in Insurance Market by Component
6.2.4.4.3 Russia Blockchain in Insurance Market by Application
6.2.4.5 Spain Blockchain in Insurance Market
6.2.4.5.1 Spain Blockchain in Insurance Market by Enterprise Size
6.2.4.5.2 Spain Blockchain in Insurance Market by Component
6.2.4.5.3 Spain Blockchain in Insurance Market by Application
6.2.4.6 Italy Blockchain in Insurance Market
6.2.4.6.1 Italy Blockchain in Insurance Market by Enterprise Size
6.2.4.6.2 Italy Blockchain in Insurance Market by Component
6.2.4.6.3 Italy Blockchain in Insurance Market by Application
6.2.4.7 Rest of Europe Blockchain in Insurance Market
6.2.4.7.1 Rest of Europe Blockchain in Insurance Market by Enterprise Size
6.2.4.7.2 Rest of Europe Blockchain in Insurance Market by Component
6.2.4.7.3 Rest of Europe Blockchain in Insurance Market by Application
6.3 Asia Pacific Blockchain in Insurance Market
6.3.1 Asia Pacific Blockchain in Insurance Market by Enterprise Size
6.3.1.1 Asia Pacific Large Enterprises Market by Country
6.3.1.2 Asia Pacific Small & Medium-sized Enterprises Market by Country
6.3.2 Asia Pacific Blockchain in Insurance Market by Component
6.3.2.1 Asia Pacific Solution Market by Country
6.3.2.2 Asia Pacific Services Market by Country
6.3.3 Asia Pacific Blockchain in Insurance Market by Application
6.3.3.1 Asia Pacific Identity Management & Fraud Detection Market by Country
6.3.3.2 Asia Pacific Claims Management Market by Country
6.3.3.3 Asia Pacific Payments Market by Country
6.3.3.4 Asia Pacific GRC Management Market by Country
6.3.3.5 Asia Pacific Others Market by Country
6.3.4 Asia Pacific Blockchain in Insurance Market by Country
6.3.4.1 China Blockchain in Insurance Market
6.3.4.1.1 China Blockchain in Insurance Market by Enterprise Size
6.3.4.1.2 China Blockchain in Insurance Market by Component
6.3.4.1.3 China Blockchain in Insurance Market by Application
6.3.4.2 Japan Blockchain in Insurance Market
6.3.4.2.1 Japan Blockchain in Insurance Market by Enterprise Size
6.3.4.2.2 Japan Blockchain in Insurance Market by Component
6.3.4.2.3 Japan Blockchain in Insurance Market by Application
6.3.4.3 India Blockchain in Insurance Market
6.3.4.3.1 India Blockchain in Insurance Market by Enterprise Size
6.3.4.3.2 India Blockchain in Insurance Market by Component
6.3.4.3.3 India Blockchain in Insurance Market by Application
6.3.4.4 South Korea Blockchain in Insurance Market
6.3.4.4.1 South Korea Blockchain in Insurance Market by Enterprise Size
6.3.4.4.2 South Korea Blockchain in Insurance Market by Component
6.3.4.4.3 South Korea Blockchain in Insurance Market by Application
6.3.4.5 Singapore Blockchain in Insurance Market
6.3.4.5.1 Singapore Blockchain in Insurance Market by Enterprise Size
6.3.4.5.2 Singapore Blockchain in Insurance Market by Component
6.3.4.5.3 Singapore Blockchain in Insurance Market by Application
6.3.4.6 Malaysia Blockchain in Insurance Market
6.3.4.6.1 Malaysia Blockchain in Insurance Market by Enterprise Size
6.3.4.6.2 Malaysia Blockchain in Insurance Market by Component
6.3.4.6.3 Malaysia Blockchain in Insurance Market by Application
6.3.4.7 Rest of Asia Pacific Blockchain in Insurance Market
6.3.4.7.1 Rest of Asia Pacific Blockchain in Insurance Market by Enterprise Size
6.3.4.7.2 Rest of Asia Pacific Blockchain in Insurance Market by Component
6.3.4.7.3 Rest of Asia Pacific Blockchain in Insurance Market by Application
6.4 LAMEA Blockchain in Insurance Market
6.4.1 LAMEA Blockchain in Insurance Market by Enterprise Size
6.4.1.1 LAMEA Large Enterprises Market by Country
6.4.1.2 LAMEA Small & Medium-sized Enterprises Market by Country
6.4.2 LAMEA Blockchain in Insurance Market by Component
6.4.2.1 LAMEA Solution Market by Country
6.4.2.2 LAMEA Services Market by Country
6.4.3 LAMEA Blockchain in Insurance Market by Application
6.4.3.1 LAMEA Identity Management & Fraud Detection Market by Country
6.4.3.2 LAMEA Claims Management Market by Country
6.4.3.3 LAMEA Payments Market by Country
6.4.3.4 LAMEA GRC Management Market by Country
6.4.3.5 LAMEA Others Market by Country
6.4.4 LAMEA Blockchain in Insurance Market by Country
6.4.4.1 Brazil Blockchain in Insurance Market
6.4.4.1.1 Brazil Blockchain in Insurance Market by Enterprise Size
6.4.4.1.2 Brazil Blockchain in Insurance Market by Component
6.4.4.1.3 Brazil Blockchain in Insurance Market by Application
6.4.4.2 Argentina Blockchain in Insurance Market
6.4.4.2.1 Argentina Blockchain in Insurance Market by Enterprise Size
6.4.4.2.2 Argentina Blockchain in Insurance Market by Component
6.4.4.2.3 Argentina Blockchain in Insurance Market by Application
6.4.4.3 UAE Blockchain in Insurance Market
6.4.4.3.1 UAE Blockchain in Insurance Market by Enterprise Size
6.4.4.3.2 UAE Blockchain in Insurance Market by Component
6.4.4.3.3 UAE Blockchain in Insurance Market by Application
6.4.4.4 Saudi Arabia Blockchain in Insurance Market
6.4.4.4.1 Saudi Arabia Blockchain in Insurance Market by Enterprise Size
6.4.4.4.2 Saudi Arabia Blockchain in Insurance Market by Component
6.4.4.4.3 Saudi Arabia Blockchain in Insurance Market by Application
6.4.4.5 South Africa Blockchain in Insurance Market
6.4.4.5.1 South Africa Blockchain in Insurance Market by Enterprise Size
6.4.4.5.2 South Africa Blockchain in Insurance Market by Component
6.4.4.5.3 South Africa Blockchain in Insurance Market by Application
6.4.4.6 Nigeria Blockchain in Insurance Market
6.4.4.6.1 Nigeria Blockchain in Insurance Market by Enterprise Size
6.4.4.6.2 Nigeria Blockchain in Insurance Market by Component
6.4.4.6.3 Nigeria Blockchain in Insurance Market by Application
6.4.4.7 Rest of LAMEA Blockchain in Insurance Market
6.4.4.7.1 Rest of LAMEA Blockchain in Insurance Market by Enterprise Size
6.4.4.7.2 Rest of LAMEA Blockchain in Insurance Market by Component
6.4.4.7.3 Rest of LAMEA Blockchain in Insurance Market by Application
Chapter 7. Company Profiles
7.1 Amazon Web Services, Inc. (Amazon.com, Inc.)
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental Analysis
7.1.4 Recent strategies and developments:
7.1.4.1 Product Launches and Product Expansions:
7.1.5 SWOT Analysis
7.2 Microsoft Corporation
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expenses
7.2.5 Recent strategies and developments:
7.2.5.1 Partnerships, Collaborations, and Agreements:
7.2.6 SWOT Analysis
7.3 Oracle Corporation
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expense
7.3.5 Recent strategies and developments:
7.3.5.1 Partnerships, Collaborations, and Agreements:
7.3.6 SWOT Analysis
7.4 IBM Corporation
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Regional & Segmental Analysis
7.4.4 Research & Development Expenses
7.4.5 SWOT Analysis
7.5 RecordsKeeper
7.5.1 Company Overview
7.6 Symbiont
7.6.1 Company Overview
7.7 Xceedance
7.7.1 Company Overview
7.7.2 Recent strategies and developments:
7.7.2.1 Product Launches and Product Expansions:
7.8 Auxesis Services & Technologies (P) Ltd.
7.8.1 Company Overview
7.9 Cornerstone Insurance Brokers Ltd. (SafeShare)
7.9.1 Company Overview
7.10. ConsenSys Software Inc.
7.10.1 Company Overview
7.10.2 Recent strategies and developments:
7.10.2.1 Acquisition and Mergers:

Companies Mentioned

  • Amazon Web Services, Inc. (Amazon.com, Inc.)
  • Microsoft Corporation
  • Oracle Corporation
  • IBM Corporation
  • RecordsKeeper
  • Symbiont
  • Xceedance
  • Auxesis Services & Technologies (P) Ltd.
  • Cornerstone Insurance Brokers Ltd. (SafeShare)
  • ConsenSys Software Inc.

Methodology

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