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TMCNet:  Blockchain in Insurance Market Worth 1,393.8 Million USD by 2023

[July 09, 2018]

Blockchain in Insurance Market Worth 1,393.8 Million USD by 2023

PUNE, India, July 9, 2018 /PRNewswire/ --

According to a new market research report "Blockchain in Insurance Market by Provider, Application (GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, and Smart Contracts), Organization Size (Large Enterprises and SMEs), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size 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% during the forecast period.

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Browse 38 market data Tables and 37 Figures spread through 131 Pages and in-depth TOC on "Blockchain in Insurance Market"

https://www.marketsandmarkets.com/Market-Reports/blockchain-in-insurance-market-9714723.html

Early buyers will receive 10% customization on this report 

The increasing number of fraudulent claims in insurance companies and the emerging need to have transparent and trustworthy systems are expected to drive the overall growth of the Blockchain in Insurance Market.

The infrastructure and protocols provider segment is expected to have the largest market share during the forecast period 

Infrastructure and protocols providers help enterprises implement the blockchain technology by developing solutions that fulfill the increasing need for customer services, including mining, public, and special protocols. The blockchain technology can synchronize data across multiple entities, build trust, and engage customers by developing products and services that streamline and enhance the current payment processes. The effective and economic integration of the blockchain technology needs profound cooperation among incumbents, innovators, and regulatory bodies, which, at times, results in delayed implementation. Firms are, therefore, adopting coexistence as an approach to combine their infrastructure with the emerging technologies. Ethereum is a decentralized platform that supports smart contracts and applications that run without any possibility of downtime, censoship, fraud, or third-party interference.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=9714723

The smart contracts application is expected to have the largest market share during the forecast period 

Insurance vendors are deploying blockchain-based smart contracts to reduce the cost of verification, execution, arbitration, and fraud prevention. Companies operating in the Blockchain in Insurance Market offer enterprise-ready solutions to overcome the existing limitations of smart contracts in terms of privacy, scalability, auditability, confidentiality, and performance.

According to B3i, blockchain and smart contracts have the potential to improve the insurance sector efficiency by almost 30%.

North America is estimated to hold the largest market share during the forecast period 

The global market is segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to dominate the technology adoption in the Blockchain in Insurance Market. The financial sector, which encompasses banking, financial services, and insurance companies, is focusing on the blockchain technology for its numerous benefits. For instance, all the major banks in North America, such as JPMorgan, Royal Bank of Canada, and Bank of America, are investing in the blockchain technology. A group of Canadian banks, including Desjardins Group, Bank of Montreal, Royal Bank of Canada, Canadian Imperial Bank of Commerce, Scotiabank, and TD Bank, partnered with IBM and SecureKey Technologies to introduce digital identity management solutions, powered by the blockchain technology.

The blockchain market vendors include Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US), BlockCypher (US), BTL Group (Canada), Cambridge Blockchain (US), ChainThat (UK), Circle (US), ConsenSys (US), Digital Asset Holdings (US), Earthport (UK), Everledger (UK), Factom (US), Guardtime (Estonia), IBM (US), iXledger (UK), Microsoft (US), Oracle (US), RecordsKeeper (Gibraltar), SafeShare Global (UK), SAP (Germany), and Symbiont (US).

Research Insight @ https://www.marketsandmarkets.com/ResearchInsight/blockchain-in-insurance-market.asp


About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
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Email: sales@marketsandmarkets.com

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