The global blockchain in insurance market is poised for remarkable growth, with a forecasted leap from approximately US$0.6 billion in 2022 to an impressive US$9.6 billion by the end of 2030. This substantial expansion is expected to be driven by a monumental CAGR of 50.6% between 2023 and 2030.
Fraud Prevention and Transparency Leading the Way
The surge in fraudulent activities within the insurance sector and the growing demand for transparent and secure transactions have emerged as pivotal factors contributing to the rapid adoption of blockchain technology. Insurance companies are increasingly investing in cutting-edge encryption technologies to safeguard customer and commercial data, further fueling the blockchain's integration.
Challenges and Regulatory Developments
While blockchain's potential in the insurance industry is undeniable, its regulatory landscape is still evolving. Adapting to new frameworks and complying with existing regulations can be challenging for insurers. Despite these challenges, the industry is actively exploring innovative solutions powered by blockchain.
Key Market Segments
In 2022, the services category accounted for a significant revenue share in the blockchain in insurance industry, emphasizing the importance of putting client needs first while maximizing revenue. Claims management, the cornerstone of the insurance sector, was the dominant segment in 2022. Blockchain technology streamlines claims verification, accelerates processing, and enhances communication between insurers and policyholders.
The Role of Blockchain in Large Enterprises
Large enterprises took the lead in the blockchain in insurance market in 2022, benefiting from the technology's automated and secure nature. Automation of contracts and other critical processes positions large firms to harness the full potential of blockchain technology.
Regional Highlights
North America is expected to claim the lion's share of the global blockchain in insurance market due to major retail banking service providers in the region embracing blockchain to enhance customer experiences and combat fraud. Meanwhile, the Asia Pacific region is poised for significant growth as rising economies increasingly demand online insurance solutions.
Driving Forces Behind Growth
The adoption of cutting-edge software platforms and the escalating issue of false insurance claims are among the primary growth determinants for blockchain in insurance. Additionally, the critical need for safe and secure internet platforms, especially in a post-pandemic world, is propelling the industry forward.
Overcoming Challenges
To fully capitalize on blockchain's potential, addressing the lack of knowledge about blockchain technology is crucial. Moreover, the industry must navigate the uncertainty surrounding regulatory status and the lack of standardization, which currently hinder its progress.
Regional Leaders
North America leads the charge in blockchain adoption, with substantial investments in technology, data security, and privacy solutions. In contrast, the Asia Pacific market is rapidly expanding, driven by increased disposable income, internet service adoption, and blockchain implementation.
Competitive Landscape
Both established companies and startups are actively competing for market share in the fiercely competitive blockchain in insurance sector. Prominent market participants provide blockchain solutions for various insurance processes, including smart contracts, claims processing, identity verification, and fraud detection.
Leaders in Global Blockchain in Insurance Space:
1. Applied Blockchain
2. Accenture plc
3. Auxesis Group
4. Algorythmix
5. Bitfury
6. IBM
7. SAP SE
8. Oracle Corporation
9. MetLife, Inc.
10. Consensys
11. RecordsKeeper
12. Amazon Web Services, Inc.
13. Symbiont
14. Xceedance
15. Microsoft
Global Blockchain in Insurance Market is Segmented as Below:
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 Geographic Coverage:
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Turkey
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Argentina
Rest of Latin America
Middle East & Africa
GCC
South Africa
Egypt
Nigeria
Rest of Middle East & Africa
Table of Contents
1. Executive Summary
1.1. Global Blockchain in Insurance Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2022
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Global Blockchain in Insurance Market Outlook, 2018 - 2030
3.1. Global Blockchain in Insurance Market Outlook, by Component, Value (US$ Bn), 2018 - 2030
3.1.1. Key Highlights
3.1.1.1. Solution
3.1.1.2. Service
3.2. Global Blockchain in Insurance Market Outlook, by Enterprise Size, Value (US$ Bn), 2018 - 2030
3.2.1. Key Highlights
3.2.1.1. Large Enterprises
3.2.1.2. Small and Medium-sized Enterprises
3.3. Global Blockchain in Insurance Market Outlook, by Application, Value (US$ Bn), 2018 - 2030
3.3.1. Key Highlights
3.3.1.1. GRC Management
3.3.1.2. Claims Management
3.3.1.3. Identity Management and Fraud Detection
3.3.1.4. Payments
3.3.1.5. Others
3.4. Global Blockchain in Insurance Market Outlook, by Region, Value (US$ Bn), 2018 - 2030
3.4.1. Key Highlights
3.4.1.1. North America
3.4.1.2. Europe
3.4.1.3. Asia Pacific
3.4.1.4. Latin America
3.4.1.5. Middle East & Africa
4. North America Blockchain in Insurance Market Outlook, 2018 - 2030
4.1. North America Blockchain in Insurance Market Outlook, by Component, Value (US$ Bn), 2018 - 2030
4.1.1. Key Highlights
4.1.1.1. Solution
4.1.1.2. Service
4.2. North America Blockchain in Insurance Market Outlook, by Enterprise Size, Value (US$ Bn), 2018 - 2030
4.2.1. Key Highlights
4.2.1.1. Large Enterprises
4.2.1.2. Small and Medium-sized Enterprises
4.3. North America Blockchain in Insurance Market Outlook, by Application, Value (US$ Bn), 2018 - 2030
4.3.1. Key Highlights
4.3.1.1. GRC Management
4.3.1.2. Claims Management
4.3.1.3. Identity Management and Fraud Detection
4.3.1.4. Payments
4.3.1.5. Others
4.3.2. Market Attractiveness Analysis
4.4. North America Blockchain in Insurance Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
4.4.1. Key Highlights
4.4.1.1. U.S. Blockchain in Insurance Market by Component, Value (US$ Bn), 2018 - 2030
4.4.1.2. U.S. Blockchain in Insurance Market, by Enterprise Size, Value (US$ Bn), 2018 - 2030
4.4.1.3. U.S. Blockchain in Insurance Market, by Application, Value (US$ Bn), 2018 - 2030
4.4.1.4. Canada Blockchain in Insurance Market by Component, Value (US$ Bn), 2018 - 2030
4.4.1.5. Canada Blockchain in Insurance Market, by Enterprise Size, Value (US$ Bn), 2018 - 2030
4.4.1.6. Canada Blockchain in Insurance Market, by Application, Value (US$ Bn), 2018 - 2030