The Asia Pacific Blockchain in Insurance Market would witness market growth of 53.1% CAGR during the forecast period (2023-2029).
The majority of insurance businesses are utilizing Blockchain technology to alter their outdated systems. A reliable technology with fewer fraud and risk issues is the blockchain in the insurance industry. Another important component of the Blockchain insurance system policy is validation. Through authentication, the policy and insurance can be verified. The system can also provide a history of the insurance. These properties enable strategies for preventing fraud. Another force in this business is the expanding use of digital technology.
The application enables the adoption of blockchain in the insurance industry. These elements will be in charge of the high blockchain profit in the insurance sector. Blockchain adoption in the insurance industry is accelerating quickly. The BSFI sector, in particular, is in great demand. The industry will have lots of potential for expansion as a result of technological advancement. The development of technology will enable insurance companies to offer specialized services. The enormous rise of BaaS is beneficial to the expansion of the market. Large tech companies are embracing the BaaS as their cloud computing modules are incorporating the BaaS.
The government's attempts to support businesses in several industries are anticipated to increase demand for events and exhibits in India, one of the economies with the fastest economic growth. India's sizable consumer sector presents businesses with an unrivaled potential to operate there. In addition, one of the key catalysts for international trade and economic expansion is exhibitions. India is currently one of the world's top exhibition locations. Hence, with the growing exhibition sector, the requirement to insure such events will also surge, and with the implementation of new technologies to streamline and automate such processes joined with the need to safeguard firms from frauds, the implementation of blockchain in the insurance sector will surge driving the market growth in the region.
The China market dominated the Asia Pacific Blockchain in Insurance Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $967.2 Million by 2029. The Japan market is experiencing a CAGR of 52.2% during (2023 - 2029). Additionally, The India market would display a CAGR of 54% during (2023 - 2029).
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on Component, the market is segmented into Solution and Services. Based on Application, the market is segmented into Identity Management & Fraud Detection, Claims Management, Payments, GRC Management and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Blockchain in Insurance Market is Projected to reach USD 11.8 Billion by 2029, at a CAGR of 51.8%
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
Market Segments Covered in the Report:
By Enterprise Size
- Large Enterprises
- Small & Medium-sized Enterprises
By Component
By Application
- Identity Management & Fraud Detection
- Claims Management
- Payments
- GRC Management
- Others
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
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.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Asia Pacific Blockchain in Insurance Market, by Enterprise Size
1.4.2 Asia Pacific Blockchain in Insurance Market, by Component
1.4.3 Asia Pacific Blockchain in Insurance Market, by Application
1.4.4 Asia Pacific Blockchain in Insurance Market, by Country
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. Asia Pacific Blockchain in Insurance Market by Enterprise Size
3.1 Asia Pacific Large Enterprises Market by Country
3.2 Asia Pacific Small & Medium-sized Enterprises Market by Country
Chapter 4. Asia Pacific Blockchain in Insurance Market by Component
4.1 Asia Pacific Solution Market by Country
4.2 Asia Pacific Services Market by Country
Chapter 5. Asia Pacific Blockchain in Insurance Market by Application
5.1 Asia Pacific Identity Management & Fraud Detection Market by Country
5.2 Asia Pacific Claims Management Market by Country
5.3 Asia Pacific Payments Market by Country
5.4 Asia Pacific GRC Management Market by Country
5.5 Asia Pacific Others Market by Country
Chapter 6. Asia Pacific Blockchain in Insurance Market by Country
6.1 China Blockchain in Insurance Market
6.1.1 China Blockchain in Insurance Market by Enterprise Size
6.1.2 China Blockchain in Insurance Market by Component
6.1.3 China Blockchain in Insurance Market by Application
6.2 Japan Blockchain in Insurance Market
6.2.1 Japan Blockchain in Insurance Market by Enterprise Size
6.2.2 Japan Blockchain in Insurance Market by Component
6.2.3 Japan Blockchain in Insurance Market by Application
6.3 India Blockchain in Insurance Market
6.3.1 India Blockchain in Insurance Market by Enterprise Size
6.3.2 India Blockchain in Insurance Market by Component
6.3.3 India Blockchain in Insurance Market by Application
6.4 South Korea Blockchain in Insurance Market
6.4.1 South Korea Blockchain in Insurance Market by Enterprise Size
6.4.2 South Korea Blockchain in Insurance Market by Component
6.4.3 South Korea Blockchain in Insurance Market by Application
6.5 Singapore Blockchain in Insurance Market
6.5.1 Singapore Blockchain in Insurance Market by Enterprise Size
6.5.2 Singapore Blockchain in Insurance Market by Component
6.5.3 Singapore Blockchain in Insurance Market by Application
6.6 Malaysia Blockchain in Insurance Market
6.6.1 Malaysia Blockchain in Insurance Market by Enterprise Size
6.6.2 Malaysia Blockchain in Insurance Market by Component
6.6.3 Malaysia Blockchain in Insurance Market by Application
6.7 Rest of Asia Pacific Blockchain in Insurance Market
6.7.1 Rest of Asia Pacific Blockchain in Insurance Market by Enterprise Size
6.7.2 Rest of Asia Pacific Blockchain in Insurance Market by Component
6.7.3 Rest of Asia Pacific 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:
TABLE 1 Asia Pacific Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 2 Asia Pacific Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 3 Asia Pacific Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 4 Asia Pacific Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 5 Asia Pacific Large Enterprises Market by Country, 2019 - 2022, USD Million
TABLE 6 Asia Pacific Large Enterprises Market by Country, 2023 - 2029, USD Million
TABLE 7 Asia Pacific Small & Medium-sized Enterprises Market by Country, 2019 - 2022, USD Million
TABLE 8 Asia Pacific Small & Medium-sized Enterprises Market by Country, 2023 - 2029, USD Million
TABLE 9 Asia Pacific Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 10 Asia Pacific Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 11 Asia Pacific Solution Market by Country, 2019 - 2022, USD Million
TABLE 12 Asia Pacific Solution Market by Country, 2023 - 2029, USD Million
TABLE 13 Asia Pacific Services Market by Country, 2019 - 2022, USD Million
TABLE 14 Asia Pacific Services Market by Country, 2023 - 2029, USD Million
TABLE 15 Asia Pacific Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 16 Asia Pacific Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 17 Asia Pacific Identity Management & Fraud Detection Market by Country, 2019 - 2022, USD Million
TABLE 18 Asia Pacific Identity Management & Fraud Detection Market by Country, 2023 - 2029, USD Million
TABLE 19 Asia Pacific Claims Management Market by Country, 2019 - 2022, USD Million
TABLE 20 Asia Pacific Claims Management Market by Country, 2023 - 2029, USD Million
TABLE 21 Asia Pacific Payments Market by Country, 2019 - 2022, USD Million
TABLE 22 Asia Pacific Payments Market by Country, 2023 - 2029, USD Million
TABLE 23 Asia Pacific GRC Management Market by Country, 2019 - 2022, USD Million
TABLE 24 Asia Pacific GRC Management Market by Country, 2023 - 2029, USD Million
TABLE 25 Asia Pacific Others Market by Country, 2019 - 2022, USD Million
TABLE 26 Asia Pacific Others Market by Country, 2023 - 2029, USD Million
TABLE 27 Asia Pacific Blockchain in Insurance Market by Country, 2019 - 2022, USD Million
TABLE 28 Asia Pacific Blockchain in Insurance Market by Country, 2023 - 2029, USD Million
TABLE 29 China Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 30 China Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 31 China Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 32 China Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 33 China Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 34 China Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 35 China Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 36 China Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 37 Japan Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 38 Japan Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 39 Japan Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 40 Japan Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 41 Japan Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 42 Japan Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 43 Japan Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 44 Japan Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 45 India Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 46 India Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 47 India Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 48 India Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 49 India Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 50 India Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 51 India Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 52 India Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 53 South Korea Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 54 South Korea Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 55 South Korea Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 56 South Korea Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 57 South Korea Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 58 South Korea Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 59 South Korea Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 60 South Korea Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 61 Singapore Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 62 Singapore Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 63 Singapore Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 64 Singapore Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 65 Singapore Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 66 Singapore Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 67 Singapore Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 68 Singapore Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 69 Malaysia Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 70 Malaysia Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 71 Malaysia Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 72 Malaysia Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 73 Malaysia Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 74 Malaysia Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 75 Malaysia Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 76 Malaysia Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 77 Rest of Asia Pacific Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 78 Rest of Asia Pacific Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 79 Rest of Asia Pacific Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 80 Rest of Asia Pacific Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 81 Rest of Asia Pacific Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 82 Rest of Asia Pacific Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 83 Rest of Asia Pacific Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 84 Rest of Asia Pacific Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 85 Key Information – Amazon Web Services, Inc.
TABLE 86 key information – Microsoft Corporation
TABLE 87 Key Information – Oracle Corporation
TABLE 88 Key information – IBM Corporation
TABLE 89 Key Information – RecordsKeeper
TABLE 90 Key Information – Symbiont
TABLE 91 Key Information – Xceedance
TABLE 92 Key Information – Auxesis Services & Technologies (P) Ltd.
TABLE 93 Key Information – Cornerstone Insurance Brokers Ltd.
TABLE 94 Key Information – ConsenSys Software Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 SWOT analysis: Amazon.com, Inc.
FIG 3 SWOT Analysis: Microsoft Corporation
FIG 4 SWOT analysis: Oracle Corporation
FIG 5 Swot analysis: IBM Corporation