The Europe Blockchain in Insurance Market would witness market growth of 51.1% CAGR during the forecast period (2023-2029).
The application of blockchain technology in the insurance sector has gained speed. A possible option for the insurance industry, blockchain is a distributed ledger technology that permits safe, open, and immutable record-keeping. Additionally, insurance services are being made available to underserved markets like small and medium-sized enterprises, independent contractors, and people without access to conventional banking services using blockchain technology.
The insurance sector is also putting more effort into providing better customer service by utilizing new technology and data analytics to raise consumer engagement and satisfaction. This entails creating brand-new goods and services customized to meet certain client requirements and providing a more simplified and individualized claims process. Additionally, as more businesses and organizations adopt these technologies to boost productivity, cut costs, and provide a better customer experience, ultimately improving the insurance industry, the use of blockchain in insurance is predicted to grow.
A lot of students are moving to the country for programs and higher education. Scholarship programs are also being offered by several institutions and colleges, drawing applicants. As the tourism industry expands, more instances of crucial paperwork going missing, natural disasters occurring, bags missing, and health issues are reported. These factors will provide an opportunity for the insurance sector to implement new-age technologies and streamline all the processes and maintain the necessary documents to capture the growing tourism sector and thereby propel the market growth in the Europe.
The Germany market dominated the Europe Blockchain in Insurance Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $801.7 Million by 2029. The UK market is anticipated to grow at a CAGR of 49.9% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 52.3% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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.
By Enterprise Size
By Component
By Application
By Country
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