According to a new report, published by KBV research, 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.
The Small & Medium-sized Enterprises segment is showcasing a CAGR of 53% during (2023 - 2029). This is due to its appropriate strategy, capabilities, and business model. Blockchain helps small firms by automating the majority of the processes and streamlining other tasks, which can assist these firms which have a limited workforce. Also, SMEs are prone to fraud, but this technology can significantly decrease fraud cases. Due to these characteristics, the SME segment is expected to propel in the projected period.
The Solution segment is leading the Global Blockchain in Insurance Market by Component in 2022 thereby, achieving a market value of $7.9 billion by 2029. This is attributed to the potential impact of blockchain technologies in modernizing and streamlining the insurance sector and enabling it to break free from archaic practices effectively. Additionally, the reluctant but strong interest in blockchain in insurance solution innovations is driven by a rise in consumer mistrust of centralized financial services, resulting in high underinsurance rates.
The Identity Management & Fraud Detection segment is leading the Global Blockchain in Insurance Market by Application in 2022 thereby, achieving a market value of $3.9 Billion by 2029. Insurers increasingly use Blockchain in insurance claim fraud detection and identity management. Businesses of all sizes can authenticate papers like medical records, insurance policies, and other types of documentation using Blockchain securely and effectively. This allows companies to be entirely protected against any erroneous claims or activities (like identity theft) by clients or policyholders, ensuring that the businesses receive accurate information about them.
The North America market dominated the Global Blockchain in Insurance Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $4,147.3 Million by 2029. The Asia Pacific market is poised to grow at a CAGR of 53.1% during (2023 - 2029). Additionally, The Europe market would showcase a CAGR of 51.1% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/blockchain-in-insurance-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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By Component
By Application
By Geography
Companies Profiled
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