Press Release

Blockchain in Insurance Market Is Estimated To Record a CAGR of Around 52.6% During The Forecast Period

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Evolve Business Intelligence has published a research report on the Global Blockchain in Insurance Market, 2023–2033. The global Blockchain in Insurance market is projected to exhibit a CAGR of around 52.6% during the forecast period of 2023 to 2033.

Evolve Business Intelligence has recognized the following companies as the key players in the global Security Market: Xceedance, SafeShare Global, Amazon Web Services, Inc., Consensys, RecordsKeeper, Symbiont, Auxesis Services & Technologies (P) Ltd, IBM, Oracle, Microsoft.


Market Highlights

The Blockchain in Insurance market is projected to be valued at USD 33.65 Billion by 2033, recording a CAGR of around 52.6% during the forecast period. Blockchain in insurance refers to the application of decentralized and immutable distributed ledger technology to enhance various aspects of the insurance industry. Utilizing blockchain, insurers can create a secure, transparent, and tamper-proof record of policy contracts, claims, and transactions. This technology enables streamlined and efficient processes, reducing fraud through enhanced verification, automating claims settlement, and facilitating real-time data sharing between stakeholders. By ensuring data integrity and trust among participants, blockchain has the potential to revolutionize insurance operations, improving transparency, speeding up processes, and ultimately delivering greater reliability and cost savings to both insurers and policyholders.

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The unforeseen emergence of the COVID-19 pandemic acted as an unexpected catalyst, driving a substantial and favorable transformation in the Blockchain in the Insurance market. As the pandemic highlighted the urgency for digitalization and remote operations, insurers increasingly turned to blockchain technology to address challenges related to transparency, data security, and efficiency. The decentralized nature of blockchain-enabled seamless remote collaboration and secure data sharing among insurance stakeholders, propelling the adoption of blockchain solutions for tasks such as streamlined claims processing, digital contract management, and fraud prevention. This rapid shift amplified the realization of blockchain’s potential in the insurance sector, ushering in a positive and lasting impact on its market dynamics.

Segmental Analysis

The global Blockchain in Insurance market has been segmented based on Component, Enterprise Size, Application, and region.

Based on the Component, the Blockchain in Insurance market is segmented based on Solutions and services. The solution is poised to secure the largest market share in the Blockchain in Insurance market.

Based on the Enterprise Size, the global Blockchain in Insurance market has been divided into Large Enterprises and Small and Medium-sized Enterprises. The Large Enterprises segments are anticipated to dominate the market.

Based on the Application, the global Blockchain in Insurance market has been divided into GRC Management, Claims Management, Identity Management and Fraud Detection, Payments, and Others. The GRC Management segments are anticipated to dominate the market.

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Regional Analysis

The Blockchain in Insurance market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America’s robust technological infrastructure, innovative business environment, and early adoption of blockchain solutions have driven growth in this region. The emphasis on data security, efficiency, and customer experience has motivated insurers to explore blockchain’s potential for improving processes, reducing fraud, and enhancing transparency. Europe’s strong regulatory framework and focus on data protection have fostered the growth of blockchain in insurance. The European Union’s General Data Protection Regulation (GDPR) has prompted insurers to seek secure and compliant ways to handle customer data, making blockchain’s decentralized and encrypted nature appealing. The Asia-Pacific region, with its diverse and rapidly expanding insurance markets, has seen increased interest in blockchain. Countries like China and India, with their growing tech-savvy populations, are embracing blockchain to streamline operations, create trust in insurance transactions, and reach underserved markets more efficiently.

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