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保険業のブロックチェーン市場:プロバイダ毎、用途毎(GRC管理、死亡・保険金支払管理、ID管理・不正検出、支払い、スマート契約)、企業規模毎、地域毎 - 2023年までの世界市場予測

Blockchain In Insurance Market by Provider, Application (GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, and Smart Contracts), Organization Size (Large Enterprises and SMEs), and Region - Global Forecast to 2023

 

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MarketsandMarkets
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2018年7月US$5,650
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幅広い市場に関する調査レポートを出版しているマーケッツアンドマーケッツ(MarketsandMarkets)の保険業のブロックチェーン市場に関する調査レポートです。

The blockchain in insurance market is projected to grow at a CAGR of 84.9%

The global blockchain in insurance market size is expected to grow from USD 64.5 million in 2018 to USD 1,393.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9%. Growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and focus on reducing total cost of ownership are said to fuel the growth of this market. In addition, growth of blockchain as a service and the increasing penetration of Internet of Things (IoT) would create opportunities for the growth of this market. However, uncertain regulatory status and lack of common standards might hinder the overall growth of the market.

Identity management and fraud detection segment is expected to hold the largest market size during the forecast period

Globally, it is estimated, insurance companies lose over USD 80 billion to frauds every year.

Blockchain is one-stop solution to reduce/combat frauds related to insurance and financial sectors. Traditionally, insurers have been relying upon physical processes to authenticate claim information related to ownership, history item, and authenticity of the product. However, with the introduction of the Distributed ledger technology(DLT)with features, such as encryption and immutability, transparency in transactions is ensured at the highest level, leaving no room for criminals to defraud the system. All these factors are expected to fuel the overall growth of this segment in the blockchain in insurance market.

APAC is projected to grow at the highest rate during the forecast period

Huge venture capital investments and the testing of blockchain solutions in Asia Pacific (APAC) have increased the adoption of the blockchain technology in the insurance sector in the region. Unlike other regions, the APAC region has the presence of several developed countries that are currently focusing on regulating the blockchain technology. Blockchain solution providers in the APAC region design and develop user-friendly, cost-effective, and faster processing blockchain platforms to enhance the application reach of DLT in insurance. Large enterprises and Small and Medium-sized Enterprises (SMEs) have been adopting venture funding strategies and are investing in R&D activities in an effort to provide technologically advanced blockchain solutions to insurance companies.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is given below:

- By company: Tier 1: 55%, Tier 2: 20%, and Tier 3: 25%
- By designation: C-level: 60%, Director level: 25%, and Others: 15%
- By region: North America: 10%, Europe: 20%, APAC: 40%, and RoW: 30%

Following are the key vendors profiled in the report:

1. Applied Blockchain (UK)
2. Algorythmix (India)
3. Auxesis Group (India)
4. AWS (US)
5. Bitfury (US)
6. BitPay (US)
7. BlockCypher (US)
8. BTL Group (Canada)
9. Cambridge Blockchain (US)
10. ChainThat (UK)
11. Circle (US)
12. ConsenSys (US)
13. Digital Asset Holdings (US)
14. Earthport (UK)
15. Everledger (UK)
16. Factom (US)
17. Guardtime (Estonia)
18. IBM (US)
19. iXLedger (UK)
20. Microsoft (US)
21. Oracle (US)
22. RecordsKeeper (Gibraltar)
23. SafeShare Global (UK)
24. SAP (Germany)
25. Symbiont (US)

Research Coverage

The report segments the blockchain in insurance market based on providers into application and solution provider, middleware provider, and infrastructure and protocols provider. Based on organization size, the market has been segmented into large enterprises and SMEs. Based on applications, the market is segmented into GRC management, death and claims management, payments, identity management and fraud detection, smart contracts, and others (content storage management and customer communication). The regions have been segmented into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.

Reasons to Buy the Report

The report will help the market leaders/new entrants in this market in the following ways:

1. This report segments the blockchain in insurance market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes new product launches/developments; partnerships and collaborations; mergers and acquisitions; and expansions.



目次

1 INTRODUCTION 16
1.1 OBJECTIVES OF THE STUDY 16
1.2 MARKET DEFINITION 16
1.3 MARKET SCOPE 17
1.4 YEARS CONSIDERED FOR THE STUDY 18
1.5 CURRENCY 18
1.6 STAKEHOLDERS 18
2 RESEARCH METHODOLOGY 19
2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 20
2.1.2 PRIMARY DATA 20
2.1.2.1 Breakdown of primaries 21
2.1.2.2 Key industry insights 21
2.2 MARKET SIZE ESTIMATION 23
2.3 RESEARCH ASSUMPTIONS 25
2.4 LIMITATIONS 25
3 EXECUTIVE SUMMARY 26
4 PREMIUM INSIGHTS 30
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE BLOCKCHAIN IN INSURANCE MARKET 30
4.2 BLOCKCHAIN IN INSURANCE MARKET: MARKET SHARE ACROSS VARIOUS REGIONS 31
4.3 BLOCKCHAIN IN INSURANCE MARKET: TOP 4 APPLICATIONS AND REGIONS 32
5 MARKET OVERVIEW 34
5.1 MARKET OVERVIEW 34
5.1.1 DRIVERS 35
5.1.1.1 Growing number of fraudulent insurance claims 35
5.1.1.2 Increasing need to have transparent and trustworthy systems 35
5.1.1.3 Focus on reducing the total cost of ownership 35
5.1.2 RESTRAINTS 36
5.1.2.1 Uncertain regulatory status and lack of common standards 36
5.1.3 OPPORTUNITIES 36
5.1.3.1 Growth of BaaS 36
5.1.3.2 Growth of IoT 36
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5.1.4 CHALLENGES 37
5.1.4.1 Lack of awareness about the blockchain technology 37
5.1.4.2 Lack of understanding of blockchain concept, skill sets, and technical knowledge 37
5.2 INDUSTRY TRENDS 37
5.2.1 TYPES OF BLOCKCHAIN TECHNOLOGY 37
5.2.1.1 Private blockchain 37
5.2.1.2 Public blockchain 38
5.2.2 BLOCKCHAIN ASSOCIATIONS AND CONSORTIUMS 38
5.2.2.1 Blockchain insurance industry initiative 38
5.2.2.2 R3CEV blockchain consortium 38
5.2.2.3 Cash settlement providers group 39
5.2.2.4 Financial blockchain shenzhen consortium (FBSC) 39
5.2.2.5 CU ledger 39
5.2.2.6 Blockchain collaborative consortium (BCCC) 39
5.2.2.7 Wall street blockchain alliance (WSBA) 39
5.2.2.8 Financial conduct authority (FCA) 39
5.2.2.9 Hyperledger 40
5.2.2.10 Global payments steering group (GPSG) 40
5.3 BLOCKCHAIN IN INSURANCE MARKET: USE CASES 40
5.3.1 USE CASE #1: MINIMIZED SETTLEMENT TIME HAS REDUCED THE COST OF COMPLETING GLOBAL PAYMENTS 40
5.3.2 USE CASE #2: REVOLUTIONIZING THE KYC PROCESS FOR THE INSURANCE INDUSTRY 41
6 BLOCKCHAIN IN INSURANCE MARKET, BY PROVIDER 42
6.1 INTRODUCTION 43
6.2 APPLICATION AND SOLUTION PROVIDER 44
6.3 MIDDLEWARE PROVIDER 45
6.4 INFRASTRUCTURE AND PROTOCOLS PROVIDER 46
7 BLOCKCHAIN IN INSURANCE MARKET, BY APPLICATION 47
7.1 INTRODUCTION 48
7.2 GRC MANAGEMENT 49
7.3 DEATH AND CLAIMS MANAGEMENT 49
7.4 PAYMENTS 50
7.5 IDENTITY MANAGEMENT AND FRAUD DETECTION 51
7.6 SMART CONTRACTS 52
7.7 OTHERS 53
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8 BLOCKCHAIN IN INSURANCE MARKET, BY ORGANIZATION SIZE 54
8.1 INTRODUCTION 55
8.2 LARGE ENTERPRISES 56
8.3 SMALL AND MEDIUM-SIZED ENTERPRISES 57
9 BLOCKCHAIN IN INSURANCE MARKET, BY REGION 58
9.1 INTRODUCTION 59
9.2 NORTH AMERICA 60
9.2.1 BY PROVIDER 62
9.2.2 BY APPLICATION 62
9.2.3 BY ORGANIZATION SIZE 63
9.2.4 BY COUNTRY 63
9.2.4.1 United States 63
9.2.4.2 Canada 64
9.3 EUROPE 64
9.3.1 BY PROVIDER 64
9.3.2 BY APPLICATION 65
9.3.3 BY ORGANIZATION SIZE 65
9.3.4 BY COUNTRY 66
9.3.4.1 United Kingdom 66
9.3.4.2 Germany 66
9.3.4.3 France 66
9.3.4.4 Rest of Europe 67
9.4 ASIA PACIFIC 67
9.4.1 BY PROVIDER 69
9.4.2 BY APPLICATION 69
9.4.3 BY ORGANIZATION SIZE 70
9.4.4 BY COUNTRY 70
9.4.4.1 China 70
9.4.4.2 Japan 70
9.4.4.3 Singapore 71
9.4.4.4 Australia and New Zealand 71
9.4.4.5 Rest of Asia Pacific 71
9.5 LATIN AMERICA 71
9.5.1 BY PROVIDER 72
9.5.2 BY APPLICATION 72
9.5.3 BY ORGANIZATION SIZE 73
9.5.4 BY COUNTRY 73
9.5.4.1 Brazil 73
9.5.4.2 Mexico 73
9.5.4.3 Rest of Latin America 74
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9.6 MIDDLE EAST AND AFRICA 74
9.6.1 BY PROVIDER 74
9.6.2 BY APPLICATION 75
9.6.3 BY ORGANIZATION SIZE 75
9.6.4 BY SUBREGION 76
9.6.4.1 Middle East 76
9.6.4.2 Africa 76
10 COMPETITIVE LANDSCAPE 77
10.1 OVERVIEW 77
10.2 PROMINENT PLAYERS IN THE BLOCKCHAIN IN INSURANCE MARKET 78
10.3 COMPETITIVE SCENARIO 78
10.3.1 NEW PRODUCT LAUNCHES AND PRODUCT UPGRADATIONS 79
10.3.2 PARTNERSHIPS, COLLABORATIONS, AND AGREEMENTS 80
11 COMPANY PROFILES 81
(Business overview, Products offered, Recent developments, MNM view, SWOT analysis)*
11.1 IBM 81
 11.2 ORACLE 84
11.3 MICROSOFT 86
11.4 AWS 89
11.5 SAP 92
11.6 EARTHPORT 95
11.7 BTL GROUP 98
11.8 BITFURY 100
11.9 DIGITAL ASSET HOLDINGS 103
11.10 FACTOM 105
11.11 AUXESIS GROUP 107
11.12 BITPAY 108
11.13 CIRCLE 110
11.14 CAMBRIDGE BLOCKCHAIN 111
11.15 CHAINTHAT LIMITED 112
11.16 BLOCKCYPHER 113
11.17 SAFESHARE GLOBAL 114
11.18 EVERLEDGER 115
11.19 CONSENSYS 116
11.20 GUARDTIME 117
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11.21 SYMBIONT 118
11.22 RECORDSKEEPER 119
11.23 APPLIED BLOCKCHAIN 120
11.24 ALGORYTHMIX 121
11.25 IXLEDGER 122
*Business overview, Products offered, Recent developments, MNM view, SWOT analysis might not be captured in case of unlisted companies.
12 APPENDIX 123
12.1 DISCUSSION GUIDE 123
12.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 127
12.3 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 129
12.4 AVAILABLE CUSTOMIZATIONS 130
12.5 RELATED REPORTS 130
12.6 AUTHOR DETAILS 131

 

LIST OF TABLES

TABLE 1 GLOBAL BLOCKCHAIN IN INSURANCE MARKET SIZE AND GROWTH RATE,
2016-2023 (USD MILLION, Y-O-Y %) 28
TABLE 2 BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER,
2016-2023 (USD MILLION) 43
TABLE 3 APPLICATION AND SOLUTION PROVIDER: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION) 44
TABLE 4 MIDDLEWARE PROVIDER: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION) 45
TABLE 5 INFRASTRUCTURE AND PROTOCOLS PROVIDER: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION) 46
TABLE 6 BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION,
2016-2023 (USD MILLION) 48
TABLE 7 GRC MANAGEMENT: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION) 49
TABLE 8 DEATH AND CLAIMS MANAGEMENT: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION) 50
TABLE 9 PAYMENTS: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION,
2016-2023 (USD MILLION) 51
TABLE 10 IDENTITY MANAGEMENT AND FRAUD DETECTION: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION) 52
TABLE 11 SMART CONTRACTS: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION) 53
TABLE 12 OTHERS: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION,
2016-2023 (USD MILLION) 53
TABLE 13 BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE,
2016-2023 (USD MILLION) 55
TABLE 14 LARGE ENTERPRISES: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION) 56
TABLE 15 SMALL AND MEDIUM-SIZED ENTERPRISES: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION) 57
TABLE 16 BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION,
2016-2023 (USD MILLION) 59
TABLE 17 NORTH AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER, 2016-2023 (USD MILLION) 62
TABLE 18 NORTH AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION, 2016-2023 (USD MILLION) 62
TABLE 19 NORTH AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE, 2016-2023 (USD MILLION) 63
TABLE 20 NORTH AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY COUNTRY, 2016-2023 (USD MILLION) 63
TABLE 21 EUROPE: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER,
2016-2023 (USD MILLION) 64
TABLE 22 EUROPE: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION,
2016-2023 (USD MILLION) 65
TABLE 23 EUROPE: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE, 2016-2023 (USD MILLION) 65
TABLE 24 EUROPE: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY COUNTRY,
2016-2023 (USD MILLION) 66
TABLE 25 ASIA PACIFIC: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER,
2016-2023 (USD MILLION) 69
TABLE 26 ASIA PACIFIC: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION,
2016-2023 (USD MILLION) 69
TABLE 27 ASIA PACIFIC: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE, 2016-2023 (USD MILLION) 70
TABLE 28 ASIA PACIFIC: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY COUNTRY,
2016-2023 (USD MILLION) 70
TABLE 29 LATIN AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER,
2016-2023 (USD MILLION) 72
TABLE 30 LATIN AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION, 2016-2023 (USD MILLION) 72
TABLE 31 LATIN AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE, 2016-2023 (USD MILLION) 73
TABLE 32 LATIN AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY COUNTRY,
2016-2023 (USD MILLION) 73
TABLE 33 MIDDLE EAST AND AFRICA: BLOCKCHAIN IN INSURANCE MARKET SIZE,
BY PROVIDER, 2016-2023 (USD MILLION) 74
TABLE 34 MIDDLE EAST AND AFRICA: BLOCKCHAIN IN INSURANCE MARKET SIZE,
BY APPLICATION, 2016-2023 (USD MILLION) 75
TABLE 35 MIDDLE EAST AND AFRICA: BLOCKCHAIN IN INSURANCE MARKET SIZE,
BY ORGANIZATION SIZE, 2016-2023 (USD MILLION) 75
TABLE 36 MIDDLE EAST AND AFRICA: BLOCKCHAIN IN INSURANCE MARKET SIZE,
BY SUBREGION, 2016-2023 (USD MILLION) 76
TABLE 37 NEW PRODUCT LAUNCHES AND PRODUCT UPGRADATIONS, 2016-2018 79
TABLE 38 PARTNERSHIPS, COLLABORATIONS, AND AGREEMENTS, 2017-2018 80

 

LIST OF FIGURES

FIGURE 1 BLOCKCHAIN IN INSURANCE MARKET: MARKET SEGMENTATION 17
FIGURE 2 BLOCKCHAIN IN INSURANCE MARKET: REGIONAL SCOPE 17
FIGURE 3 BLOCKCHAIN IN INSURANCE MARKET: RESEARCH DESIGN 19
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY, DESIGNATION,
AND REGION 21
FIGURE 5 DATA TRIANGULATION 22
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 23
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 24
FIGURE 8 BLOCKCHAIN IN INSURANCE MARKET: ASSUMPTIONS 25
FIGURE 9 BLOCKCHAIN: BLOCK DIAGRAM 26
FIGURE 10 GLOBAL BLOCKCHAIN IN INSURANCE MARKET IS EXPECTED TO WITNESS SIGNIFICANT GROWTH DURING THE FORECAST PERIOD (USD MILLION) 28
FIGURE 11 GLOBAL BLOCKCHAIN IN INSURANCE MARKET SNAPSHOT, BY PROVIDER,
2018-2023 28
FIGURE 12 GLOBAL BLOCKCHAIN IN INSURANCE MARKET SNAPSHOT,
BY APPLICATION, 2018-2023 29
FIGURE 13 GLOBAL BLOCKCHAIN IN INSURANCE MARKET SNAPSHOT,
BY ORGANIZATION SIZE, 2018-2023 29
FIGURE 14 GROWING NUMBER OF FRAUDULENT INSURANCE CLAIMS WOULD PROVIDE LUCRATIVE MARKET PROSPECTS IN THE BLOCKCHAIN IN INSURANCE MARKET 30
FIGURE 15 NORTH AMERICA IS ESTIMATED TO HOLD THE LARGEST MARKET SIZE IN 2018 31
FIGURE 16 SMART CONTRACT APPLICATIONS SEGMENT AND NORTH AMERICA ARE ESTIMATED TO HOLD THE LARGEST MARKET SIZES IN 2018 32
FIGURE 17 ASIA PACIFIC IS EXPECTED TO ENTER THE EXPONENTIAL GROWTH PHASE DURING THE FORECAST PERIOD 33
FIGURE 18 BLOCKCHAIN IN INSURANCE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 34
FIGURE 19 APPLICATION AND SOLUTION PROVIDER SEGMENT IS EXPECTED TO GROW AT
THE HIGHEST CAGR DURING THE FORECAST PERIOD 43
FIGURE 20 PAYMENTS APPLICATION IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 48
FIGURE 21 SMALL AND MEDIUM-SIZED ENTERPRISES SEGMENT IS EXPECTED TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD 55
FIGURE 22 NORTH AMERICA IS EXPECTED TO HAVE THE LARGEST MARKET SIZE DURING
THE FORECAST PERIOD 59
FIGURE 23 NORTH AMERICA: MARKET SNAPSHOT 61
FIGURE 24 ASIA PACIFIC: MARKET SNAPSHOT 68
FIGURE 25 KEY DEVELOPMENTS BY THE LEADING PLAYERS IN THE BLOCKCHAIN IN INSURANCE MARKET DURING 2014-2018 77
FIGURE 26 IBM: COMPANY SNAPSHOT 81
FIGURE 27 IBM: SWOT ANALYSIS 83
FIGURE 28 ORACLE: COMPANY SNAPSHOT 84
FIGURE 29 ORACLE: SWOT ANALYSIS 85
FIGURE 30 MICROSOFT: COMPANY SNAPSHOT 86
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FIGURE 31 MICROSOFT: SWOT ANALYSIS 88
FIGURE 32 AWS: COMPANY SNAPSHOT 89
FIGURE 33 AWS: SWOT ANALYSIS 90
FIGURE 34 SAP: COMPANY SNAPSHOT 92
FIGURE 35 SAP: SWOT ANALYSIS 94
FIGURE 36 EARTHPORT: COMPANY SNAPSHOT 95
FIGURE 37 BTL GROUP: COMPANY SNAPSHOT 98

 

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プレスリリース

[プレスリリース原文]

Blockchain in Insurance Market worth 1,393.8 million USD by 2023


July 9, 2018

The report "Blockchain In Insurance Market by Provider, Application (GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, and Smart Contracts), Organization Size (Large Enterprises and SMEs), and Region - Global Forecast to 2023", The blockchain in insurance market size is expected to grow from USD 64.5 million in 2018 to USD 1,393.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9% during the forecast period. The increasing number of fraudulent claims in insurance companies and the emerging need to have transparent and trustworthy systems are expected to drive the overall growth of the blockchain in insurance market.

The infrastructure and protocols provider segment is expected to have the largest market share during the forecast period

Infrastructure and protocols providers help enterprises implement the blockchain technology by developing solutions that fulfill the increasing need for customer services, including mining, public, and special protocols. The blockchain technology can synchronize data across multiple entities, build trust, and engage customers by developing products and services that streamline and enhance the current payment processes. The effective and economic integration of the blockchain technology needs profound cooperation among incumbents, innovators, and regulatory bodies, which, at times, results in delayed implementation. Firms are, therefore, adopting coexistence as an approach to combine their infrastructure with the emerging technologies. Ethereum is a decentralized platform that supports smart contracts and applications that run without any possibility of downtime, censorship, fraud, or third-party interference.

The smart contracts application is expected to have the largest market share during the forecast period

Insurance vendors are deploying blockchain-based smart contracts to reduce the cost of verification, execution, arbitration, and fraud prevention. Companies operating in the blockchain in insurance market offer enterprise-ready solutions to overcome the existing limitations of smart contracts in terms of privacy, scalability, auditability, confidentiality, and performance.

According to B3i, blockchain and smart contracts have the potential to improve the insurance sector efficiency by almost 30%.

North America is estimated to hold the largest market share during the forecast period

The global market is segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to dominate the technology adoption in the blockchain in insurance market. The financial sector, which encompasses banking, financial services, and insurance companies, is focusing on the blockchain technology for its numerous benefits. For instance, all the major banks in North America, such as JPMorgan, Royal Bank of Canada, and Bank of America, are investing in the blockchain technology. A group of Canadian banks, including Desjardins Group, Bank of Montreal, Royal Bank of Canada, Canadian Imperial Bank of Commerce, Scotiabank, and TD Bank, partnered with IBM and SecureKey Technologies to introduce digital identity management solutions, powered by the blockchain technology.

The blockchain market vendors include Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US), BlockCypher (US), BTL Group (Canada), Cambridge Blockchain (US), ChainThat (UK), Circle (US), ConsenSys (US), Digital Asset Holdings (US), Earthport (UK), Everledger (UK), Factom (US), Guardtime (Estonia), IBM (US), iXledger (UK), Microsoft (US), Oracle (US), RecordsKeeper (Gibraltar), SafeShare Global (UK), SAP (Germany), and Symbiont (US).

 

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