Global Blockchain In Insurance Market is valued USD 17 million in 2016 is anticipated to grow USD 4315.1 million with the compounded annual growth of 85% over the forecast period 2018-2025.
New York 13 Aug 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Blockchain In Insurance Market industry is poised to raise USD 44.7 billion by 2025The major growth drivers of the market include the emerging need to have transparent and trustworthy systems, and the overall trends witnessed in the insurance sector related to increase in claims-related frauds. Companies, mostly large enterprises, get venture funding to develop supportive infrastructure for blockchain integration. Large enterprises are expected to dominate the market in terms of market share, as such enterprises are continuously investing in their R&D activities to improve their overall performance and provide customer satisfaction. However, the Small and Medium-sized Enterprises (SMEs) segment is expected to exhibit a higher CAGR, owing to the availability of blockchain-as-a-service, provided by vendors operating in the market, which minimizes infrastructure development costs.
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Global Blockchain In Insurance Market Size study, by Application (GRC Management, Death and Claims Management, Payments, Identity Management and Fraud Detection, Smart Contracts), by Organization Size (SMEs, Large Scale) and by Regional Forecasts 2018-2025
The industry is seeming to be fairly competitive. Some of the leading market players include IBM, Oracle, Microsoft, AWS, SAP., Earthport, BTL Group, BitFury, Factom, Bitpay and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. Being the early adopter of blockchain and cryptocurrency technologies.
- The APAC region is expected to grow at the highest CAGR during the forecast period, owing to Increase in digitalization, humungous growth of IoT, and an increase in BaaS service providers in the region
Bizwit Research & Consulting LLP has considered following segments for the study:
- GRC Management
- Death & Claim Management
- Identity Management & Fraud detection
- Smart Contracts
By Organization Size:
- Large Scale
- North America
- Asia Pacific
- Latin America
- Rest of the World