Blockchain in Insurance Market Size to Reach $33.21 Billion by 2033 at 52.41% CAGR

According to the study initiated by Evolve Business Intelligence, the global Blockchain in Insurance market was valued at USD 0.47 billion in 2022, growing at a CAGR of 52.41% from 2023 to 2033. Blockchain is a digital distributed ledger technology which enables safe, transparent and manipulation-proof registration of transactions. In the insurance industry, blockchain has the potential to improve the efficiency and transparency of insurance processes, as well as increase security and reduce fraud. Smart contracts are one of the ways blockchain can be used in insurance. Smart contracts are self-executing agreements that automatically take effect when specific conditions are met. In insurance, smart contracts can automate claims processing and payments, reducing the time and costs associated with traditional manual processing. In addition, blockchain can create a shared database of insurance policies and claims, allowing insurance companies to easily and securely access and verify customer information. This can help prevent fraud by detecting duplicate claims and ensuring proper validation of claims.

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Key highlights:

• The global Blockchain in Insurance market was valued at USD 47 billion in 2022, growing at a CAGR of 52.41% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow the fastest with the highest CAGR from 2023 to 2033

Evolve Business Intelligence has published a new market research report on the global Blockchain in Insurance market focusing on various aspects including market size and forecast, market dynamics, competitor market share analysis, market size in terms of value and volume, SWOT analysis, product benchmarking, key players recent developments, and opportunities , among others. The market has also been analyzed based on 4 indicators in market dynamics chapter which includes drivers, restraints, key trends and challenges. The combined sum of these sections will help to understand the best strategies to use to prosper in this industry in the short and long term. The quantitative analysis includes our authentic findings from this research study where we provided further insight into what our readers can do to embrace new opportunities or plan against threats that could hinder the market.

In terms of COVID-19 impact, the Blockchain in Insurance market report also includes the following data points:

• COVID-19 impact on blockchain in the size of the insurance market
• End user/industry/application trend and preferences
• Government policy/regulations
• Key Players’ Strategy to Cope with Adverse Impact/Post-COVID Strategies
• Opportunity in the blockchain in the insurance market

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Key players

Some of the major Blockchain Insurance players with high market shares include Microsoft, Symbiont, IBM, and Oracle. These players are using partnership and expansion as key strategies to gain significant market share to compete with market leaders.

The most important actors profiled in the report are:

• SafeShare Global
• Amazon Web Services Inc
• Auxesis Services & Technologies (P) Ltd
• Xceedance
• Microsoft
• Symbiont
• IBM
• Oracle
• Consensys
• Records Keeper

Segment analysis

Market segment by component focusing on market share, consumption trend and growth rate for Blockchain in the insurance market:

Market segment by company size focusing on market share, consumption trend and growth rate for Blockchain in Insurance Market:

• Large companies
• Small and medium-sized enterprises

Market segment by application focusing on market share, consumption trend and growth rate of Blockchain in Insurance Market:

• GRC management
• Claims processing
• Identity management and fraud detection
• Payments
• Others

For more information:

Global blockchain in insurance geographic coverage:

• North America
• Europe
  • Great Britain
  • Germany
  • France
  • Italy
  • Spain
  • Nordic countries
  • Benelux
  • The rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
• Middle East and Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • The rest of the MEA
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • The rest of Latin America

Reasons to buy this report:

• Detailed analysis of the impact of market drivers, restraints and opportunities
• Competitive Intelligence provides an understanding of the ecosystem
• Detailed analysis of the total addressable market (TAM) for your products
• Investment pockets and new business opportunities
• Demand-supply gap analysis
• Strategy planning

About EvolveBI
Evolve Business Intelligence is a market research, business intelligence and consulting firm that offers innovative solutions to challenging business pain points. Our market research reports include data useful for micro, small, medium and large businesses. We offer solutions that range from pure data collection to business consulting.

Evolve Business Intelligence is built on technology developments that provide highly accurate data through our in-house AI-modeled data analysis and forecasting tool – EvolveBI. This tool tracks real-time data, including quarterly results, annual performance and recent developments from Fortune Global 2000 companies.

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