The global blockchain in insurance market size was US$ 383.7 million in 2021. The global blockchain in insurance market size is forecast to reach US$ 94687.8 million by 2030, growing at a compound annual growth rate (CAGR) of 84.42% during the forecast period from 2022 to 2030.

Blockchains are digital ledgers that organize data into blocks, each containing a collection of data. Each block has specific storage capabilities, and when filled, it is linked to the previous block, creating a chain of information known as a "blockchain." All additional information compiles into a new block, which adds to the chain. A blockchain consists of segments (blocks) linked together by links. A major goal of blockchain technology in insurance is to prevent fraud in automated transactions by allowing companies to manage physical data digitally. Customers and insurance companies can use blockchain technology to create smart contracts that are transparent and timely.

Factors Influencing Market Growth 

• A surge in fraudulent insurance claims and the expectation that smart contracts will hold a significant market share is driving the overall market's growth.
• The growing need to reduce the total cost of ownership is driving the overall market growth.
• Transaction security vulnerabilities using blockchain technology are forecast to have a negative effect on the growth of this market.
• Due to the lack of awareness about blockchain technology, there are lucrative opportunities for the global blockchain in insurance market in the future.

Impact Analysis of COVID-19

During the COVID-19 pandemic, blockchain holds the potential to accelerate digital transformation efforts and initiatives. A pandemic has accelerated the adoption of digital technologies. Increasingly, customers were adjusting to online purchases and services due to social distancing. It allows for a shift in business models from traditional face-to-face to online-based models that combine digital tools with strong customer relationships. Thus, these factors have positively impacted the global market growth. 

Regional Insights

North America is forecast to have the highest adoption rate in the blockchain in insurance market. The financial industry, including banks, insurance companies, and the financial services sector, is focusing on blockchain technology for its numerous benefits. For example, all the major banks in North America, including JPMorgan, Royal Bank of Canada, and Bank of America, are investing in blockchain technology.

The Asia Pacific has the fastest growing blockchain in insurance industry. There has been a higher adoption rate. In addition, fraud and risks are severe in the Asia Pacific insurance sector. A blockchain in the insurance sector will prevent a lot of losses in the industry.

Leading Competitors

The leading prominent companies profiled in the global blockchain in insurance market are:

• Applied Blockchain Limited
• Algorythmix Tech
• Auxesis Services and Technologies Private Limited
• BlockCypher Incorporated
• BTL Group
• Circle Internet Financial Limited
• Digital Asset Holdings LLC
• International Business Machines (IBM) Corporation
• Microsoft Corporation
• Oracle
• Other Prominent Players

Scope of the Report

The global blockchain in insurance market segmentation focuses on Type, Deployment Model, Provider, Application, Enterprise Size, and Region.

Segmentation based on Type

• Public
• Private

Segmentation based on Deployment Model

• On-Premise
• Cloud

Segmentation based on Provider

• Application & Solution Provider
• Middleware provider
• Infrastructure & Protocols Provider

Segmentation based on Application

• GRC Management
• Death & Claims Management
• Identity Management & Fraud Detection
• Payments
• Smart Contracts
• Others

Segmentation based on Enterprise Size

• Large Enterprise
• Small & Medium Enterprises (SMEs)

Segmentation based on Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Brazil
  • Argentina
  • Rest of South America

[TABLE OF CONTENTS]

1 INTRODUCTION OF GLOBAL BLOCKCHAIN IN INSURANCE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES

4 GLOBAL BLOCKCHAIN IN INSURANCE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE MODEL
4.4 VALUE CHAIN ANALYSIS

5 GLOBAL BLOCKCHAIN IN INSURANCE MARKET, BY TYPE
5.1 OVERVIEW
5.2 PUBLIC
5.3 PRIVATE

6 GLOBAL BLOCKCHAIN IN INSURANCE MARKET, BY DEPLOYMENT MODEL
6.1 OVERVIEW
6.2 ON-PREMISE
6.3 CLOUD

7 GLOBAL BLOCKCHAIN IN INSURANCE MARKET, BY PRODUCTS AND SERVICES
7.1 OVERVIEW
7.2 APPLICATION & SOLUTION PROVIDER
7.3 MIDDLEWARE PROVIDER
7.4 INFRASTRUCTURE & PROTOCOLS PROVIDER

8 GLOBAL BLOCKCHAIN IN INSURANCE MARKET, BY END-USER
8.1 OVERVIEW
8.2 GRC MANAGEMENT
8.3 DEATH & CLAIMS MANAGEMENT
8.4 IDENTITY MANAGEMENT & FRAUD DETECTION
8.5 PAYMENTS
8.6 SMART CONTRACTS

9 GLOBAL BLOCKCHAIN IN INSURANCE MARKET, BY GEOGRAPHY
9.1 OVERVIEW

9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO

9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3. 1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE

9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC

9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA

9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA

10 GLOBAL BLOCKCHAIN IN INSURANCE MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES

11 COMPANY PROFILES

11.1 APPLIED BLOCKCHAIN LIMITED
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS

11.2 ALGORYTHMIX TECH
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS

11.3 AUXESIS SERVICES AND TECHNOLOGIES PRIVATE LIMITED
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS

11.4 BLOCKCYPHER INCORPORATED
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS

11.5 BTL GROUP
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS

11.6 CIRCLE INTERNET FINANCIAL LIMITED
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS

11.7 DIGITAL ASSET HOLDINGS LLC
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS

11.8 INTERNATIONAL BUSINESS MACHINES (IBM) CORPORATION
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS

11.9 MICROSOFT CORPORATION
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS

11.10 ORACLE
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS