Blockchain in Insurance Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Blockchain in Insurance Market
The blockchain in insurance market size was valued at USD 766.0 million in 2023, and the market is now projected to grow from USD 1185.8 billion in 2024 to USD 33547.7 million by 2032, exhibiting a CAGR of 61.2% during the forecast period of 2024-2032.
Pandemic reasonably impacted the blockchain in insurance market growth because of sluggish adoption of blockchain technology. Companies had been exploring blockchain packages before the pandemic, however the market experienced slower adoption. AXA scrapped its Fizzy platform because of inadequate demand and business targets. The marketplace lacked proper distribution channels and give up customers. As the pandemic stepped forward, agencies commenced inspecting blockchain's talents in real-time insurance solutions.
Key players within the coverage enterprise are exploring blockchain technology's competencies and looking for partnerships to expand merchandise, sensible packages, and set up a steady insurance atmosphere. They are adopting commercial enterprise techniques to mix their principles and expertise with other companions and technologies, permitting quicker and extra efficient introduction of insurance systems. Several companies are participating with global generation experts to enhance their technical capabilities.
Blockchain tech has the ability to transform the economic carrier industry, but many insurers are slow to undertake it. The blockchain in coverage idea is in its developing level, with organizations and government continuously running to recognize its competencies. In February 2023, the Insurance Regulatory and Development Authority of India (IRDAI) showed India's pass closer to customized and instant coverage, highlighting the use of new technology like public blockchain, ChatGPT, and net 3.0. In November 2023, a Netherland-based mutual insurer is analyzing blockchain technology's performance.
Comprehensive Analysis of Blockchain in Insurance Market
The insurance industry is divided into three segments: application and solution providers, middleware providers, and infrastructure and protocols providers. In 2022, the infrastructure and protocols provider segment dominated due to early blockchain technology implementation. As the market matures, adoption of these solutions is expected to rise, leading to higher CAGR growth. The market is divided into SMEs and large enterprises, with large enterprises holding the largest share due to heavy adoption of blockchain-based insurance solutions. However, SMEs have shown slower adoption due to concerns about technology incorporation. The application market is divided into GRC management, claims management, identity management, fraud detection payments, smart contracts, and customer communication. Claims management currently holds the largest share, but payment applications are expected to lead the market in the future.
The North America region lead the blockchain in insurance market share by benefitting a market size of USD 254.2 billion in 2023 due to early adoption of emerging technologies, key players, and effective business strategies. Blockchain in insurance solutions has improved efficiency and reduced fraud.
Blockchain in coverage solution carriers are integrating blockchain technology into their coverage packages, spotting its importance in easing and securing their ecosystem. Companies are also obtaining and merging with applicable companies to strengthen their knowledge. Key businesses profiled consist of CONSENSYS, IntellectEU, ChainThat, Etherisc, IBM Corporation, Guardtime, Teambrella, B3i, Tierion, and Deloitte. These agencies are specializing in developing strategies to reinforce their understanding in this evolving market.
In June 2023, JP Morgan partnered with six Indian banks, consisting of Axis Bank, HDFC Bank, Yes Bank, ICICI Bank, IndiInd Bank, and JPMorgan's GIFT City, to introduce a blockchain-based platform for U.S. Dollar settlements, aiming to cope with traditional finance problems.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 61.2% from 2023 to 2030
Unit Value (USD Million)
Segmentation By Provider
Application and Solution Provider
Middleware Provider
Infrastructure and Protocols Provider
By Enterprise Type
SMEs
Large Enterprises
By Application
GRC Management
Claims Management
Identity Management and Fraud Detection
Payments
Smart Contracts
Others (Customer Communication etc.)
By Region
North America (By Provider, By Enterprise Type, By Application, and By Country)
U.S.
Canada
Mexico
South America (By Provider, By Enterprise Type, By Application, and By Country)
Brazil
Argentina
Rest of South America
Europe (By Provider, By Enterprise Type, By Application, and By Country)
U.K.
Germany
France
Italy
Spain
Russia
Benelux
Nordics
Rest of EU
Middle East & Africa (By Provider, By Enterprise Type, By Application, and By Country)
Turkey
Israel
GCC
North Africa
South Africa
Rest of Middle East & Africa
Asia Pacific (By Provider, By Enterprise Type, By Application, and By Country)
China
Japan
India
South Korea
ASEAN
Oceania
Rest of Asia Pacific
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Blockchain in Insurance Key Players Market Share/Ranking, 2022
- 5. Global Blockchain in Insurance Market Size Estimates and Forecasts, By Segments, 2019-2030
- 5.1. Key Findings
- 5.2. By Provider (USD)
- 5.2.1. Application and Solution Provider
- 5.2.2. Middleware Provider
- 5.2.3. Infrastructure and Protocols Provider
- 5.3. By Enterprise Type (USD)
- 5.3.1. SMEs
- 5.3.2. Large Enterprises
- 5.4. By Application (USD)
- 5.4.1. GRC Management
- 5.4.2. Claims Management
- 5.4.3. Identity Management and Fraud Detection
- 5.4.4. Payments
- 5.4.5. Smart Contracts
- 5.4.6. Others (Customer Communication, and others)
- 5.5. By Region (USD)
- 5.5.1. North America
- 5.5.2. South America
- 5.5.3. Europe
- 5.5.4. Middle East & Africa
- 5.5.5. Asia Pacific
- 6. North America Blockchain in Insurance Market Size Estimates and Forecasts, By Segments, 2019-2030
- 6.1. Key Findings
- 6.2. By Provider (USD)
- 6.2.1. Application and Solution Provider
- 6.2.2. Middleware Provider
- 6.2.3. Infrastructure and Protocols Provider
- 6.3. By Enterprise Type (USD)
- 6.3.1. SMEs
- 6.3.2. Large Enterprises
- 6.4. By Application (USD)
- 6.4.1. GRC Management
- 6.4.2. Claims Management
- 6.4.3. Identity Management and Fraud Detection
- 6.4.4. Payments
- 6.4.5. Smart Contracts
- 6.4.6. Others (Customer Communication, and others)
- 6.5. By Country (USD)
- 6.5.1. United States
- 6.5.2. Canada
- 6.5.3. Mexico
- 7. South America Blockchain in Insurance Market Size Estimates and Forecasts, By Segments, 2019-2030
- 7.1. Key Findings
- 7.2. By Provider (USD)
- 7.2.1. Application and Solution Provider
- 7.2.2. Middleware Provider
- 7.2.3. Infrastructure and Protocols Provider
- 7.3. By Enterprise Type (USD)
- 7.3.1. SMEs
- 7.3.2. Large Enterprises
- 7.4. By Application (USD)
- 7.4.1. GRC Management
- 7.4.2. Claims Management
- 7.4.3. Identity Management and Fraud Detection
- 7.4.4. Payments
- 7.4.5. Smart Contracts
- 7.4.6. Others (Customer Communication, and others)
- 7.5. By Country (USD)
- 7.5.1. Brazil
- 7.5.2. Argentina
- 7.5.3. Rest of South America
- 8. Europe Blockchain in Insurance Market Size Estimates and Forecasts, By Segments, 2019-2030
- 8.1. Key Findings
- 8.2. By Provider (USD)
- 8.2.1. Application and Solution Provider
- 8.2.2. Middleware Provider
- 8.2.3. Infrastructure and Protocols Provider
- 8.3. By Enterprise Type (USD)
- 8.3.1. SMEs
- 8.3.2. Large Enterprises
- 8.4. By Application (USD)
- 8.4.1. GRC Management
- 8.4.2. Claims Management
- 8.4.3. Identity Management and Fraud Detection
- 8.4.4. Payments
- 8.4.5. Smart Contracts
- 8.4.6. Others (Customer Communication, and others)
- 8.5. By Country (USD)
- 8.5.1. United Kingdom
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Benelux
- 8.5.8. Nordics
- 8.5.9. Rest of Europe
- 9. Middle East & Africa Blockchain in Insurance Market Size Estimates and Forecasts, By Segments, 2019-2030
- 9.1. Key Findings
- 9.2. By Provider (USD)
- 9.2.1. Application and Solution Provider
- 9.2.2. Middleware Provider
- 9.2.3. Infrastructure and Protocols Provider
- 9.3. By Enterprise Type (USD)
- 9.3.1. SMEs
- 9.3.2. Large Enterprises
- 9.4. By Application (USD)
- 9.4.1. GRC Management
- 9.4.2. Claims Management
- 9.4.3. Identity Management and Fraud Detection
- 9.4.4. Payments
- 9.4.5. Smart Contracts
- 9.4.6. Others (Customer Communication, and others)
- 9.5. By Country (USD)
- 9.5.1. Turkey
- 9.5.2. Israel
- 9.5.3. GCC
- 9.5.4. North Africa
- 9.5.5. South Africa
- 9.5.6. Rest of MEA
- 10. Asia Pacific Blockchain in Insurance Market Size Estimates and Forecasts, By Segments, 2019-2030
- 10.1. Key Findings
- 10.2. By Provider (USD)
- 10.2.1. Application and Solution Provider
- 10.2.2. Middleware Provider
- 10.2.3. Infrastructure and Protocols Provider
- 10.3. By Enterprise Type (USD)
- 10.3.1. SMEs
- 10.3.2. Large Enterprises
- 10.4. By Application (USD)
- 10.4.1. GRC Management
- 10.4.2. Claims Management
- 10.4.3. Identity Management and Fraud Detection
- 10.4.4. Payments
- 10.4.5. Smart Contracts
- 10.4.6. Others (Customer Communication, and others)
- 10.5. By Country (USD)
- 10.5.1. China
- 10.5.2. India
- 10.5.3. Japan
- 10.5.4. South Korea
- 10.5.5. ASEAN
- 10.5.6. Oceania
- 10.5.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. CONSENSYS
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. IntellectEU, Inc.
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. ChainThat
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Etherisc
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. IBM Corporation
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Guardtime
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Teambrella
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. B3i
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Tierion
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Deloitte
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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