Global Blockchain in Insurance Market Size Study & Forecast, by Provider (Application and Solution Provider, Middleware Provider, and Infrastructure and Protocols Provider), by Enterprise Type (SMEs and Large Enterprises), by Application (GRC Management,

The Global Blockchain in Insurance Market is valued at approximately USD 1.86 billion in 2024 and is projected to expand at a striking CAGR of more than 33.87% over the forecast period of 2025-2035. Blockchain, with its promise of decentralization, transparency, and immutability, is redefining how insurers manage risk, validate claims, and streamline operations. Its role is no longer confined to experimental pilots; insurers across the globe are weaving blockchain into their digital transformation agendas to reduce fraudulent activities, enhance operational efficiency, and drive customer trust. The ecosystem is being powered by a surge in demand for secure transactions, regulatory push towards digitalization, and the growing recognition that legacy systems can no longer sustain the evolving complexities of modern insurance. As insurers reconfigure their infrastructure, blockchain emerges as a foundational pillar driving long-term efficiency and trust in the insurance value chain.

A significant driver for blockchain adoption in insurance is the sector’s growing vulnerability to fraud and inefficiency. Fraudulent claims alone cost insurers billions annually, and blockchain provides immutable, tamper-proof records that sharply cut down the scope for manipulation. Claims management, often regarded as the industry’s pain point, is now undergoing a fundamental transformation through blockchain-enabled automation and real-time verification. According to industry analyses, insurers leveraging blockchain for claims processing have reported a reduction in settlement times by more than 50%, enhancing customer experience and trust. Beyond fraud mitigation, the technology is carving opportunities in areas such as smart contracts, instant cross-border payments, and identity management. However, the technology’s scalability challenges and high integration costs remain pressing headwinds, although these are likely to be mitigated as global collaborations and consortia accelerate blockchain standardization.

The detailed segments and sub-segments included in the report are:

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
• U.S.
• Canada

Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC

Latin America
• Brazil
• Mexico

Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Among all segments, claims management is poised to dominate the blockchain in insurance market, securing the lion’s share of adoption during the forecast horizon. Claims processing, long considered one of the most complex and inefficient functions in the insurance lifecycle, is undergoing a structural overhaul through blockchain integration. The ability to create auditable, real-time, and immutable records ensures transparency between insurers, policyholders, and third-party administrators. This not only reduces fraud and disputes but also accelerates settlements—key for improving customer satisfaction and loyalty. As a result, insurers are deploying blockchain solutions at scale in claims operations, making this segment the anchor point for market leadership.

From a revenue perspective, the smart contracts segment currently leads the blockchain in insurance market. Smart contracts, programmed to self-execute once specific terms and conditions are met, are unlocking efficiencies previously unimaginable in insurance agreements. Whether it’s automating premium payments, validating customer identities, or executing payouts for flight delay insurance, smart contracts are reshaping the speed and security of transactions. The adoption is particularly strong among global insurers seeking to digitize back-end processes while reducing manual interventions. While claims management commands the dominant share, smart contracts are generating substantial revenues by offering versatile, scalable applications across the value chain, underscoring their critical role in driving blockchain adoption forward.

Regionally, North America leads the global blockchain in insurance market, driven by its advanced insurance infrastructure, early adoption of emerging technologies, and robust regulatory frameworks that encourage innovation. The presence of major blockchain solution providers and insurtech startups in the U.S. further cements its leadership. Europe, on the other hand, is evolving rapidly, fueled by stringent regulatory demands around data privacy and security, which blockchain solutions address effectively. Meanwhile, Asia Pacific is set to emerge as the fastest-growing region during 2025–2035. Rising insurance penetration, burgeoning fintech ecosystems in countries like China and India, and government-led initiatives in digital identity systems are propelling blockchain adoption in the region’s insurance sector. Latin America and the Middle East & Africa are also demonstrating early but promising signs of growth, as insurers experiment with blockchain to enhance transparency in microinsurance and cross-border remittances.

Major market players included in this report are:
• IBM Corporation
• Oracle Corporation
• Accenture Plc
• Microsoft Corporation
• Amazon Web Services, Inc.
• Cognizant Technology Solutions Corporation
• SAP SE
• Deloitte Touche Tohmatsu Limited
• Capgemini SE
• Tata Consultancy Services Limited (TCS)
• Infosys Limited
• Guardtime AS
• Bitfury Group Limited
• Applied Blockchain Ltd.
• Consensys Software Inc.

Global Blockchain in Insurance Market Report Scope:
• Historical Data – 2023, 2024
• Base Year for Estimation – 2024
• Forecast period - 2025-2035
• Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained below:

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional-level analysis for each market segment.
• Detailed analysis of the geographical landscape with country-level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of the competitive structure of the market.
• Demand side and supply side analysis of the market. Show more