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Blockchain In Insurance Market by Provider, Application (GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, and Smart Contracts), Organization Size (Large Enterprises and SMEs), and Region - Global Forecast to 2023

Blockchain In Insurance Market by Provider, Application (GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, and Smart Contracts), Organization Size (Large Enterprises and SMEs), and Region - Global Forecast to 2023

The blockchain in insurance market is projected to grow at a CAGR of 84.9%
The global blockchain in insurance market size is expected to grow from USD 64.5 million in 2018 to USD 1,393.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9%. Growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and focus on reducing total cost of ownership are said to fuel the growth of this market. In addition, growth of blockchain as a service and the increasing penetration of Internet of Things (IoT) would create opportunities for the growth of this market. However, uncertain regulatory status and lack of common standards might hinder the overall growth of the market.

Identity management and fraud detection segment is expected to hold the largest market size during the forecast period
Globally, it is estimated, insurance companies lose over USD 80 billion to frauds every year. Blockchain is one-stop solution to reduce/combat frauds related to insurance and financial sectors. Traditionally, insurers have been relying upon physical processes to authenticate claim information related to ownership, history item, and authenticity of the product. However, with the introduction of the Distributed ledger technology(DLT)with features, such as encryption and immutability, transparency in transactions is ensured at the highest level, leaving no room for criminals to defraud the system. All these factors are expected to fuel the overall growth of this segment in the blockchain in insurance market.

APAC is projected to grow at the highest rate during the forecast period
Huge venture capital investments and the testing of blockchain solutions in Asia Pacific (APAC) have increased the adoption of the blockchain technology in the insurance sector in the region. Unlike other regions, the APAC region has the presence of several developed countries that are currently focusing on regulating the blockchain technology. Blockchain solution providers in the APAC region design and develop user-friendly, cost-effective, and faster processing blockchain platforms to enhance the application reach of DLT in insurance. Large enterprises and Small and Medium-sized Enterprises (SMEs) have been adopting venture funding strategies and are investing in R&D activities in an effort to provide technologically advanced blockchain solutions to insurance companies.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is given below:
By company: Tier 1: 55%, Tier 2: 20%, and Tier 3: 25%
By designation: C-level: 60%, Director level: 25%, and Others: 15%
By region: North America: 10%, Europe: 20%, APAC: 40%, and RoW: 30%

Following are the key vendors profiled in the report:
1. Applied Blockchain (UK)
2. Algorythmix (India)
3. Auxesis Group (India)
4. AWS (US)
5. Bitfury (US)
6. BitPay (US)
7. BlockCypher (US)
8. BTL Group (Canada)
9. Cambridge Blockchain (US)
10. ChainThat (UK)
11. Circle (US)
12. ConsenSys (US)
13. Digital Asset Holdings (US)
14. Earthport (UK)
15. Everledger (UK)
16. Factom (US)
17. Guardtime (Estonia)
18. IBM (US)
19. iXLedger (UK)
20. Microsoft (US)
21. Oracle (US)
22. RecordsKeeper (Gibraltar)
23. SafeShare Global (UK)
24. SAP (Germany)
25. Symbiont (US)

Research Coverage
The report segments the blockchain in insurance market based on providers into application and solution provider, middleware provider, and infrastructure and protocols provider. Based on organization size, the market has been segmented into large enterprises and SMEs. Based on applications, the market is segmented into GRC management, death and claims management, payments, identity management and fraud detection, smart contracts, and others (content storage management and customer communication). The regions have been segmented into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.

Reasons to Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the blockchain in insurance market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes new product launches/developments; partnerships and collaborations; mergers and acquisitions; and expansions.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • MARKET DEFINITION
    • MARKET SCOPE
    • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET SIZE ESTIMATION
    • RESEARCH ASSUMPTIONS
    • LIMITATIONS
  • EXECUTIVE SUMMARY
    • Table GLOBAL BLOCKCHAIN IN INSURANCE MARKET SIZE AND GROWTH RATE, 2016-2023 (USD MILLION, Y-O-Y %)
  • PREMIUM INSIGHTS
    • ATTRACTIVE MARKET OPPORTUNITIES IN THE BLOCKCHAIN IN INSURANCE MARKET
    • BLOCKCHAIN IN INSURANCE MARKET: MARKET SHARE ACROSS VARIOUS REGIONS
    • BLOCKCHAIN IN INSURANCE MARKET: TOP 4 APPLICATIONS AND REGIONS
  • MARKET OVERVIEW
    • MARKET OVERVIEW
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
    • INDUSTRY TRENDS
      • TYPES OF BLOCKCHAIN TECHNOLOGY
      • BLOCKCHAIN ASSOCIATIONS AND CONSORTIUMS
    • BLOCKCHAIN IN INSURANCE MARKET: USE CASES
      • USE CASE #1: MINIMIZED SETTLEMENT TIME HAS REDUCED THE COST OF COMPLETING GLOBAL PAYMENTS
      • USE CASE #2: REVOLUTIONIZING THE KYC PROCESS FOR THE INSURANCE INDUSTRY
  • BLOCKCHAIN IN INSURANCE MARKET, BY PROVIDER
    • INTRODUCTION
      • Table BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER, 2016-2023 (USD MILLION)
    • APPLICATION AND SOLUTION PROVIDER
      • Table APPLICATION AND SOLUTION PROVIDER: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
    • MIDDLEWARE PROVIDER
      • Table MIDDLEWARE PROVIDER: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
    • INFRASTRUCTURE AND PROTOCOLS PROVIDER
      • Table INFRASTRUCTURE AND PROTOCOLS PROVIDER: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
  • BLOCKCHAIN IN INSURANCE MARKET, BY APPLICATION
    • INTRODUCTION
      • Table BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION, 2016-2023 (USD MILLION)
    • GRC MANAGEMENT
      • Table GRC MANAGEMENT: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
    • DEATH AND CLAIMS MANAGEMENT
      • Table DEATH AND CLAIMS MANAGEMENT: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
    • PAYMENTS
      • Table PAYMENTS: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
    • IDENTITY MANAGEMENT AND FRAUD DETECTION
      • Table IDENTITY MANAGEMENT AND FRAUD DETECTION: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
    • SMART CONTRACTS
      • Table SMART CONTRACTS: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
    • OTHERS
      • Table OTHERS: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
  • BLOCKCHAIN IN INSURANCE MARKET, BY ORGANIZATION SIZE
    • INTRODUCTION
      • Table BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE, 2016-2023 (USD MILLION)
    • LARGE ENTERPRISES
      • Table LARGE ENTERPRISES: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
    • SMALL AND MEDIUM-SIZED ENTERPRISES
      • Table SMALL AND MEDIUM-SIZED ENTERPRISES: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
  • BLOCKCHAIN IN INSURANCE MARKET, BY REGION
    • INTRODUCTION
      • Table BLOCKCHAIN IN INSURANCE MARKET SIZE, BY REGION, 2016-2023 (USD MILLION)
    • NORTH AMERICA
      • BY PROVIDER
        • Table NORTH AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER, 2016-2023 (USD MILLION)
      • BY APPLICATION
        • Table NORTH AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION, 2016-2023 (USD MILLION)
      • BY ORGANIZATION SIZE
        • Table NORTH AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE, 2016-2023 (USD MILLION)
      • BY COUNTRY
        • Table NORTH AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY COUNTRY, 2016-2023 (USD MILLION)
    • EUROPE
      • BY PROVIDER
        • Table EUROPE: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER, 2016-2023 (USD MILLION)
      • BY APPLICATION
        • Table EUROPE: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION, 2016-2023 (USD MILLION)
      • BY ORGANIZATION SIZE
        • Table EUROPE: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE, 2016-2023 (USD MILLION)
      • BY COUNTRY
        • Table EUROPE: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY COUNTRY, 2016-2023 (USD MILLION)
    • ASIA PACIFIC
      • BY PROVIDER
        • Table ASIA PACIFIC: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER, 2016-2023 (USD MILLION)
      • BY APPLICATION
        • Table ASIA PACIFIC: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION, 2016-2023 (USD MILLION)
      • BY ORGANIZATION SIZE
        • Table ASIA PACIFIC: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE, 2016-2023 (USD MILLION)
      • BY COUNTRY
        • Table ASIA PACIFIC: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY COUNTRY, 2016-2023 (USD MILLION)
    • LATIN AMERICA
      • BY PROVIDER
        • Table LATIN AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER, 2016-2023 (USD MILLION)
      • BY APPLICATION
        • Table LATIN AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION, 2016-2023 (USD MILLION)
      • BY ORGANIZATION SIZE
        • Table LATIN AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE, 2016-2023 (USD MILLION)
      • BY COUNTRY
        • Table LATIN AMERICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY COUNTRY, 2016-2023 (USD MILLION)
    • MIDDLE EAST AND AFRICA
      • BY PROVIDER
        • Table MIDDLE EAST AND AFRICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY PROVIDER, 2016-2023 (USD MILLION)
      • BY APPLICATION
        • Table MIDDLE EAST AND AFRICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY APPLICATION, 2016-2023 (USD MILLION)
      • BY ORGANIZATION SIZE
        • Table MIDDLE EAST AND AFRICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY ORGANIZATION SIZE, 2016-2023 (USD MILLION)
      • BY SUBREGION
        • Table MIDDLE EAST AND AFRICA: BLOCKCHAIN IN INSURANCE MARKET SIZE, BY SUBREGION, 2016-2023 (USD MILLION)
  • COMPETITIVE LANDSCAPE
    • OVERVIEW
    • PROMINENT PLAYERS IN THE BLOCKCHAIN IN INSURANCE MARKET
    • COMPETITIVE SCENARIO
      • NEW PRODUCT LAUNCHES AND PRODUCT UPGRADATIONS
        • Table NEW PRODUCT LAUNCHES AND PRODUCT UPGRADATIONS, 2016-2018
      • PARTNERSHIPS, COLLABORATIONS, AND AGREEMENTS
        • Table PARTNERSHIPS, COLLABORATIONS, AND AGREEMENTS, 2017-2018
  • COMPANY PROFILES
    • IBM
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • ORACLE
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • MICROSOFT
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • AWS
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • SAP
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • EARTHPORT
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • BTL GROUP
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • BITFURY
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • DIGITAL ASSET HOLDINGS
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • FACTOM
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • AUXESIS GROUP
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • MNM VIEW
    • BITPAY
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • CIRCLE
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
    • CAMBRIDGE BLOCKCHAIN
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
    • CHAINTHAT LIMITED
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
    • BLOCKCYPHER
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
    • SAFESHARE GLOBAL
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
    • EVERLEDGER
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
    • CONSENSYS
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
    • GUARDTIME
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
    • SYMBIONT
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
    • RECORDSKEEPER
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
    • APPLIED BLOCKCHAIN
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
    • ALGORYTHMIX
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
    • IXLEDGER
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
  • APPENDIX
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

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