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HOME Top Market Reports 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

By: marketsandmarkets.com
Publishing Date: July 2018
Report Code: TC 6438

 

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[131 Pages Report] The blockchain in insurance market size was valued at USD 43.0 million in 2017 and projected to reach USD 1,393.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9%. The major growth drivers of the market include the emerging need to have transparent and trustworthy systems, and the overall trends witnessed in the insurance sector related to increase in claims-related frauds. The base year considered for this report is 2017 and the market forecast period is 2018–2023.

Objectives of the Study

The main objective of the report is to define, describe, and forecast the global blockchain in insurance market on the basis of providers, applications, organization size, and regions. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the total market. The report attempts to forecast the market size with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies. It also tracks and analyzes competitive developments, such as partnerships, collaborations, and agreements; mergers and acquisitions; new product launches and new product developments; venture funding; and Research and Development (R&D) activities in the market.

Research Methodology

The research methodology used to estimate and forecast the blockchain in insurance market began with capturing data on key vendor revenues through secondary research, which included directories and databases (D&B Hoovers, Bloomberg Businessweek, and Factiva). The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market that was derived from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with the key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary participants is depicted in the figure below:

Blockchain In Insurance Market

To know about the assumptions considered for the study, download the pdf brochure

The blockchain ecosystem comprises vendors, such as Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US), BlockCypher (US), BTL Group (Canada), Cambridge Blockchain (US), ChainThat (UK), Circle (US), ConsenSys (US), Digital Asset Holdings (US), Earthport (UK), Everledger (UK), Factom (US), Guardtime (Estonia), IBM (US), iXLedger (UK), Microsoft (US), Oracle (US), RecordsKeeper (Gibraltar), SafeShare Global (UK), SAP (Germany), and Symbiont (US).

The other stakeholders of the blockchain in insurance market include cryptocurrency vendors, insurance industry, research organizations, network and system integrators, blockchain service providers, distributed ledger technology solution providers, marketing analytics executives, third-party service providers, and technology providers.

Blockchain Key Target Audience

  • Blockchain technology vendors
  • Network solution providers
  • Independent software vendors
  • Consulting firms
  • Payment gateway providers
  • Value-added resellers
  • Financial services firms
  • Blockchain security providers
  • Communication service providers
  • Trading software providers
  • Government agencies
  • Insurance providers
  • Re-insurance providers
  • Infrastructure and protocol providers

“The study answers several questions for the stakeholders, primarily which market segments to focus on in the next 2–5 years for prioritizing efforts and investments.”

Scope of the Report

The research report categorizes the blockchain in insurance market to forecast the revenues and analyze the trends in each of the following subsegments:

By Provider

  • Application and solution provider
  • Middleware provider
  • Infrastructure and protocols provider

By Application

  • GRC management
  • Death and claims management
  • Identity management and fraud detection
  • Payments
  • Smart contracts
  • Others (content storage management and customer communication)

By Organization Size

  • Small and Medium-sized Enterprises (SMEs)
  • Large enterprises

By Region

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • Japan
    • Singapore
    • Australia and New Zealand (ANZ)
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • Middle East
    • Africa

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix gives a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analysis and profiling of additional market players upto 5.

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Research Assumptions
    2.4 Limitations

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 30)
    4.1 Attractive Market Opportunities in the Blockchain in Insurance Market
    4.2 Market Share Across Various Regions
    4.3 Market Top 4 Applications and Regions

5 Market Overview (Page No. - 34)
    5.1 Market Overview
           5.1.1 Drivers
                    5.1.1.1 Growing Number of Fraudulent Insurance Claims
                    5.1.1.2 Increasing Need to Have Transparent and Trustworthy Systems
                    5.1.1.3 Focus on Reducing the Total Cost of Ownership
           5.1.2 Restraints
                    5.1.2.1 Uncertain Regulatory Status and Lack of Common Standards
           5.1.3 Opportunities
                    5.1.3.1 Growth of Baas
                    5.1.3.2 Growth of Iot
           5.1.4 Challenges
                    5.1.4.1 Lack of Awareness About the Blockchain Technology
                    5.1.4.2 Lack of Understanding of Blockchain Concept, Skill Sets, and Technical Knowledge
    5.2 Industry Trends
           5.2.1 Types of Blockchain Technology
                    5.2.1.1 Private Blockchain
                    5.2.1.2 Public Blockchain
           5.2.2 Blockchain Associations and Consortiums
                    5.2.2.1 Blockchain Insurance Industry Initiative
                    5.2.2.2 R3cev Blockchain Consortium
                    5.2.2.3 Cash Settlement Providers Group
                    5.2.2.4 Financial Blockchain Shenzhen Consortium (FBSC)
                    5.2.2.5 CU Ledger
                    5.2.2.6 Blockchain Collaborative Consortium (BCCC)
                    5.2.2.7 Wall Street Blockchain Alliance (WSBA)
                    5.2.2.8 Financial Conduct Authority (FCA)
                    5.2.2.9 Hyperledger
                    5.2.2.10 Global Payments Steering Group (GPSG)
    5.3 Blockchain in Insurance Market: Use Cases
           5.3.1 Use Case #1: Minimized Settlement Time has Reduced the Cost of Completing Global Payments
           5.3.2 Use Case #2: Revolutionizing the KYC Process for the Insurance Industry

6 Market By Provider (Page No. - 42)
    6.1 Introduction
    6.2 Application and Solution Provider
    6.3 Middleware Provider
    6.4 Infrastructure and Protocols Provider

7 Blockchain in Insurance Market, By Application (Page No. - 47)
    7.1 Introduction
    7.2 GRC Management
    7.3 Death and Claims Management
    7.4 Payments
    7.5 Identity Management and Fraud Detection
    7.6 Smart Contracts
    7.7 Others

8 Market By Organization Size (Page No. - 54)
    8.1 Introduction
    8.2 Large Enterprises
    8.3 Small and Medium-Sized Enterprises

9 Blockchain in Insurance Market, By Region (Page No. - 58)
    9.1 Introduction
    9.2 North America
           9.2.1 By Provider
           9.2.2 By Application
           9.2.3 By Organization Size
           9.2.4 By Country
                    9.2.4.1 United States
                    9.2.4.2 Canada
    9.3 Europe
           9.3.1 By Provider
           9.3.2 By Application
           9.3.3 By Organization Size
           9.3.4 By Country
                    9.3.4.1 United Kingdom
                    9.3.4.2 Germany
                    9.3.4.3 France
                    9.3.4.4 Rest of Europe
    9.4 Asia Pacific
           9.4.1 By Provider
           9.4.2 By Application
           9.4.3 By Organization Size
           9.4.4 By Country
                    9.4.4.1 China
                    9.4.4.2 Japan
                    9.4.4.3 Singapore
                    9.4.4.4 Australia and New Zealand
                    9.4.4.5 Rest of Asia Pacific
    9.5 Latin America
           9.5.1 By Provider
           9.5.2 By Application
           9.5.3 By Organization Size
           9.5.4 By Country
                    9.5.4.1 Brazil
                    9.5.4.2 Mexico
                    9.5.4.3 Rest of Latin America
    9.6 Middle East and Africa
           9.6.1 By Provider
           9.6.2 By Application
           9.6.3 By Organization Size
           9.6.4 By Subregion
                    9.6.4.1 Middle East
                    9.6.4.2 Africa

10 Competitive Landscape (Page No. - 77)
     10.1 Overview
     10.2 Prominent Players in the Blockchain in Insurance Market
     10.3 Competitive Scenario
             10.3.1 New Product Launches and Product Upgradations
             10.3.2 Partnerships, Collaborations, and Agreements

11 Company Profiles (Page No. - 81)
(Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis)*
     11.1 IBM
     11.2 Oracle
     11.3 Microsoft
     11.4 AWS
     11.5 SAP
     11.6 Earthport
     11.7 BTL Group
     11.8 Bitfury
     11.9 Digital Asset Holdings
     11.10 Factom
     11.11 Auxesis Group
     11.12 Bitpay
     11.13 Circle
     11.14 Cambridge Blockchain
     11.15 Chainthat Limited
     11.16 Blockcypher
     11.17 Safeshare Global
     11.18 Everledger
     11.19 Consensys
     11.20 Guardtime
     11.21 Symbiont
     11.22 Recordskeeper
     11.23 Applied Blockchain
     11.24 Algorythmix
     11.25 Ixledger

*Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 123)
     12.1 Discussion Guide
     12.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.3 Introducing RT: Real-Time Market Intelligence
     12.4 Available Customizations
     12.5 Related Reports
     12.6 Author Details


List of Tables (38 Tables)

Table 1 Global Blockchain in Insurance Market Size and Growth Rate, 2016–2023 (USD Million, Y-O-Y %)
Table 2 Market Size By Provider, 2016–2023 (USD Million)
Table 3 Application and Solution Provider: Market Size By Region, 2016–2023 (USD Million)
Table 4 Middleware Provider: Market Size By Region, 2016–2023 (USD Million)
Table 5 Infrastructure and Protocols Provider: Market Size By Region, 2016–2023 (USD Million)
Table 6 Blockchain in Insurance Market Size, By Application, 2016–2023 (USD Million)
Table 7 GRC Management: Market Size By Region, 2016–2023 (USD Million)
Table 8 Death and Claims Management: Market Size By Region, 2016–2023 (USD Million)
Table 9 Payments: Market Size, By Region, 2016–2023 (USD Million)
Table 10 Identity Management and Fraud Detection: Market Size By Region, 2016–2023 (USD Million)
Table 11 Smart Contracts: Market Size By Region, 2016–2023 (USD Million)
Table 12 Others: Market Size By Region, 2016–2023 (USD Million)
Table 13 Market Size By Organization Size, 2016–2023 (USD Million)
Table 14 Large Enterprises: Market Size By Region, 2016–2023 (USD Million)
Table 15 Small and Medium-Sized Enterprises: Market Size By Region, 2016–2023 (USD Million)
Table 16 Blockchain in Insurance Market Size, By Region, 2016–2023 (USD Million)
Table 17 North America: Market Size By Provider, 2016–2023 (USD Million)
Table 18 North America: Market Size By Application, 2016–2023 (USD Million)
Table 19 North America: Market Size By Organization Size, 2016–2023 (USD Million)
Table 20 North America: Market Size By Country, 2016–2023 (USD Million)
Table 21 Europe: Blockchain in Insurance Market Size, By Provider, 2016–2023 (USD Million)
Table 22 Europe: Market Size By Application, 2016–2023 (USD Million)
Table 23 Europe: Market Size By Organization Size, 2016–2023 (USD Million)
Table 24 Europe: Market Size By Country, 2016–2023 (USD Million)
Table 25 Asia Pacific: Market Size By Provider, 2016–2023 (USD Million)
Table 26 Asia Pacific: Market Size By Application, 2016–2023 (USD Million)
Table 27 Asia Pacific: Market Size By Organization Size, 2016–2023 (USD Million)
Table 28 Asia Pacific: Market Size By Country, 2016–2023 (USD Million)
Table 29 Latin America: Blockchain in Insurance Market Size, By Provider, 2016–2023 (USD Million)
Table 30 Latin America: Market Size By Application, 2016–2023 (USD Million)
Table 31 Latin America: Market Size By Organization Size, 2016–2023 (USD Million)
Table 32 Latin America: Market Size By Country, 2016–2023 (USD Million)
Table 33 Middle East and Africa: Market Size By Provider, 2016–2023 (USD Million)
Table 34 Middle East and Africa: Market Size By Application, 2016–2023 (USD Million)
Table 35 Middle East and Africa: Market Size By Organization Size, 2016–2023 (USD Million)
Table 36 Middle East and Africa: Market Size By Subregion, 2016–2023 (USD Million)
Table 37 New Product Launches and Product Upgradations, 2016–2018
Table 38 Partnerships, Collaborations, and Agreements, 2017–2018
 
 
List of Figures (37 Figures)
 
Figure 1 Blockchain in Insurance Market Segmentation
Figure 2 Market Regional Scope
Figure 3 Market Research Design
Figure 4 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 5 Data Triangulation
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
Figure 7 Market Size Estimation Methodology: Top-Down Approach
Figure 8 Blockchain in Insurance Market: Assumptions
Figure 9 Blockchain: Block Diagram
Figure 10 Global Blockchain in Insurance Market is Expected to Witness Significant Growth During the Forecast Period (USD Million)
Figure 11 Global Market Snapshot, By Provider, 2018–2023
Figure 12 Global Market Snapshot, By Application, 2018–2023
Figure 13 Global Market Snapshot, By Organization Size, 2018–2023
Figure 14 Growing Number of Fraudulent Insurance Claims Would Provide Lucrative Market Prospects in the Blockchain in Insurance Market
Figure 15 North America is Estimated to Hold the Largest Market Size in 2018
Figure 16 Smart Contract Applications Segment and North America are Estimated to Hold the Largest Market Sizes in 2018
Figure 17 Asia Pacific is Expected to Enter the Exponential Growth Phase During the Forecast Period
Figure 18 Blockchain in Insurance Market: Drivers, Restraints, Opportunities, and Challenges
Figure 19 Application and Solution Provider Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 20 Payments Application is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 21 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 22 North America is Expected to Have the Largest Market Size During the Forecast Period
Figure 23 North America: Market Snapshot
Figure 24 Asia Pacific: Market Snapshot
Figure 25 Key Developments By the Leading Players in the Blockchain in Insurance Market During 2014–2018
Figure 26 IBM: Company Snapshot
Figure 27 IBM: SWOT Analysis
Figure 28 Oracle: Company Snapshot
Figure 29 Oracle: SWOT Analysis
Figure 30 Microsoft: Company Snapshot
Figure 31 Microsoft: SWOT Analysis
Figure 32 AWS: Company Snapshot
Figure 33 AWS: SWOT Analysis
Figure 34 SAP: Company Snapshot
Figure 35 SAP: SWOT Analysis
Figure 36 Earthport: Company Snapshot
Figure 37 BTL Group: Company Snapshot

The blockchain in insurance market 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%. Factors such as growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and focus on reducing total cost of ownership are expected to drive the growth of the global market.

The report provides detailed insights into the global blockchain in insurance market, which is segmented by provider, application, organization size, and region. Among applications, the smart contracts application is estimated to dominate the market in 2018, owing to reduced costs of verification, execution, arbitration, and fraud prevention. Identity management and fraud detection application is expected to be the highest revenue-generating segment by 2023, as the technology helps validate the authenticity, ownership, and origin, through the supply chain of goods and documents; the identity of customers doing transactions; and the date and time of policy issuance, thereby helping reduce fraud rate and providing easy management. The payments application is expected to grow at the fastest rate, owing to reduced risks, improved efficiency, and transparency in payment systems, provided by blockchain across the insurance industry.

Among providers, the infrastructure and protocols provider segment is expected to dominate the market as various infrastructure and protocols providers are providing infrastructure and platforms, which are leveraged by application and solution providers to develop applications. The application and solution provider segment is expected to grow at the fastest rate due to the rising demand for international online money transfer network, and cloud-based services across the insurance sector. In addition, application and solution providers provide blockchain technologies that are more likely to deliver value to businesses by reducing the duplication of transactional data and providing periodic reconciliation and authentication for commercial and regulatory reasons.

Companies, mostly large enterprises, get venture funding to develop supportive infrastructure for blockchain integration. Large enterprises are expected to dominate the market in terms of market share, as such enterprises are continuously investing in their R&D activities to improve their overall performance and provide customer satisfaction. However, the Small and Medium-sized Enterprises (SMEs) segment is expected to exhibit a higher CAGR, owing to the availability of blockchain-as-a-service, provided by vendors operating in the market, which minimizes infrastructure development costs.

Blockchain In Insurance Market

The report covers all the major aspects of the blockchain in insurance market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. Being the early adopter of blockchain and cryptocurrency technologies, and the presence of the global and domestic industry players, North America is expected to continue to dominate the market during the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to Increase in digitalization, humungous growth of IoT, and an increase in BaaS service providers in the region.

Factors such as growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and focus on reducing total cost of ownership are expected to drive the growth of the global blockchain in insurance market. However, the growth of BaaS and increasing IoT penetration in all the geographic regions would create lucrative market opportunities.

The global blockchain in insurance market has no single vendor dominating the entire ecosystem. Vendors that offer blockchain solutions include Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US), BlockCypher (US), BTL Group (Canada), Cambridge Blockchain (US), ChainThat (UK), Circle (US), ConsenSys (US), Digital Asset Holdings (US), Earthport (UK), Everledger (UK), Factom (US), Guardtime (Estonia), IBM (US), iXLedger (UK), Microsoft (US), Oracle (US), RecordsKeeper (Gibraltar), SafeShare Global (UK), SAP (Germany), and Symbiont (US).The vendors listed above have adopted different organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and collaborations, acquisitions, business expansions, and venture funding, to expand their product offerings and enhance the customer experience in the market.

For instance, in October 2017, IBM launched a new blockchain banking solution that helps financial institutions expedite global payments. This solution uses IBM’s blockchain technology and collaborates with technology partners, such as Stellar.org and KlickEx Group, to enhance the speed so that financial institutions can settle payment transactions on a single network in real time. In November 2017, Microsoft partnered with R3, a provider of the distributed ledger technology, to simplify the overall development and deployment processes and create real-world solutions, applications, and pilot projects for its clients.

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