The blockchain technology in the insurance industry is witnessing extensive growth, with major banks across the globe readying themselves to embrace the technology. North America is expected to be at the forefront in the adoption of the blockchain technology, while APAC is expected to have the highest growth rate. Growth in digitalization and Internet of Things (IoT), and increase in Blockchain-as-a-Service (BaaS) service providers are some of the drivers expected to drive the growth of the blockchain in insurance market across regions. Moreover, the need to shift from legacy systems to blockchain-enabled secured and transparent systems is gaining momentum in this digitization era.
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% during the forecast period.
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The major vendors present in the blockchain in insurance market are 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). These players have adopted multiple business strategies to extend their global presence and expand their market shares. Partnerships, agreements, and collaborations have been the key strategies adopted by these industry players to sustain in the competitive market. Apart from these, new product launches and product upgradations, business expansions, and venture funding are some of the other significant strategies embraced by these market players to grow in the blockchain market.
IBM has adopted the strategy of new product developments to create a competitive edge in the market. As a part of its organic growth strategies, 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 speed so that the financial institutions can settle payment transactions in real-time on a single network.
Microsoft operates in many countries and primarily caters to the regions of the Americas, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). It has adopted organic growth strategies, and has introduced multiple solutions and consistently upgraded its product portfolio. In July 2017, Microsoft launched its Enterprise Smart Contracts for making BaaS more usable for businesses in real-time scenarios with new frameworks. Enterprise Smart Contracts and Microsoft Azure help users develop blockchain-based platforms for running shared business logics, with a cryptographic proof system that integrates with multiple blockchains
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
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