Blockchain in Insurance Market 2025: IBM, Oracle, Microsoft, AWS, SAP Earthport, BTL Group, Bitfury, Digital Asset Holdings, Factom

Global Blockchain in Insurance Industry was valued at USD 41 Million in the year 2017. Global Blockchain in Insurance Industry is further estimated to grow at a CAGR of 81% from 2019 to reach USD 4661 Million by the year 2025. The Global Blockchain in Insurance is segmented as by provider, application, organization size, and by region. On the basis of application, the smart contracts application is estimated to dominate the Industry in 2019, owing to reduced costs of verification, execution, arbitration, and fraud prevention. On the basis of providers, the infrastructure and protocols provider segment is expected to dominate the Industry as various infrastructure and protocols providers are providing infrastructure and platforms, which are leveraged by application and solution providers to develop applications.

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On the other hand, by organization type, the Industry is segmented as Large Enterprises and Disposable Small and Medium-Sized Enterprises for Large Enterprises segment is expected to grow at highest CAGR during the year 2019-2025. Owing to the availability of blockchain-as-a-service, provided by vendors operating in the Industry, which minimizes infrastructure development costs.

Major market players in Blockchain In Insurance Industry are IBM, Oracle, Microsoft, AWS, SAP
Earthport, BTL Group, Bitfury, Digital Asset Holdings, Factom, and brief information of 11 companies will be provided in the report. North America region holds the highest Industry share in 2017 and the Asia Pacific is considered as the fastest growing Industry in the forecasted period. At the country level, China, India, and Japan are projected to grow strongly in the coming years. 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 Industry during the forecast period.

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SWOT Analysis of Blockchain in Insurance Industry:
Strength:
Growing Number of Fraudulent Insurance Claims.
Increasing Need to Have Transparent and Trustworthy Systems
Weakness:
Uncertain Regulatory Status and Lack of Common Standards
Opportunities:
Growth in IoT Industry
Increase in cyber crimes
Threats:
Lack of Awareness about the Blockchain Technology

Blockchain in Insurance Industry Segmentation:
By Application
• GRC Management
• Death and Claims Management
• Payments
• Identity Management and Fraud Detection
• Smart Contracts
• Others

By Size
• Large Enterprises
• Small and Medium-Sized Enterprises
By Providers
• Application and Solution Provider
• Middleware Provider
• Infrastructure and Protocols Provider

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By Region
• North America
o USA
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Rest of Europe
• APAC
o China
o India
o Japan
o Rest of Asia-Pacific
• RoW
o Latin America
o Middle East & Africa

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This release was published on openPR.