The global Blockchain in Insurance Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Chainlink (United States), Consensys (United States), Deloitte (United States), Etherisc (Switzerland), Guardtime (Estonia), IBM (United States), Kaleido (United States), Lemonade (United States), Munich Re (Germany), Nationwide (United States), Tierion (United States), Others.
According to HTF Market Intelligence, the Global Blockchain in Insurance Market market to witness a CAGR of 61.2% during forecast period of 2023-2028. Global Blockchain in Insurance Market Breakdown by Application (GRC Management, Death And Claims Management, Identity Management And Fraud Detection, Payments, Smart Contracts, Others) by Type (Consortium Or Federated Blockchain, Public Blockchain, Private Blockchain) by Providers (Application And Solution Provider, Middleware Provider, Infrastructure And Protocols Provider) by Organization Size (Small and Medium-sized Enterprises (SMEs), Large enterprises) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Blockchain in Insurance Market market size is estimated to increase by USD 24.4 Billion at a CAGR of 61.2% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 64.5 Billion.
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Blockchain in insurance refers to the application of blockchain technology to the insurance industry, providing a secure, transparent, and efficient way to manage and process insurance policies, claims, and transactions.
Blockchain in Insurance Market market – Key Segment Analysis
The market share growth by the Consortium Or Federated Blockchain, Public Blockchain, Private Blockchain segment will be significant during the forecast period. The segment is driven by the Increased Demand for Transparency: Clients demand more transparency in insurance operations..
Blockchain in Insurance Market market – Competition Analysis
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Blockchain in Insurance Market
Market Drivers
- Increased Demand for Transparency: Clients demand more transparency in insurance operations.
Market Trend
- Fraud Detection: Improved fraud prevention through immutable records and transparent transactions.
Market Opportunities
- New Business Models: Development of innovative insurance products and services.
Market Restraints
- Regulatory Uncertainty: Lack of clear regulations and guidelines.
Market Challenges
- Technical Expertise: Shortage of skilled professionals in blockchain technology.
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
• Political (Political policy and stability as well as trade, fiscal, and taxation policies)
• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
• Technological (Changes in digital or mobile technology, automation, research, and development)
• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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