Blockchain in Insurance Market Research Report- Forecast till 2024
Market Research Future (MRFR) expects the blockchain in insurance market 2020 to hold a value of USD 1.42 Billion by 2024. MRFR also confirms that the market can progress at a tremendous rate of 69.72% between 2019 and 2024 (review period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the blockchain in insurance market has been carefully studied, following which the report provides the key developments post the coronavirus disease outbreak.
Main Boosters and Main Restraints
The COVID-19 outbreak has left a number of industries high and dry, with the information and communication technology (ICT) industry being no exception. Most of the manufacturing operations have been halted in light of the lockdown imposed by governments, and important conferences and events have been cancelled. The pandemic has also managed to affect the supply chain of global ICT leaders such as Intel, IBM, Qualcomm and Apple, to name a few. The ICT industry can make a strong comeback in the coming years, with many of its associated markets striving to gain impetus despite the SARS-CoV-2 outbreak. One such market is that of the blockchain technology, which continues to grow in the insurance sector.
Blockchain technology has the potential to instill efficiency as well as simplicity into the establishment of financial services infrastructure, leading to higher growth in the insurance industry, despite the outbreak of novel coronavirus. COVID-19 impact on the market is expected to be mild, as the blockchain technology is helping insurance companies modify claims submission processes in such a way that the risk of frauds is coming down and the customer experience is more enriched. Therefore, the rising number of frauds in the insurance industry, growing investments by renowned vendors in research & development and the emergence of digital platforms that support digital transactions can induce significant market growth in the following period.
Blockchain applications in the insurance sector have grown rapidly over the years, and it is expected that soon in the future, some of the well-known companies in the insurance field will be deploying the technology to reap its benefits. This can give rise to major opportunities for the Fintech sector, along with insurance firms that are more than willing to welcome the favorable change. The surging use of cloud-based solutions as well as services and the growing prevalence of IoT are viewed as top trends in the blockchain in insurance market.
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The blockchain in insurance industry has been considered for segments like type, service provider, organization size, application as well as sector.
The blockchain types studied are private blockchain, consortium or federated blockchain and public blockchain.
The key service providers in the market include middleware service providers, infrastructure & protocols providers and application & solution providers.
The size ranges of the organizations that use the blockchain technology include SMEs (small and medium enterprises) as well as large enterprises.
The primary applications are property & casualty insurance, fraud detection & risk prevention, GRC management, reinsurance and smart contracts.
The sectors using the technology are health insurance, life insurance, auto insurance, title insurance, and more.
Europe, North America, Asia Pacific or APAC, and the rest of the world or RoW are the key markets for blockchain in insurance.
The global blockchain in insurance market is presently led by North America, backed by the high demand for blockchain in the finance sector combined with the large number of skilled cryptocurrency experts in the United States (U.S) and Canada. The surge in the number of initiatives taken by insurance agencies to educate insurers regarding the benefits of the blockchain technology drives the business growth in the region. The US and then Canada are the top performing markets in the region, given the technical expertise and the strong financial conditions in these countries.
APAC holds the potential to achieve the fastest expansion rate in the coming years, thanks to the growing number of insurance companies in Singapore, South Korea and Japan spending considerably on research & development of the blockchain technology. China happens to be the most profitable market in the region, while the Indian market seems to be on its way to procure the highest growth rate during the evaluation period. The market in India benefits from the rapid advancements in terms of technology along with the mounting number of initiatives by the insurer consortium to promote their insurance services as well as claims management systems. Even as the region is struggling to achieve a COVID-19 breakthrough, the overall IT industry is expected to perform decently, given the lockdown and work from home policies imposed by the government.
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Blockchain in Insurance Market: by Sector (Health Insurance, Life Insurance, Title Insurance), by Application (Smart Contracts, Property & Casualty Insurance, GRC Management, Reinsurance, Fraud Detection & Risk Prevention), by Type (Consortium Or Federated Blockchain, Public Blockchain and Private Blockchain), by Organization Size (SMEs and Large Enterprises), by Service Providers (Application & Solution Providers, Middleware Service Providers and Infrastructure & Protocols Providers), by Region (North America, Europe, Asia-Pacific and the Rest of the World) – Forecast till 2024