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Market Analysis
The blockchain in insurance market will touch USD 41.20713 billion at a 39.20% CAGR by 2032, as per the latest Market Research Future report.
Drivers
Increasing Adoption in Payment Applications to Boost Market Growth
The increasing adoption of blockchain in payment applications will boost market growth in the forecast period. The real-time payment against assets is possible through blockchain technology leading to significant cost reductions. The use of blockchain for payment apps is a highly current trend. For changing payments, the companies within the market are making revolutionary blockchain technology that is favoring the market.
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Blockchain in Insurance Market Key Players –
Key players profiled in the blockchain in insurance market report include:
Opportunities
Use in Smart Contracts to offer Robust Opportunities
The usage of blockchain technology in smart contracts will offer robust opportunities for the blockchain in insurance market in the forecast period. Smart contracts help in automating claims processing & policy management thus improving efficiency and reducing administrative costs.
Restraints and Challenges
High Initial Setup Cost to act as Market Restraint
The high initial setup cost, lack of standardization and lack of awareness may act as market restraints in the assessment period.
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Market Segmentation
The blockchain in insurance market is bifurcated based on organization size, application, service provider, and sector.
By sector, life insurance will lead the market in the forecast period.
By service provider, application and solution will domineer the market in the forecast period.
By application, claims management will spearhead the market in the forecast period.
By organization size, large scale enterprise will spur the market in the forecast period.
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COVID-19 Analysis
The COVID-19 epidemic possessed a mixed impact on the blockchain in insurance market. The epidemic accelerated the use of digital technologies in different industries especially the insurance sector. Blockchain technology was used by insurers to reduce paperwork and streamline processes.
Besides insurers explored the blockchain technology for expediating claims verification and also settlement that was crucial at the crisis situations. On the contrary, the epidemic posed challenges for the adoption of blockchain. It diverted attention and resources away from the non-essential projects that slowed down the blockchain based solutions implementation in few cases.
Regional Analysis
North America to Command Blockchain in Insurance Market
North America will command the blockchain in insurance market in the forecast period for the increasing investments in research and development. The launch of high-end and advanced features in technology are grabbing more demand here. The financial sector that comprises BFSI, is laying emphasis on blockchain owing to its manifold perks.
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The increasing initiatives via insurance agencies for informing insurers regarding the advantages of using the blockchain technology, the increasing use in the finance industry, and the growing skilled expertise for the cryptocurrency are boding well for the market growth. Canada followed by the US had the utmost market share.
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