Blockchain in Insurance Market Size, Share, Growth, Forecast 2032

Blockchain in Insurance Market Insights

According to Zion Market Research, the global Blockchain in Insurance Market was worth USD 2.50 Billion in 2023. The market is forecast to reach USD 611.53 Billion by 2032, growing at a compound annual growth rate (CAGR) of 84.3% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Blockchain in Insurance Market industry over the next decade.

Request Free Sample

The report analyzes the global blockchain in insurance market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the blockchain in insurance industry.

Blockchain in Insurance Market: Overview

Block-chain is basically an encrypted protocol designed to secure digitalized data. It is basically formed of encrypted list of database that is considered as block. Currently block-chain plays vital role in insurance industry. Basically in insurance sector block-chain is implied for fraud detection, claims management, payment modeling, and reinsurance management.

Currently number of false insurance claims is tremendously increasing. Fraud risk management is one of the prime areas of concern for an insurer. Such frauds are driving up the cost of both insurer and policy holder. Handling such frauds is burdensome task. Therefore to prevent or handle such sharp practices block-chain is widely used by numerous insurance companies. The boosting need of handling such frauds is significantly driving the market growth. Blockchain handles such fraud claims with viable proofs. It basically develops a highly secured system that verifies any insurance claim quickly. However, constant need of energy sources to run the blockchain software for encryption and decryption is restraining the market growth to some extent. Transparency and trust is one of the prime matters of concern for insurance industry that is significantly offered by blockchain technology. The constant need of enhancing the efficiency and claims processing is expected to create enormous opportunities in future.

Blockchain in Insurance Market: Segmentation

The blockchain in insurance market is bifurcated on the basis of product, application area, component, application, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By product segment analysis includes health insurance, auto insurance, life insurance.

By application area segment analysis includes underwriting, claims processing, client on boarding.

By component segment analysis includes tools and services.

By application segment analysis includes grc management, identity management and fraud detection, death and claims management, payments and others (content storage management and customer communication).

The Regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Blockchain in Insurance Market: Report Scope

By component the market is classified into tools and services. Services segment is anticipated to hold massive share in the upcoming years due to boosting rate of consulting services of insurance industry. Blockchain is used in diversified applications of insurance industry including smart contracts, GRC management, identity management and fraud detection, death and claims management, payments and others. Rising insurance fraud claims rate is immensely accelerate the growth of identity management and fraud detection segment.

Blockchain in Insurance Market: Competitive Analysis

At present adoption of blockchain technology is rapid pace; key players of the market are highly focused on enhancing the security level offered. Globally renowned key players of  blockchain in insurance Bitfury, Applied Blockchain, BlockCypher, Algorythmix, Auxesis Group, BTL Group, Cambridge Blockchain, Digital Asset Holdings, Factom, Guardtime, RecordsKeeper, Microsoft, IBM, Earthport, iXLedger, SAP , Symbiont and SafeShare Global.

Blockchain in Insurance Market: Regional Analysis

Geographically the market is classified into five regions North America, Europe, Asia Pacific, Latin America, and MEA. Due to high rate of adoption of blockchain, North America is observed to significantly dominate the market.

Request Free Sample

The report segments global blockchain in insurance market as follows:

Global Blockchain in Insurance Market: Product Segment Analysis

• Health Insurance  
• Auto Insurance     
• Life Insurance

Global Blockchain in Insurance Market: Application Area Segment Analysis

• Underwriting        
• Claims Processing 
• Client on Boarding

Global Blockchain in Insurance Market: Component Segment Analysis

• Tools
• Services

Global Blockchain in Insurance Market: Application Segment Analysis

• GRC Management
• Identity Management and Fraud Detection           
• Death and Claims Management         
• Payments   
• Others (content storage management and customer communication)

Global Blockchain in Insurance Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa