Global #blockchain in insurance market size is expected to grow from USD 64.5 million in 2018 to USD 1,393.8 million by 2023
DUBLIN - July 16, 2018 (Investorideas.com Newswire) The "Blockchain In Insurance Market by Provider, Application (GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, and Smart Contracts), Organization Size and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global blockchain in insurance market size is expected to grow from USD 64.5 million in 2018 to USD 1,393.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9%.
Growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and focus on reducing total cost of ownership are said to fuel the growth of this market. In addition, growth of blockchain as a service and the increasing penetration of Internet of Things (IoT) would create opportunities for the growth of this market. However, uncertain regulatory status and lack of common standards might hinder the overall growth of the market.
Globally, it is estimated, insurance companies lose over USD 80 billion to frauds every year. Blockchain is one-stop solution to reduce/combat frauds related to insurance and financial sectors. Traditionally, insurers have been relying upon physical processes to authenticate claim information related to ownership, history item, and authenticity of the product.
However, with the introduction of the Distributed ledger technology (DLT) with features, such as encryption and immutability, transparency in transactions is ensured at the highest level, leaving no room for criminals to defraud the system. All these factors are expected to fuel the overall growth of this segment in the blockchain in insurance market.
Key Topics Covered:
- Research Methodology
- Executive Summary
- Premium Insights
- Market Overview
- Market By Provider
- Blockchain in Insurance Market, By Application
- Market By Organization Size
- Blockchain in Insurance Market, By Region
- Competitive Landscape
- Company Profiles
- Applied Blockchain
- Auxesis Group
- BTL Group
- Cambridge Blockchain
- Chainthat Limited
- Digital Asset Holdings
- Safeshare Global
For more information about this report visit https://www.researchandmarkets.com/research/7zmbhf/blockchain_in?w=4
Laura Wood, Senior Manager
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