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Blockchain Insurance Market Worth USD 25315.55 Million by 2029: Market Dynamics, Technological Advancements, Trends, Competitive Landscape Regional Outlook

“Blockchain Insurance Market”

Blockchain Insurance Market has been valued at $325.42 million in 2021, and it is expected to reach $25,315.55 million by 2029, showing a CAGR of 72.33% over the forecast period (2022-2029)

Blockchain insurance is a distributed recordkeeping technique in which data is encrypted. Data can be shared in real time between many parties in a reliable and verifiable manner, resulting in significant efficiency benefits, cost savings, transparency, faster payments and reduced fraud. Additionally, Blockchain can help new approaches to insurance develop better markets and goods.

Blockchain insurance market dynamics

Implementing blockchain in insurance is one of the leading techniques to reduce fraud, mitigate risk and increase customer satisfaction. The number of fraudulent acts in the insurance sector is increasing. This makes a compelling argument for integrating blockchain technology into its processes. To avoid fraudulent claims, insurance companies need to upgrade old, outdated systems currently in place. Blockchain provides a decentralized public ledger that can be shared by many untrusted parties. Therefore, it could be used to detect frauds and eliminate errors.

Additionally, as blockchain technology is built on the concept of validation, it can be used to prove the legality of insurance customer policies by providing a detailed history of an insured’s previous transactions. As a result, blockchain technology improves fraud identification and prevention. As a result, the insurance industry is likely to grow in the coming years.

Segmentation of the blockchain insurance market

By supplier

  • Application and solution provider
  • middleware provider
  • Infrastructure and protocol provider

By request

  • CRM management
  • Death and claims management
  • Identity management and fraud detection
  • Payments
  • Smart contracts
  • Others (content storage management and customer communication)

By organization size

  • Small and medium enterprises (SME)
  • Large companies

Regional Overview of Blockchain Insurance Market

With a revenue share of over 42% in 2021, North America led the global blockchain insurance market. Growing initiatives by insurance agencies to educate insurers on the benefits of using blockchain technology, high adoption in the financial industry, growing qualified expertise for cryptocurrencies, and growing adoption in Canada and United States all contribute to the region’s global blockchain in the growth of the insurance market.

Key Blockchain Insurance Market Competitors:

  • Blockchain applied
  • Algorythmix
  • Auxesis group
  • AWS
  • Bitfury
  • BitPay
  • BlockCypher
  • BTL Group
  • Cambridge Blockchain
  • StringQue
  • Circle
  • ConsenSys
  • Digital asset holdings
  • Land port
  • Everledger
  • Factom
  • On-call time
  • IBM
  • iXLedger
  • Microsoft
  • Oracle
  • RecordsKeeper
  • Global SafeShare
  • SAP
  • Symbiote

The key questions answered by the Blockchain Insurance market are:

  • What is Blockchain Insurance?
  • What is the Blockchain Insurance market growing rate during the forecast period?
  • What is the nature of industry competition in the Blockchain Insurance Market in developed and developing economies?
  • Who are the key players in the Blockchain Insurance market?
  • Who are the Market Leaders of Blockchain Insurance Market in Europe
  • Who are the Market Leaders of the Blockchain Insurance Market in the United States and Canada
  • Who are the Market Leaders of Blockchain Insurance Market in India, China, Japanand South Korea?
  • What are the factors affecting the growth of the Blockchain Insurance market?
  • Who held the largest market share in the Blockchain Insurance Market?
  • What are the growth factors Asia-Pacific region in the Blockchain Insurance Market?

Key offers:

  • Market Share, Size and Forecast by Revenue | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities and Key Trends
  • Market Segmentation – A detailed analysis by vendor, application, organization size and region
  • Competitive Landscape – Top Key Suppliers and Other Significant Suppliers

Maximize market research is in the lead Information technology and telecommunications research firm, has also published the following reports:

Property insurance market: The size of the property insurance market has been estimated at $1.6 Tn. in 2021 and total revenue is expected to grow by 7.5% from 2022 to 2029, reaching nearly $2.85 Tn. The property and insurance market is expected to witness significant growth owing to the growing awareness of the benefits of property insurance due to a series of natural disasters in recent years.

Crop insurance market: The crop insurance market has been valued at $38.19 billion in 2021 and is expected to reach US$61.34 billion by 2029, at a CAGR of 6.1% over the forecast period. Many governments are implementing beneficial programs to encourage the agriculture industry, thus helping in the growth of the market.

freight insurance marketyou: The freight insurance market has been valued at $53 billion. in 2021. The global freight transport insurance market size is expected to grow at a CAGR of 3% during the forecast period. Growing awareness and investment from cargo owners, cargo handling companies and logistics owners is driving the growth of the cargo transportation insurance market.

critical illness insurance market: The critical illness insurance market has been valued at $121.47 billion. in 2021. The critical size of the health insurance market is expected to grow at a CAGR of 10.73% during the forecast period. the market is growing due to the support of critical illness insurance policy to cover a number of life threatening conditions, increasing risk of contracting lifestyle diseases, expanding middle class , increased life expectancy and population growth.

About Maximize market research:

Maximize market research is a multi-faceted market research and consulting firm with professionals from multiple industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care and automated systems. To name a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competitive analysis, production analysis and demand and customer impact studies.

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