Blockchain technology has been gaining significant momentum in recent years, and it is transforming various sectors of the global economy. One of the industries that are increasingly adopting blockchain is the insurance sector. According to a report published by Allied Market Research, the global blockchain in the insurance market generated $496.9 million in 2021 and is estimated to reach $32.9 billion by 2031, witnessing a CAGR of 52.4% from 2022 to 2031.
The growth of the blockchain in the insurance market is driven by various factors, including the increasing demand for secure online platforms, growing numbers of fraudulent insurance claims, and the rising adoption of technologically advanced software platforms. The outbreak of the COVID-19 pandemic also had a positive impact on the global blockchain in the insurance market, as it highlighted the importance of trust and transparency in the insurance industry. Moreover, the pandemic created new risks for the insurance industry, such as the risk of COVID-19-related claims. Blockchain technology helped insurers assess risk more accurately by analyzing data from various sources, including medical records, social media data, and other sources. Furthermore, the pandemic emphasized the need for more efficient and cost-effective blockchain solutions in the insurance industry, resulting in increased use of blockchain and IoT-based services.
The report offers a detailed segmentation of the global blockchain in the insurance market based on component, application, enterprise size, and region. Based on the piece, the solution segment held the largest share in 2021, accounting for around two-thirds of the global blockchain in the insurance market, and would dominate the market in revenue through 2031. On the other hand, the service segment is estimated to witness the fastest CAGR of 55.2% during the forecast period. Based on application, the identity management and fraud detection segment captured the largest market share of more than one-third of the global blockchain in the insurance market in 2021 and would maintain its leadership in terms of revenue in 2031. However, the payments segment is expected to achieve the fastest CAGR of 56.1% through 2031.
Based on enterprise size, the large enterprise segment held the largest share in 2021, accounting for more than two-thirds of the global blockchain in the insurance market, and would dominate the market in revenue through 2031. On the other hand, the small and medium-sized enterprises segment is estimated to witness the fastest CAGR of 54.3% during the forecast period.
In terms of region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global blockchain in the insurance market. Furthermore, the market in Asia-Pacific would dominate the market in terms of revenue through 2031. Also, the same region is estimated to showcase the fastest CAGR of 57.6% from 2022 to 2031.
The leading players of the global blockchain in the insurance market analyzed in the research include Amazon Web Services, Inc., Xceedance, IBM, Consensys, SafeShare Global, Microsoft, Oracle, Auxesis Services & Technologies (P) Ltd., RecordsKeeper, and Symbiont. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry.
In conclusion, the blockchain in the insurance market is witnessing significant growth due to various factors, including the increasing demand for secure online platforms, growing numbers of fraudulent insurance claims, and the rising adoption of technologically advanced software platforms. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenarios, making it a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future.