Blockchain Insurance Market Size is expected to reach US$ XX Mn in 2026 at XX% CAGR
The key driving forces to implement blockchain technology in the insurance sector are increasing need to have transparent and trustworthy systems, growing number of fraudulent insurance claims, and focus on reducing total cost of ownership.
Smart contracts are the leading application segment during the forecast period
The reduced costs of verification, execution, arbitration, and fraud prevention are the prominent reasons, smart contracts are expected to rule the market in 2018. The payments application is also expected to grow at the faster rate, owing to reduced risks, improved efficiency, and transparency in payment systems, provided by blockchain across the insurance industry.
Among Providers infrastructure and protocols provider is expected to grow at the highest CAGR
Various infrastructure and protocol providers are providing infrastructure and platforms, which are leveraged by application and solution providers to develop applications.
North America to dominate the blockchain insurance market in 2018
Being the early adopter of blockchain and cryptocurrency technologies and boasting with the presence of the global and domestic industry players, North America is expected to continue to dominate the Blockchain Insurance Market Size during the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period because of the significant reasons e.g. Increase in digitalization, humungous growth of IoT, and an increase in BaaS service providers in the region.
About Maximize Market Research
Maximize market research, a global market research firm with a dedicated team of specialists and data has carries out extensive research about the key technologies and key market trends. Research Report encompasses the comprehensive segmentation, providing the in-depth analysis of overall industry ecosystem with accurate regional analysis, useful for taking an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the Blockchain Insurance Market Size, further giving an insight into the Blockchain Insurance Market Size dynamics, and future opportunities that might exist in the concerned market. The driving forces, as well as considerable restraints and probable market opportunities, have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain the Blockchain Insurance Market Size positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Blockchain Insurance Market by Provider (Application and solution provider, Middleware provider, Infrastructure and protocols), Application (GRC management, Death and claims management, Identity management and fraud detection, Payments, Smart contracts, Others (content storage management and customer communication)), Organization Size (Small and Medium-sized Enterprises (SMEs), Large enterprises)and Region (North-America, Europe, Asia Pacific, Latin America, Middle East and Africa)”.
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