Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Blockchain in Insurance Market by Component, Application, Enterprise Size: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the global blockchain in insurance market was valued at $496.87 million in 2021, and is estimated to reach $32.9 billion by 2031, growing at a CAGR of 52.4% from 2022 to 2031.
Key Market Players
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SafeShare Global
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Amazon Web Services, Inc.
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Auxesis Services & Technologies (P) Ltd.
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Xceedance
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Microsoft
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Symbiont
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IBM
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Oracle
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Consensys
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RecordsKeeper
The Blockchain in Insurance Market is likely to experience a significant growth rate of 52.4% from 2022-2031 owing to increasing market demand from insurance sector
Blockchain is a decentralized digital ledger technology that allows secure and transparent record-keeping of transactions across a distributed network. Blockchain technology can help the insurance industry transform a number of processes. It provides fast, secure and transparent data exchange, visibility for all parties and allows for all transactions to be verified. Blockchain also eliminates intermediaries and has the potential to disrupt the insurance value chain.
Moreover, blockchain technology can be used to provide secure and tamper-proof record-keeping of insurance policies, claims, and payments, making it easier for insurers to track and manage policies and claims across their entire network. Further, blockchain is a shared record-keeping system used in the insurance industry where data is encrypted. With the use of blockchain technology, data can be shared between numerous parties in real-time in a trustworthy and verifiable way.
This technology also results in significant efficiency improvements, cost savings, transparency, speedier payouts, and a decrease in fraud. The blockchain is the name of the encrypted system that is used to safeguard digitalized data. Each financial transaction is protected digitally by it, making it impossible for anybody to interfere with it. Blockchain can also assist new insurance techniques in developing better markets and products.
Key factors driving the growth of the cardless ATM market include growing number fraudulent insurance claims is driving the growth of blockchain in insurance market. Fraudulent activities in the insurance industry are increasing. Hence, it makes a compelling reason to adopt the blockchain technology in its processes.
As a result, insurance companies have to replace their inefficient legacy systems integrated in the insurance systems with belter systems for efficient prevention of fraudulent claims. In addition, increasing demand for secure online platforms and adoption of technologically advanced software platforms.