Blockchain in Insurance Market Projected to Skyrocket to $32.9B by 2031 with CAGR of 52.4%.

A report published by Allied Market Research highlights the tremendous growth potential of the global blockchain in the insurance market. The report reveals that the market generated $496.9 million in 2021, and is estimated to reach an astounding $32.9 billion by 2031, boasting a CAGR of 52.4% from 2022 to 2031.

Covid-19 Impacts and Opportunities

The COVID-19 pandemic has been a catalyst for the growth of the blockchain in insurance market, as it highlighted the need for trust and transparency in the industry. Additionally, blockchain technology has helped insurers assess risk more accurately by analyzing data from various sources, and emphasized the need for cost-effective solutions in the insurance industry.

Segmentation Analysis

The report offers a detailed segmentation of the global blockchain in insurance market based on component, application, enterprise size, and region. According to the analysis, the solution segment held the largest share in 2021, while the identity management and fraud detection segment captured the largest market share of more than one-third of the global blockchain in insurance market in the same year.

Top Players and Key Benefits

The report includes an in-depth analysis of key players in the global blockchain in insurance market, including Amazon Web Services, IBM, and Microsoft, and offers valuable insights for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

The report also provides quantitative analysis of the market segments, current trends, and dynamics of the blockchain in insurance market, along with information related to key drivers, restraints, and opportunities. Additionally, Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

Source: Allied Market Research