The Latin America, Middle East and Africa Blockchain in Insurance Market would witness market growth of 59.8% CAGR during the forecast period (2023-2029).
Most health records are stored in single-provider systems. Providers could decide whether to publish data to a common blockchain or continuously upload data to the blockchain using blockchain when a patient event happens. Patients' own data may also be contributed to the blockchain. Smart contracts (decentralized software that automatically executes operations based on blockchain activity) would conform data entering the blockchain to already agreed-upon data standards, resulting in understandable and consistent data from all sources.
Market growth is being driven by the increase in fraudulent insurance claims as well as the consumer need for open and reliable procedures. Additionally, the market is expected to grow due to increased adoption of the Internet of Things (IoT) and lower ownership costs. Blockchain technology makes it possible to make real-time payments against assets, significantly lowering costs. The usage of blockchain technology for transactions is one of the newest trends.
The industry for health insurance in Saudi Arabia is primarily driven by the rising population and the nation's economic diversification. Expats from all over the world are moving to the nation due to the expanding industrialization and employment opportunities, which are fueling the expansion of the healthcare and health insurance industries. In Saudi Arabia, health insurance is designed to lessen the financial strain of having to pay astronomical medical expenditures due to an unplanned illness or injury. The initiatives by the government to increase the adoption of health insurance in the region will provide growth to the usage of blockchain in the insurance sector as it can automate and streamline various processes while also decreasing fraud incidences, boosting the market expansion in the region.
The Brazil market dominated the LAMEA Blockchain in Insurance Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $227.6 Million by 2029. The Argentina market is experiencing a CAGR of 60.6% during (2023 - 2029). Additionally, The UAE market would display a CAGR of 59.3% during (2023 - 2029).
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on Component, the market is segmented into Solution and Services. Based on Application, the market is segmented into Identity Management & Fraud Detection, Claims Management, Payments, GRC Management and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Blockchain in Insurance Market is Projected to reach USD 11.8 Billion by 2029, at a CAGR of 51.8%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Amazon Web Services, Inc. (Amazon.com, Inc.), Microsoft Corporation, Oracle Corporation, IBM Corporation, RecordsKeeper, Symbiont, Xceedance, Auxesis Services & Technologies (P) Ltd., Cornerstone Insurance Brokers Ltd. (SafeShare) and ConsenSys Software Inc.
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