The North America Blockchain in Insurance Market would witness market growth of 50.0% CAGR during the forecast period (2023-2029).
A distributed register called a blockchain uses a consensus-based system to verify the legitimacy of transactions and maintain static records or dynamic transaction data without the need for centralized management. By enabling them to digitally track and manage physical data, blockchain in the insurance sector aims to defend against fraud in automated transactions. In addition, customers and insurers can develop smart contracts using blockchain technology to handle claims quickly and transparently.
The development of the blockchain in the insurance market is being fueled by the usage of highly advanced technological software platforms. Over time, the implementation of technology by the insurance industry has increased significantly, supporting the market's growth. Additionally, AR tutorials and games that are based on apps can be useful marketing tools that help collect customer insights and lower training costs by improving the learning experience.
Taxes finance the universal healthcare system in Canada. As a result, anyone citizen or lawful permanent resident of Canada may apply for public health insurance. While Medicare covers all necessary healthcare costs for all citizens, some employers provide private supplemental health insurance as a perk to entice top talent. Packaged insurance plans in Canada are becoming increasingly popular since they offer a single plan covering death, medical, disability, accident, death, and dismemberment. Customers now feel a greater need to obtain health insurance to access better healthcare and medical facilities due to the pandemic, as it caused a sharp rise in hospital admissions. As a result, health insurance claims have significantly increased.
The US market dominated the North America Blockchain in Insurance Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $3,043.3 Million by 2029. The Canada market is poised to grow at a CAGR of 52.9% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 52.5% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
By Enterprise Size
- Large Enterprises
- Small & Medium-sized Enterprises
By Component
By Application
- Identity Management & Fraud Detection
- Claims Management
- Payments
- GRC Management
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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)
- ConsenSys Software Inc.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Blockchain in Insurance Market, by Enterprise Size
1.4.2 North America Blockchain in Insurance Market, by Component
1.4.3 North America Blockchain in Insurance Market, by Application
1.4.4 North America Blockchain in Insurance Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition & scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. North America Blockchain in Insurance Market by Enterprise Size
3.1 North America Large Enterprises Market by Country
3.2 North America Small & Medium-sized Enterprises Market by Country
Chapter 4. North America Blockchain in Insurance Market by Component
4.1 North America Solution Market by Country
4.2 North America Services Market by Country
Chapter 5. North America Blockchain in Insurance Market by Application
5.1 North America Identity Management & Fraud Detection Market by Country
5.2 North America Claims Management Market by Country
5.3 North America Payments Market by Country
5.4 North America GRC Management Market by Country
5.5 North America Others Market by Country
Chapter 6. North America Blockchain in Insurance Market by Country
6.1 US Blockchain in Insurance Market
6.1.1 US Blockchain in Insurance Market by Enterprise Size
6.1.2 US Blockchain in Insurance Market by Component
6.1.3 US Blockchain in Insurance Market by Application
6.2 Canada Blockchain in Insurance Market
6.2.1 Canada Blockchain in Insurance Market by Enterprise Size
6.2.2 Canada Blockchain in Insurance Market by Component
6.2.3 Canada Blockchain in Insurance Market by Application
6.3 Mexico Blockchain in Insurance Market
6.3.1 Mexico Blockchain in Insurance Market by Enterprise Size
6.3.2 Mexico Blockchain in Insurance Market by Component
6.3.3 Mexico Blockchain in Insurance Market by Application
6.4 Rest of North America Blockchain in Insurance Market
6.4.1 Rest of North America Blockchain in Insurance Market by Enterprise Size
6.4.2 Rest of North America Blockchain in Insurance Market by Component
6.4.3 Rest of North America Blockchain in Insurance Market by Application
Chapter 7. Company Profiles
7.1 Amazon Web Services, Inc. (Amazon.com, Inc.)
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental Analysis
7.1.4 Recent strategies and developments:
7.1.4.1 Product Launches and Product Expansions:
7.1.5 SWOT Analysis
7.2 Microsoft Corporation
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expenses
7.2.5 Recent strategies and developments:
7.2.5.1 Partnerships, Collaborations, and Agreements:
7.2.6 SWOT Analysis
7.3 Oracle Corporation
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expense
7.3.5 Recent strategies and developments:
7.3.5.1 Partnerships, Collaborations, and Agreements:
7.3.6 SWOT Analysis
7.4 IBM Corporation
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Regional & Segmental Analysis
7.4.4 Research & Development Expenses
7.4.5 SWOT Analysis
7.5 RecordsKeeper
7.5.1 Company Overview
7.6 Symbiont
7.6.1 Company Overview
7.7 Xceedance
7.7.1 Company Overview
7.7.2 Recent strategies and developments:
7.7.2.1 Product Launches and Product Expansions:
7.8 Auxesis Services & Technologies (P) Ltd.
7.8.1 Company Overview
7.9 Cornerstone Insurance Brokers Ltd. (SafeShare)
7.9.1 Company Overview
7.10. ConsenSys Software Inc.
7.10.1 Company Overview
7.10.2 Recent strategies and developments:
7.10.2.1 Acquisition and Mergers:
TABLE 1 North America Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 2 North America Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 3 North America Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 4 North America Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 5 North America Large Enterprises Market by Country, 2019 - 2022, USD Million
TABLE 6 North America Large Enterprises Market by Country, 2023 - 2029, USD Million
TABLE 7 North America Small & Medium-sized Enterprises Market by Country, 2019 - 2022, USD Million
TABLE 8 North America Small & Medium-sized Enterprises Market by Country, 2023 - 2029, USD Million
TABLE 9 North America Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 10 North America Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 11 North America Solution Market by Country, 2019 - 2022, USD Million
TABLE 12 North America Solution Market by Country, 2023 - 2029, USD Million
TABLE 13 North America Services Market by Country, 2019 - 2022, USD Million
TABLE 14 North America Services Market by Country, 2023 - 2029, USD Million
TABLE 15 North America Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 16 North America Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 17 North America Identity Management & Fraud Detection Market by Country, 2019 - 2022, USD Million
TABLE 18 North America Identity Management & Fraud Detection Market by Country, 2023 - 2029, USD Million
TABLE 19 North America Claims Management Market by Country, 2019 - 2022, USD Million
TABLE 20 North America Claims Management Market by Country, 2023 - 2029, USD Million
TABLE 21 North America Payments Market by Country, 2019 - 2022, USD Million
TABLE 22 North America Payments Market by Country, 2023 - 2029, USD Million
TABLE 23 North America GRC Management Market by Country, 2019 - 2022, USD Million
TABLE 24 North America GRC Management Market by Country, 2023 - 2029, USD Million
TABLE 25 North America Others Market by Country, 2019 - 2022, USD Million
TABLE 26 North America Others Market by Country, 2023 - 2029, USD Million
TABLE 27 North America Blockchain in Insurance Market by Country, 2019 - 2022, USD Million
TABLE 28 North America Blockchain in Insurance Market by Country, 2023 - 2029, USD Million
TABLE 29 US Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 30 US Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 31 US Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 32 US Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 33 US Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 34 US Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 35 US Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 36 US Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 37 Canada Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 38 Canada Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 39 Canada Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 40 Canada Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 41 Canada Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 42 Canada Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 43 Canada Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 44 Canada Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 45 Mexico Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 46 Mexico Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 47 Mexico Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 48 Mexico Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 49 Mexico Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 50 Mexico Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 51 Mexico Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 52 Mexico Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 53 Rest of North America Blockchain in Insurance Market, 2019 - 2022, USD Million
TABLE 54 Rest of North America Blockchain in Insurance Market, 2023 - 2029, USD Million
TABLE 55 Rest of North America Blockchain in Insurance Market by Enterprise Size, 2019 - 2022, USD Million
TABLE 56 Rest of North America Blockchain in Insurance Market by Enterprise Size, 2023 - 2029, USD Million
TABLE 57 Rest of North America Blockchain in Insurance Market by Component, 2019 - 2022, USD Million
TABLE 58 Rest of North America Blockchain in Insurance Market by Component, 2023 - 2029, USD Million
TABLE 59 Rest of North America Blockchain in Insurance Market by Application, 2019 - 2022, USD Million
TABLE 60 Rest of North America Blockchain in Insurance Market by Application, 2023 - 2029, USD Million
TABLE 61 Key Information – Amazon Web Services, Inc.
TABLE 62 key information – Microsoft Corporation
TABLE 63 Key Information – Oracle Corporation
TABLE 64 Key information – IBM Corporation
TABLE 65 Key Information – RecordsKeeper
TABLE 66 Key Information – Symbiont
TABLE 67 Key Information – Xceedance
TABLE 68 Key Information – Auxesis Services & Technologies (P) Ltd.
TABLE 69 Key Information – Cornerstone Insurance Brokers Ltd.
TABLE 70 Key Information – ConsenSys Software Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 SWOT analysis: Amazon.com, Inc.
FIG 3 SWOT Analysis: Microsoft Corporation
FIG 4 SWOT analysis: Oracle Corporation
FIG 5 Swot analysis: IBM Corporation