The Worldwide Blockchain in Insurance Market is Projected to reach USD 11.8 Billion by 2029, at a CAGR of 51.8%

Published Date: 26-May-2023

Special Offering :

Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support

Blockchain in Insurance Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Blockchain in Insurance Market size is expected to reach $11.8 billion by 2029, rising at a market growth of 51.8% CAGR during the forecast period.

The Small & Medium-sized Enterprises segment is showcasing a CAGR of 53% during (2023 - 2029). This is due to its appropriate strategy, capabilities, and business model. Blockchain helps small firms by automating the majority of the processes and streamlining other tasks, which can assist these firms which have a limited workforce. Also, SMEs are prone to fraud, but this technology can significantly decrease fraud cases. Due to these characteristics, the SME segment is expected to propel in the projected period.

The Solution segment is leading the Global Blockchain in Insurance Market by Component in 2022 thereby, achieving a market value of $7.9 billion by 2029. This is attributed to the potential impact of blockchain technologies in modernizing and streamlining the insurance sector and enabling it to break free from archaic practices effectively. Additionally, the reluctant but strong interest in blockchain in insurance solution innovations is driven by a rise in consumer mistrust of centralized financial services, resulting in high underinsurance rates.

The Identity Management & Fraud Detection segment is leading the Global Blockchain in Insurance Market by Application in 2022 thereby, achieving a market value of $3.9 Billion by 2029. Insurers increasingly use Blockchain in insurance claim fraud detection and identity management. Businesses of all sizes can authenticate papers like medical records, insurance policies, and other types of documentation using Blockchain securely and effectively. This allows companies to be entirely protected against any erroneous claims or activities (like identity theft) by clients or policyholders, ensuring that the businesses receive accurate information about them.

The North America market dominated the Global Blockchain in Insurance Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $4,147.3 Million by 2029. The Asia Pacific market is poised to grow at a CAGR of 53.1% during (2023 - 2029). Additionally, The Europe market would showcase a CAGR of 51.1% during (2023 - 2029).

Full Report:

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Amazon Web Services, Inc. (, Inc.), Microsoft Corporation, Oracle Corporation, IBM Corporation, RecordsKeeper, Symbiont, Xceedance, Auxesis Services & Technologies (P) Ltd., Cornerstone Insurance Brokers Ltd. (SafeShare) and ConsenSys Software Inc.

Global Blockchain in Insurance Market Segmentation

By Enterprise Size

  • Large Enterprises
  • Small & Medium-sized Enterprises

By Component

  • Solution
  • Services

By Application

  • Identity Management & Fraud Detection
  • Claims Management
  • Payments
  • GRC Management
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • Amazon Web Services, Inc. (, Inc.)
  • Microsoft Corporation
  • Oracle Corporation
  • IBM Corporation
  • RecordsKeeper
  • Symbiont
  • Xceedance
  • Auxesis Services & Technologies (P) Ltd.
  • Cornerstone Insurance Brokers Ltd. (SafeShare)
  • ConsenSys Software Inc.

Unique Offerings from KBV Research

  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Related Reports:

North America Blockchain in Insurance Market size & Opportunities 2023-2029

Europe Blockchain in Insurance Market & Growth Forecast 2023-2029

Asia Pacific Blockchain in Insurance Market Share & Industry Outlook to 2029

LAMEA Blockchain in Insurance Market Growth, Trends & Forecasts 2023-2029

Request a Free Sample Copy

Why Choose Us

  • 24/7 Research support
    Get your queries resolved from an industry expert. Request for a free product review before report purchase.

  • Information security
    Your personal and confidential information is safe and secure.