Global Blockchain Technology Market Projected to Hit USD 137.8 billion at a 67.5% CAGR by 2030 – Report by Market Research Future (MRFR)
Research Reports
Jun 26, 2023
Market Research Future Insights
According to MRFR analysis, the global Blockchain technology market is expected to register a CAGR of ~67.5% from 2022 to 2030 and hold a value of over USD 137.8 Billion by 2030.
Blockchain technology has gained significant attention in the insurance industry due to its potential to transform various aspects of the industry, including underwriting, claims processing, fraud prevention, and customer experience.
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Key Players
Some of the market key players are
- Oracle
- Applied Blockchain
- Microsoft
- Algorythmix
- iXLedge
- Auxesis Group
- Guardtime,
- AW
- Earthport
- BitPay
- Circle BTL Group
- ConsenSys
The COVID-19 pandemic has had a mixed impact on the blockchain in insurance market. On the one hand, the pandemic has highlighted the need for digital solutions, such as blockchain, to streamline insurance processes and make them more efficient and secure. On the other hand, the pandemic has also led to budget cuts and decreased investments in new technologies, which could slow down the adoption of blockchain in the insurance industry.
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Regional Analysis
North America is expected to hold the largest market share in the blockchain in insurance market during the forecast period due to the presence of several leading market players and high adoption of blockchain technology in the insurance industry. Europe is expected to be the second-largest market due to the growing adoption of blockchain in the insurance industry and the presence of established insurance companies. The Asia Pacific region is expected to grow at the highest CAGR due to increasing investment in blockchain technology and the adoption of digital solutions in the insurance industry.
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Market Segmentation
The Global Blockchain technology market has been segmented into Sector, Service Provider, and
- Based on Sector:
Health Insurance, Life Insurance and Title Insurance - Based on Service Provider:
Infrastructure provider, Application and solution and Middleware provider - Based on Application:
Payments, GRC management, Death claims, Identity management, Fraud detection and Claims management - Based on Organization:
By small enterprise and Large scale enterprise
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