(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Blockchain in Insurance Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Blockchain in Insurance Market products.

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Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2025.

The Blockchain in Insurance Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

Global Blockchain in Insurance Market was valued at USD 41 Million in the year 2017. Global Blockchain in Insurance Market is further estimated to grow at a CAGR of 81% from 2019 to reach USD 4661 Million by the year 2025. The Global Blockchain in Insurance is segmented as by provider, application, organization size, and by region. On the basis of application, the smart contracts application is estimated to dominate the Market in 2019, owing to reduced costs of verification, execution, arbitration, and fraud prevention. On the basis of providers, the infrastructure and protocols provider segment is expected to dominate the Market as various infrastructure and protocols providers are providing infrastructure and platforms, which are leveraged by application and solution providers to develop applications.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

On the other hand, by organization type, the Market is segmented as Large Enterprises and Disposable Small and Medium-Sized Enterprises for Large Enterprises segment is expected to grow at highest CAGR during the year 2019-2025. Owing to the availability of blockchain-as service, provided by vendors operating in the Market, which minimizes infrastructure development costs.

Major market players in Blockchain In Insurance Market are IBM, Oracle, Microsoft, AWS, SAP
Earthport, BTL Group, Bitfury, Digital Asset Holdings, Factom, and brief information of 11 companies will be provided in the report. North America region holds the highest Market share in 2017 and the Asia Pacific is considered as the fastest growing Market in the forecasted period. At the country level, China, India, and Japan are projected to grow strongly in the coming years. Being the early adopter of blockchain and cryptocurrency technologies, and the presence of the global and domestic Market players, North America is expected to continue to dominate the Market during the forecast period.

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SWOT Analysis of Blockchain in Insurance Market:
Strength:
Growing Number of Fraudulent Insurance Claims.
Increasing Need to Have Transparent and Trustworthy Systems

Weakness:
Uncertain Regulatory Status and Lack of Common Standards

Opportunities:
Growth in IoT Market
Increase in cyber crimes

Threats:
Lack of Awareness about the Blockchain Technology

Blockchain in Insurance Market Segmentation:
By Application
*GRC Management
*Death and Claims Management
*Payments
*Identity Management and Fraud Detection
*Smart Contracts
*Others

By Size
*Large Enterprises
*Small and Medium-Sized Enterprises
By Providers
*Application and Solution Provider
*Middleware Provider
*Infrastructure and Protocols Provider

By Region
*North America
o USA
o Canada
*Europe
o Germany
o U.K.
o France
o Italy
o Rest of Europe
*APAC
o China
o India
o Japan
o Rest of Asia-Pacific
*RoW
o Latin America
o Middle East & Africa

The Market report answers the following questions:

What is the aim of the report?

• The market report presents the estimated market size of Blockchain in Insurance Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
• Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
• An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
• The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
• The various parameters accelerating the growth of Market are incorporated in the research report.
• The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

• Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
• The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
• The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

• The report offers detailed analysis of leading companies in the market across the globe.
• It provides details of the major vendors involved in the Market including Key Playes
• A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
• The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
• The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

• Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
• The report offers the present scenario and future growth prospects Market in various geographical regions.
• The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
• The SWOT analysis is conducted along with Porter's Five Force analysis.
• The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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About Kenneth Research

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