Digital Insurance Platform Market Size, Trends & Analysis – Forecasts to 2025

Digital Insurance Platform Market Insights

The global digital insurance platform market is likely to grow at a lucrative CAGR over the forecast period. Factors such as growing digitization clubbed with increasing trend of IOT and high adoption of insurance analytics solutions across verticals are likely to propel the market growth over the coming years.

Digital insurance platform is specifically designed to cater to the rapidly changing consumer demand for digitization as well as for the continuous up gradation of existing facilities. Digital insurance platform provides enhanced customer experience, improved efficiency, lower business cost and customized solutions among others. The demand for digital insurance platform is further likely to increase over the coming years as it reduces the probability of manual errors along with the total turnaround time while carrying out operations.

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Digital Insurance Platform Market: Type Insights

On the basis of type, the global digital insurance platform market is segmented into property & casualty insurance, life insurance, and health insurance among others. The health insurance segment is projected to experience a significant growth over the coming years. Factors such as increasing geriatric population along with the growing incidence of chronic diseases, and development of advanced analytical and big data solutions are expected to stimulate the growth of the market over the forecast period.

Digital Insurance Platform Market: Organization Size Insights

On the basis of organization size, the global digital insurance platform market is classified into small & medium sized enterprise and large enterprise. The demand for digital insurance platform in small and medium sized enterprises is expected to increase significantly over the forecast period due to rapid adoption of cloud based insurance analytical solutions among the organizations. Large enterprises are also likely to grow at a considerable rate over the coming years.

Digital Insurance Platform Market: Application Insights

The digital insurance platform market is segregated into claims management, risk management, process optimization, and customer management & personalization among others. Risk management application segment is projected to grow at the highest CAGR over the forecast period as it simplifies the process and further helps to evaluate and mitigate potential risks associated while carrying out any operation.

Digital Insurance Platform Market: End-User/ Deployment Model Insights

Based on end-users, the global digital insurance platform market is divided into insurance carriers, government agencies, managing general agents, and retail agents among others.

The global digital insurance platform market is segmented into on-premise and cloud based solutions, by deployment model. The demand for cloud based solutions is expected to increase at a high CAGR over from 2017-2025. Factors such as low deployment cost coupled with its enhanced features and huge application in small & medium sized enterprises are likely to stimulate the segment growth over the forecast period.

Digital Insurance Platform Market: Regional Insights

North America is projected to hold the maximum revenue share of the overall market during the forecast period. The regional growth is attributed to rapid adoption of insurance telematics solutions in countries such as the U.S. and Canada along with rapid adoption of integrated cloud platform in the region. The market in North America is likely to be trailed by Europe. Asia Pacific is anticipated to grow at the highest CAGR over the coming years due to high demand for digitization and cloud-based solutions across several verticals.

Digital Insurance Platform Market: End-Use Landscape

The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase digital insurance platform over the coming years. Some leading consumers of digital insurance platform market are Berkshire Hathaway and United Health Group among others.

Digital Insurance Platform Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Digital Insurance Platform Market Share & Competitor Analysis

Some of the players operating in the global digital insurance platform market include IBM, Cognizant Technology Solutions, DXC Technology, EIS Group, EY, SAP, Capgemini, Oracle, and Majesco among others.

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Blockchain Technology in the Banking, Financial Services, and Insurance Sector is expected to grow at a CAGR of 41.16% from 2017 to 2025 to reach USD 4,760.4 million by 2025

Type Outlook (Revenue: USD Million, 2015 - 2025)

·         Public

·         Private

·         Hybrid

Application Outlook (Revenue: USD Million, 2015 - 2025)

·         Smart Contracts

·         Smart Assets

·         Clearing and Settlement

·         Payments

·         Digital Identity

·         Others

End-Use Outlook (Revenue: USD Million, 2015 - 2025)

·         Banks

·         Insurance Providers

·         Other Financial Service Providers

Regional Outlook (Revenue: USD Million, 2015 – 2025)

According to a new market research report published by Global Market Estimates, Blockchain Technology in the Banking, Financial Services, and Insurance Sector is expected to grow at a CAGR of 41.16% from 2017 to 2025 to reach USD 4,760.4 million by 2025. Factors such as reduced transaction time, transparency, and lower operational cost are anticipated to boost the demand for blockchain solutions in the BFSI sector.

The payments segment is projected to occupy a large share as it offers greater security and faster processing even for overseas transaction. Blockchain solutions eliminate the need of third parties for verifying transactions, thereby, increasing process efficiency and benefiting banks whose primary goal is faster & easy banking.

Browse 102 Market Data Tables and 45 Figures spread through 151 Pages and in-depth TOC on "Blockchain Technology in Banking, Financial Services, and Insurance (BFSI) Market - Forecasts to 2025" https://www.globalmarketestimates.com/blockchain-technology-bfsi-market

Key Market Insights

·         The blockchain technology market is expected to find deep penetration in the BFSI industry

·         A large number of banks distinguish themselves on the basis of faster transactions and ease of making & receiving payments

·         The technology enables financial institutions to maintain transparency of dealing coupled with lowered administrative and infrastructure cost

·         Companies are subjected to make investments in private or public blockchains on the basis of the amount of decentralization or sensitivity of information

·         North America and Europe are anticipated to witness large investments in blockchain solutions for the banking and financial service sector

·         The increasing number of industries and developing banking sector in the Asian and Middle Eastern region is also projected to augment demand for distributed ledger technology (DLT) solutions

·         Companies involved in the development of blockchain solutions are taking up strategic initiatives such as partnerships and collaborations to test how the solution performs in the market

·         Some of the companies developing blockchain technology include IBM Corporation, AWS, Microsoft Corporation, Chain, Inc., Coinbase, Digital Asset Holdings, Ripple, R3, Ledger Holdings Inc., and Olympus Labs among others

·         In September 2017, Microsoft Corporation tied-up with Bank Hapoalim from Israel to develop a system that uses blockchain technology to manage digital bank guarantees

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Blockchain Technology in BFSI Market Size & Analysis – Forecasts To 2025

The global blockchain technology in the banking, financial services, and insurance (BFSI) industry is expected to grow at a tremendous rate over the coming years. Major factors positively influencing the growth of this market include increased operational efficiency; reduced cost and time of the transaction and transparency are expected to positively influence the growth of the blockchain market in the BFSI sector.

Blockchain Technology in BFSI Market: Type Insights

The blockchain technology market for the energy sector is segmented on the basis of type into public, private, and hybrid. Private blockchain improves operational efficiency to a large extent, however it limits decentralization. Public blockchains are expected to grow at a high rate as it allows interoperability, decentralization, and transparency of operations along with security. The demand for hybrid blockchain solutions is also expected to grow at a significant CAGR over the coming years.

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Blockchain Technology in BFSI Market: Application Insights

Blockchain technology on the basis of the application is segmented into smart contracts, smart assets, clearing and settlement, payments, and digital identity among others. The payment segment is expected to grow at the highest CAGR over the coming years on account of the growing number of partnerships between banks and blockchain technology providers in order to reduce cost & time in processing transactions.

Blockchain Technology in BFSI Market: End-use Insights

Blockchain technology on the basis of end-use is segmented into banks, insurance providers, and other financial service providers. The demand for blockchain solutions in the banking sector is projected to occupy a large share in the market. Blockchain solution in the banking sector is expected to enable efficient management and collaboration across regulatory enterprises and businesses.

Blockchain Technology in BFSI Market: Regional Insights

The North American and European region is anticipated to witness large investments in blockchain technology as companies in these regions are more open to experimenting with upcoming IT solutions. Blockchain technology developers in the North American and European region have also experienced considerable investments by financial companies in blockchain projects. The Asia Pacific and the Middle Eastern region is expected to grow at a high CAGR over the forecast period on account of rising transactions in short-term bank lending.

Blockchain Technology in BFSI Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Blockchain Technology in BFSI Market: End-Use Landscape

The end-use landscape includes a list of current and prospective consumers existing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to invest in blockchain solutions such as Santander Bank, Canadian Imperial Bank of Commerce, Banco Santander, J.P. Morgan Chase, and Citigroup.

Blockchain Technology in BFSI Market: Competitive Landscape

The global blockchain industry is evolving at a rapid pace on account of its increased preference across various industry verticals. Some of the companies that have taken up projects to provide blockchain technology to the BFSI sector include IBM Corporation, AWS, Microsoft Corporation, Chain, Inc., Coinbase, Digital Asset Holdings, Ripple, R3, Ledger Holdings Inc., and Olympus Labs among others. In September 2017, Microsoft Corporation tied-up with Bank Hapoalim from Israel to develop a system that uses blockchain technology to manage digital bank guarantees.

The stakeholders to the report include government institutions, banks, financial repositories, insurance providers, exchange market, research organizations, and educational institutes among others.

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Internet of Things Services Market Size, Trends & Analysis – Forecasts to 2025

The global Internet of Things (IoT) services market is anticipated to grow at an exponential CAGR over the forecast period. The market is expected to be influenced by high adoption of managed and professional services by several companies. Factors such as increasing use of consumer electronics along with growing application of IoT across various end-use verticals are likely to augment the market growth.

Increasing demand for process automation coupled with growing technological developments has induced high demand for professional as well as managed services, thereby stimulating the overall IoT services market. The growing adoption of BYOD clubbed with growing demand for highly customized IoT services in the transportation & logistics sector are likely to stimulate the overall market growth.

Internet of Things Services Market: Service-Type Insights

The global Internet of Things services market is segmented into managed services and professional services. Managed services segment is further divided into infrastructure management services, security management services, network management services, data management services, and device management services. Professional services segment includes consulting services, infrastructure services, system designing & integration services, support & maintenance services, and education & training services.

Managed Services’ segment is likely to lead the overall market by registering a significant CAGR over the forecast period. The segmental growth can be attributed to rising demand for IoT managed services among companies which aim to optimize their financial budget. Professional services are also likely to hold a considerable market share as it helps to reduce capital expenditure and operational expenditure of an organization. Among professional services, IoT consulting services are expected to lead the market as it helps to eliminate compliance costs along with minimizing the threat of security breaches.

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Internet of Things Services Market: Application Insights

By application, the IoT services market is divided into manufacturing, retail, IT & telecom, transportation & logistics, energy & utilities, smart buildings, and healthcare among others. Transportation & logistics application segment is likely to dominate the overall market in the foreseeable future. Factors such as growing demand for security, analytics, logistics & inventory management, and digitalization among others are likely to propel the growth of the concerned segment.

Internet of Things Services Market: Regional Insights

The North American market accounted for the highest market share in 2016. This growth can be attributed to latest advancements in technology coupled with the presence of a large number of major vendors across the region. The North American market is likely to be trailed by Europe in terms of size. The market in the Asia Pacific is projected to witness highest CAGR over the projected period due to development of IT infrastructure and manufacturing sector.

Internet of Things Services Market: End-Use Landscape

The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Internet of Things services over the coming years. Some of leading consumers of the Internet of Things services market are. Medtronic, Kroger Company, and DHL among others.

Internet of Things Services Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Internet of Things Services Market Share & Competitor Analysis

Some of the players operating in the global Internet of Things services market include Cognizant, Infosys, IBM, Tata Consultancy Services, Genpact, HCL Technologies Limited, Capgemini, Tech Mahindra, Wipro, and Accenture among others.

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Blockchain Technology in Government Sector – Market Size & Analysis – Forecasts To 2025

The global blockchain technology in the government sector is expected to grow at a high CAGR over the coming years as it improves the efficiency of government operations. Developed as well as developing countries have demonstrated a tremendous interest in adopting blockchain solutions to improve services and save money in the long-run.

Increased investment in developing an appropriate infrastructure to manage various public services, enhance the outreach of welfare policies, and quicken the delivery of services & solutions to the general public is projected to augment market growth over the coming years. Development of smart cities is expected to foster demand for blockchain technology in the North American, Middle East, European, and Asia Pacific region.

Blockchain Technology in Government Sector: Type Insights

The blockchain technology market for the government sector is segmented on the basis of type into public, private, and hybrid. Private blockchain enables in improving operational efficiency to a large extent, however, it limits decentralization. Public blockchains are expected to grow at a high rate as it allows interoperability, decentralization, and transparency of operations along with security. This growth is attributed to the growing practice of the government and institutions to inculcate open and efficient transactions. The demand for hybrid blockchain solutions is also expected to grow at a significant CAGR over the coming years.

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Blockchain Technology in Government Sector: Application Insights

Blockchain technology for government finds applications in identity management, license renewals, security management, election & voting, healthcare, education, contract management, documentation & compliance management, revenue & tax monitoring, utility payments, among others.

The demand for identity management solutions is anticipated to grow at a high CAGR over the coming years. Other services that would be easily adopted by companies are license renewals, contract management, documentation & compliance management, and tax payments. Developing countries are also expected to invest in blockchain solutions as it reduces red tape and improves the delivery of social welfare benefits to achieve set policy goals.

Blockchain Technology in Government Sector: Regional Insights

In 2016, Delaware came up with the Delaware Blockchain Initiative to improve its legal infrastructure for the shared ledger. Since Deleware resides over 65% of Fortune 500 companies, blockchain technology increases efficiency and speeds up business incorporation services. Illinois has also come up with similar initiatives to harness benefits of using blockchain technologies.

The North American and European region is anticipated to witness large investments in blockchain technology on account of their faster acceptance of advanced technological solutions. The Asia Pacific and the Middle Eastern region is expected to grow at a high CAGR over the forecast period on account of their increasing investments in smart cities and need for improving process efficiency across government & public offices.

Blockchain Technology in Government Sector: Competitive Landscape

The global blockchain industry is evolving at a rapid pace on account of its increased preference across various industry verticals. IBM Corporation has developed Blockchain for a government which helps secure information exchange, integrating various business partners such as suppliers, service agencies, and other community-based organizations.

Other companies involved in developing blockchain technologies include Microsoft Corporation, Infosys, Global Arena Holding, Inc., ABB Ltd., BTL Group, Coinbase, 21, Inc., Chain, Inc., Deloitte, and Digital Asset Holdings among others. The need for digitalization of public services to improve transparency and increase policy outreach is projected to boost the demand for blockchain solutions over the coming years.

The stakeholders to the report include government institutions, public sector, research organizations, and educational institutes among others.

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Augmented Intelligence Market Size, Trends & Analysis – Forecasts to 2025

The global augmented intelligence market is likely to grow at a significant CAGR over the forecast period. The increasing demand for analyzing huge volumes of unstructured data among the organizations is anticipated to stimulate the market for augmented intelligence over the forecast period.

Artificial Intelligence plays an important role in streamlining company’s performance; however, there exists a demand for the human element which would further complement the growth of an organization. Augmented Intelligence works with and amplifies human intelligence by enabling the decision makers to gauge, manage & prevent the occurrence of any critical issues in the future.

The market growth is expected to be influenced by increasing R&D investments by the large players to adopt augmented intelligence solutions. Moreover, companies are projected to indulge in mergers and acquisitions to make the most use of technology in favor of their organization.

Augmented Intelligence Market: Organization Size/ Deployment Model

By organization size, the global augmented intelligence market is divided into small & medium enterprises and large enterprises. Augmented intelligence solutions have been largely deployed by both large and small & medium enterprises to augment the performance of their employees rather than replacing them. Small & Medium Enterprises are anticipated to grow at a significant rate over the coming years. Large Enterprises segment accounted for the majority share in 2016.

The global augmented Intelligence market is segmented into cloud and on-premises, based on deployment. Cloud-based solutions are likely to register highest growth rate over the coming years due to recent development in cloud computing and data storage facilities, such as integrated cloud storage facilities.

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Augmented Intelligence Market: Technology Insights

On the basis of technology, the global augmented intelligence market is classified into machine learning, natural language processing, spatial navigation, machine vision, and logical reasoning among others. Natural Language Processing is the most commonly utilized technology attributing to its ability to process natural language interactions. Natural language processing technology segment is likely to be followed by machine learning and machine vision segments.

Augmented Intelligence Market: Application Insights

The global augmented intelligence market is segregated into IT & telecommunication, retail & marketing, BFSI, healthcare, energy & utilities, and manufacturing among others. The adoption of augmented intelligence solution is phenomenal in the healthcare domain. The segment growth is mainly attributed to its increased application in medical imaging.

The BFSI segment is also expected to exhibit a decent growth over the forecast period. The growth is likely to be influenced by the availability of large amounts of unstructured data available in the financial industry. The incorporation of NLP is projected to make processes much faster and accurate for employees, thereby stimulating the market growth.

Augmented Intelligence Market: Regional Insights

North America held the largest share of the augmented intelligence market in 2016 due to the presence of several small, Medium, and large enterprises across the region. Factors such as rapid adoption of integrated cloud platform and the emergence of new business models which require human efforts and analytical skills are likely to boost the market growth. Favorable mandates in countries such as the U.S. and Canada are also likely to stimulate the market for augmented intelligence. Asia Pacific is likely to experience highest CAGR over the projected period due to the development of IT infrastructure and manufacturing sector.

Augmented Intelligence Market: End-Use Landscape

The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase augmented intelligence over the coming years. Some leading consumers of augmented intelligence market are Medtronic, Duke Energy, and McKesson among others.

Augmented Intelligence Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Augmented Intelligence Market Share & Competitor Analysis

Some of the players operating in the global augmented intelligence market include IBM Corporation, CognitiveScale, Google Inc., Microsoft Corporation, Callidus Software Inc. (SAP), MondoBrain Inc., Sisense, Cosmo Tech, Qlik, and Quartic.ai among others.

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Blockchain Technology in Energy Market Size & Analysis – Forecasts To 2025

The global blockchain technology in the energy sector is expected to grow at a significant CAGR over the coming years on account of increasing investments made in the energy & power sector. Some of the advantages offered by blockchain include process optimization & automation, transparency of markets, traceability of energy produced & consumed, and security.

Blockchain technology implemented in the energy sector helps lower cost of distribution by integrating functions of power generating companies, utilities, suppliers, subcontractors, and end-users. Development of smart cities is expected to foster demand for blockchain technology. The growing electric vehicle market and limited availability of charging infrastructure is expected to generate untapped opportunities for the use of blockchain in the energy & power sector.

Blockchain Technology in Energy Market: Type Insights

The blockchain technology market for the energy sector is segmented on the basis of type into public, private, and hybrid. The main reason for using blockchain technology is to store and share information in a transparent & secure manner. Private blockchain improves operational efficiency to a large extent, however it limits decentralization.

Public blockchains are expected to grow at a high rate as it allows interoperability, decentralization, and transparency of operations along with security. This growth is attributed to increase operational efficiency across the value chain that includes producers, maintenance contractors, logistics, end-users, and other sub-contractors. The demand for hybrid blockchain solutions is also expected to grow at a significant CAGR over the coming years.

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Blockchain Technology in Energy Market: Application Insights

Blockchain technology for energy finds applications in utilities, renewable energy generators, electric charging, peer-to-peer energy trading, and others. The growing investments in developing renewable energy infrastructures by private organizations and other small enterprises are expected to increase the demand for blockchain technology in the energy & power sector. Blockchain helps manage renewable energy certificates.

Blockchain plays a very important role in preserving maintenance record of pipes, gas stations and other utilities. Ownership of these services & facilities are subjected to change very frequently, this is where the maintenance record stored by contractors on blockchain can be beneficial. The peer-to-peer energy trading and renewable energy segment is expected to grow at a high CAGR over the forecast period.

Blockchain Technology in Energy Market: Regional Insights

The North American and European region is anticipated to witness large investments in blockchain technology on account of their faster acceptance of advanced solutions. The clean energy package developed by the European Commission has stressed on an energy union centered around the citizen. This means that citizens would be allowed to produce, store, consume and sell self-produced electricity individually or through communities. The Asia Pacific and the Middle Eastern region is expected to grow at a high CAGR over the forecast period on account of their increasing investments in renewable energy generation.

Blockchain Technology in Energy Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Blockchain Technology in Energy Market: Competitive Landscape

The global blockchain industry is evolving at a rapid pace on account of its increased preference across various industry verticals. Several companies have demonstrated their interest in developing blockchain technology solutions such as Volt Markets, LO3 Energy, Wanxiang Blockchain Labs, Deloitte, Conjoule, Drift, Greeneum, Grid+, Veridium Labs, MyBit, Power Ledger, Grid Singularity, Electron, Sun Exchange, and IBM Corporation among others.

The stakeholders to the report include government institutions, utilities, renewable energy generators, research organizations, and educational institutes among others

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