Asia Pacific to lead blockchain in insurance by 2031 | Asian Business Review
, APAC
186 views
/Ilixe48 from Envato

Asia Pacific to lead blockchain in insurance by 2031

Globally, the market could reach $32.9b.

Asia Pacific is expected to lead the blockchain in the insurance market in terms of revenue by 2031, with the fastest projected growth at a 57.6% CAGR during the forecast period, according to a report by Allied Market Research. 

The global blockchain in the insurance market is expected to reach $32.9b by 2031, with a compound annual growth rate (CAGR) of 52.4% from 2022 to 2031.

North America accounted for nearly 40% of the global blockchain in the insurance market in 2021. The global market, valued at $496.9m in 2021. In insurance, blockchain can help insurers and customers create smart contracts that streamline claim management, leading to improved fraud detection and prevention. 

The growing demand for secure online platforms, driven by concerns about data privacy, security, and the need for remote services, is expected to further drive market growth.

The COVID-19 pandemic had a positive impact on blockchain adoption in insurance, highlighting the need for trust, transparency, and accurate risk assessment. 

Blockchain helped insurers assess COVID-19-related risks more efficiently by analysing data from various sources, such as medical records and social media.

Follow the link for more news on

Join Asian Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!