Blockchain in insurance market seen topping $22B by 2030

The Blockchain in Insurance market is forecast to reach more than $22 billion by 2030, according to The Business Research Company, as insurers increase use of smart contracts, fraud detection and secure data sharing. North America and the U.S. are expected to lead growth, while solution platforms remain the largest segment.

Why it matters: - Blockchain is moving deeper into insurance operations as carriers look to cut fraud, speed up claims and improve data security. - The market forecast points to rapid expansion in a niche that could reshape policy administration, underwriting and settlement workflows. - The report estimates the market will reach more than $22 billion by 2030, or about 7% of the broader blockchain market. - The market would represent nearly 0.2% of the total information technology industry by 2030.

What happened: - The Business Research Company projected the global Blockchain in Insurance market will grow at a 49.8% CAGR through 2030. - The report also said the market is expected to grow at 50% leading up to 2030. - North America is forecast to be the largest region in 2030, with a market value of $8.9 billion. - The U.S. is expected to be the largest country in the market in 2030, at $7.7 billion. - The solution segment is projected to be the largest component segment in 2030, accounting for 66% of the market, or $14 billion.

The details: - North America is projected to rise from $1.2 billion in 2025 to $8.9 billion in 2030. - The U.S. market is projected to increase from $1.1 billion in 2025 to $7.7 billion in 2030. - The solution segment is expected to grow on the back of blockchain-enabled policy administration platforms, smart contract-based underwriting, real-time data synchronization and fraud prevention tools. - The report breaks the market out by component, enterprise size, application and sector. - Enterprise size categories include large enterprises and small and medium-sized enterprises. - Application segments include identity management and fraud detection, claims management, payments, governance risk and compliance management, and other uses. - Sector segments include life insurance and health insurance. - The report says the solution market could grow by $12 billion from 2025 to 2030, while services could grow by $6 billion. - Collectively, the solution and services segments are expected to contribute more than $18 billion in market value by 2030. - The report also said the broader insurance technology opportunity is being driven by distributed ledger-based claims automation, parametric insurance models, reinsurance reconciliation and IoT-enabled data validation. - Request a free sample of the report - Access the detailed market report

Between the lines: - Fraud prevention remains one of the clearest commercial drivers because insurers lose money to duplicate, manipulated or hard-to-verify claims data. - Smart contracts are likely to matter most where claims can be automatically triggered by verifiable events, such as weather-linked parametric insurance. - Secure data sharing is becoming a stronger selling point as cyber risks rise and regulators demand auditable records. - The report’s growth assumptions suggest insurers see blockchain less as a standalone product and more as infrastructure for automation and trust.

What's next: - The Business Research Company expects growth to continue as insurers expand use of smart contracts, digital identity verification and automated compliance tools. - The report said demand should increase for transparent, secure and tamper-proof data management across insurance operations. - Insurance providers, financial institutions and technology firms are likely to keep investing in blockchain integrations across claims, underwriting and policy management. - The company said its 2026 report updates include market attractiveness scoring, TAM analysis, forecasting dashboards, hotspots infographics and trend analysis.

The bottom line: - Blockchain in insurance is still a small share of the wider tech market, but the forecast points to a fast-scaling use case built around fraud reduction, automation and secure data sharing.