China Insurtech Segmentation
The China insurtech market is segmented and analysed for demand and supply by technology into blockchain, cloud computing, IoT, big data &machine learning, robo advisory, and others. Out of which, the big data & machine learning segment is anticipated to garner the largest revenue of USD 1,373.3 Billion by the end of 2031, up from a revenue of USD 65.9 Billion in the year 2021. However, the blockchain segment is anticipated to grow at a highest CAGR of 39.82% over the forecast period, backed by increasing adoption of blockchain technology in the region. In both the public and private sectors, blockchain-based solutions are proliferating. Further initiatives by Chinese government is expected to boost the demand for blockchain technology, further boosting the market for insurtech. For instance, the blockchain-based cross-border finance infrastructure put in place by the State Administration of Foreign Exchange ("SAFE") in March 2019 is one of the major initiatives started by the Chinese government.
Major Macro-Economic Indicators Impacting the Market Growth
The quick development of insurtech also creates new open ports for cyber-attacks on businesses and users'/personal policyholders' data on financial transactions, banking, and policy specifics. Hence this factor is expected to restrain the growth of the market.
Our in-depth analysis of the China insurtech market includes the following segments:
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