The number of blockchain applications in insurance is growing every day, and somehow every major player across the sector will be using them in the near future. This will create massive opportunities for the fintech sector, as well as for insurance companies that are willing to embrace the change.

- Companies are incurring huge loses because of false claims and scams that happen every day in the industry. To overcome issues like this, insurance companies are using technologies like blockchain in their existing workflow. For instance, according to the SAP Digital Transformation Executive Study, banking and insurance executives plan to more than double their investments in blockchain by 2019.

- The insurance industry is beginning to understand the importance that blockchain technology has evolved and will leverage over the insurance sector due to its security and immutability features.

- Blockchain offers to be the central repository of truth, using which, underwriters can source data from external sources to automate some aspects of underwriting since the data in the blockchain is trustable and is from a verified source.

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Key Market Trends

Smart Contract is Expected to Hold a Significant Market Share

- Smart contracts powered by a blockchain could provide customers and insurers with the means to manage claims in a transparent, responsive and irrefutable manner where claims-handling could become more efficient and streamlined, resulting for improved customer experience.

- Contracts and claims could be recorded onto a blockchain and validated by the network, ensuring only valid claims are paid. Smart contracts would also enforce the claims for instance, triggering payments automatically only when certain conditions are met. For instances, smart contracts can be coded to accept feeds from the telematics devices, and in the event of an accident, automatically raise insurance claims & trigger pay-outs. They can also recommend trusted service stations in the vicinity and call for medical assistance should that be deemed necessary.

- Smart contracts possess capabilities to automate several processes that otherwise require manual intervention. In addition to this, the immutability of data increases reliability and helps make faster and correct decisions.

Asia-Pacific is Expected to be the Fastest Growing Region

- The emerging economies of the Asia-Pacific region represent an unprecedented opportunity to experiment with low-cost innovation and open regulatory frameworks of blockchain technology across the insurance sector.

- As the insurers are expected to increasingly leverage on the growing application of IoT for data gathering across the emerging economies, the blockchain-based implementation could increase the efficiency of the overall process to a great extent and will enable insurers to capture sensory information in a secure and tamper-proof method. For instance, ICICI Lombard is using AI in healthcare insurace related claims to identify any fraud. NAy transaction validated and stamped are hard to change and can be verified using AI for real-time settlement.

- For instance, China, despite the harsh regulations imposed on certain activities related to cryptography, is now advancing on its part with a vision of incorporating blockchain technology in its state plans, and even including it in its thirteenth five-year plan, which consists of a road map of governmental developments from 2016 to 2020.

Competitive Landscape

The blockchain market in the insurance industry is highly concentrated and consolidated with a few major players. In terms of market share, some of the major players currently dominate the market. However, with the advancement in the blockchain technologies along with cloud deployment, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.

- March 2019 - ChainThat plans to launch a blockchain risk and capital exchange for the insurance and reinsurance market in Bermuda. The exchange will allow broker, reinsurance and insurance companies access to the capital markets using blockchain.

- November 2018 - The Dutch Judicial Information Service had selected Guardtime’s KSI Blockchain technology for integrity assurance of new e-services. The blockchain integration will ensure transparency, auditability, and security of the information processed in government systems.

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The LBVR is a place of business where VR devices are deployed, allowing users to experience VR by physically interacting with the environment in a way they can’t in their own home. Some of the examples of experiences that LBVR enable include walking around a haunted house, or running around a warehouse with walls that are made of foam, but look like bricks in VR.

- While some of the LBVR experiences provide users with a VR headset, a VR backpack PC, and a custom-designed space, some other LBVR experiences provide users with a mobile untethered VR headset paired with roller coasters, wind tunnel diving, and other activities.

- The market for LBVR is still in a nascent stage. Making the VR experience more real serves as a critical driver for market adoption and penetration. Increasing implementation of VR technology, increasing investment in VR technology, and the growing popularity of 360-degree content are some other major factors influencing the growth of LBVR market. High-quality content plays a crucial role in this industry, and the market is expected to grow as more compelling, high-quality content that appeals to a wide demographic makes its way into the market.

- VR technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market with a hope to navigate it toward mainstream adoption. The future of the market is expected to be more competitive with technology giants, like Google venturing into the field by investing considerable amounts in the tech startups for the development of VR devices, along with other prominent players investing in their R&D over this segment. it is estimated that owing to its huge scope of application LBVR are expecetd to garner a user base of over 1.5 billion, over the next five to six years. .

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Key Market Trends

Growing Popularity of 360-Degree Content

- The market for virtual reality is expanding at a rapid pace, and the location-based VR market is quickly following suit. With the development of new technologies like 3D, 4D, 5D and advanced VR content, 360-degree videos have been introduced in VR and have become one of the notable trends in the global gaming content market. These camera systems are known to record the entire 360-degree view of a scene simultaneously.

- The entertainment sector has witnessed prominent advances with the help of this advanced technologies. Various digital arenas and mainstream platforms of gaming are poised to grow with the rising demand for immersive environments. With the high-quality content being produced with the help of advanced camera systems, the popularity and acceptance of location-based VR is expected to grow and witness the massive potential for the VR market, over the forecast period.

- Early 2019 released statistics from YouTube show that around 3.1 million people are subscribed to YouTube’s official VR channel that hosts best VR-ready 360-degree videos. Similarly, report from Tech Trends estimates put that that Facebook is currently hosting around 1 million 360-degree videos which have generated around 580 million views so far.

Asia-Pacific Region expected to Witness Significant Growth

- Asia-Pacific is expected to hold the major share, owing to the presence of large and several emerging economies, along with the rising acceptance of virtual reality devices in the region. This is, in turn, expected to encourage industry players to invest in the region.

- China is expected to account for a prominent share in the region, owing to the rising adoption of VR technology in the country. Many startups pertaining to virtual reality are on the rise, in the country. For instance, Palapple is developing its own VR products. The company also created a project called VResidence, which offers a number of virtual reality real estate products, including an online platform for the second-hand property.

- Digi-capital reported that the overall spending on virtual reality in the Asia-Pacific region is around USD 5.1 billion, in 2018 and China has the potential to take more than USD 1 of every USD 5 spent on VR market globally and the combined influence of other countries in Asia could account for more than half of worldwide VR revenues by the end of the forecast period.

Competitive Landscape

The Location-based VR Market is highly competitive and is currently dominated by a few players with their technological expertise in VR technology. The global market is witnessing a rise in competitiveness among the companies. However, the market is expected to be nearly consolidated in nature. With increasing innovations in technology, the major players in the market are focusing on expanding their customer base across foreign countries by leveraging on strategic collaborative initiatives to increase their market share and their profitability. The Void, LLC, Exit Realty Corporation, SpaceVR, Survios, Inc., Hologate, Zero Latency PTY LTD, Oculus VR Inc., HTC Vive Tech Corporation, Tyffon Inc., and Neurogaming are some of the major players present in the current market.

- May 2019 - Hologate announced that its immersive VR offering has taken in 2 million players since they first launched in 2017.

- March 2019 - The Void announced its expansion into the Asia-Pacific, with a focus to make more investments in China, Malaysia, Hong Kong and Singapore.

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As e-commerce pioneers provide exceptional online consumer experiences, experiential retailers are reinventing the in-store experience, creating environments that attract and delight consumers.

- With physical stores remaining at the hub of modern retail, and with most consumers still choosing to end their journeys there, retail is getting digitized. This includes multiple smart devices working together on a single IoT platform to deliver hyper-personalized, adaptive and context-specific experiences. While much of the technology is to be invisible to the consumer, shoppers will have the opportunity to interact digitally within the physical store environment.

- In addition to the adoption of gesture recognition in digital catalogs, retail owners are able to monitor the success of a product with shoppers, by monitoring their facial and hand gestures. And data gathered through this could reveal a whole new set of insights, which may not be realized by using numerical data alone. For instance,an Italian retailer, Coop Italia, teamed up with Accenture as it wanted to transform the customer shopping experience. The company integrated digital capabilities into the store atmosphere to create the supermarket of the future.

- However, limited numbers of recognizable gestures along with inaccurate and inefficient systems are certain factors hindering the growth of the gesture recognition market globally.

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Key Market Trends

Technology-Driven Experiences Inspiring Store Visits

- In today’s hyper-competitive, everchanging, fast-paced, human-centric digital economy, retailers find creative and sustainable ways of combining the capabilities of both their physical and digital assets to offer carefully curated product assortments and deliver distinctive, differentiated and personalized consumer experiences.

- Immersive experiences related to a broad range of consumer-centric experiences like interactive displays, leveraging AR and VR, to personalized content, pop-up shops, and specialized amenities, all offered in a unique environment emphasizing newness and spot-on service which delight the customers. For example, Nike’s New York City SoHo store, which flaunts a basketball court and treadmills that take visitors on virtual runs through Central Park and other routes. These interactive and immersive in-store experiences are meant to create a more engaging and entertaining retail experience.

- The success of brands like Rebecca Minkoff’s stores in New York City and Los Angeles features an interactive video wall and self-checkout for small items and accessories. Fitting rooms are outfitted with magic mirrors, which enable shoppers to see different styles and colors of clothes, change mood lighting and order a free beverage that’s delivered to their room along with their clothing choices by a salesperson.

- Although many of these immersive experiences are still in an experimental phase, it’s a safe bet that more retailers are going to invest heavily in this space as the need for experience-based differentiation becomes paramount.

Asia-Pacific to Witness the Fastest Growth

- Asia-Pacific is dominated by two largest economies of the world i.e. China and India. Emerging economies of these countries have experienced a prolonged period of dynamic economic growth, and as a result, these countries have witnessed an increase in incomes and the emergence of a middle-class segment in recent years. With the increment in annual disposable income, the potential pool of the middle class is also expected to increase.

- Further, the presence of consumer electronics giants (such as Samsung, LG, etc.) in the region makes it a prominent innovation hub in the market studied. The continuous innovation in this segment, when combined with the retail sector, gives better consumer experiences.

- Moreover, in China, e-commerce giants JD.Com and Alibaba also made an entry into unmanned retail stores. JD.Com (JingDong) has launched a grocery store concept called 7FRESH where shoppers can scan a barcode to see detailed product information on a screen above the produce section. The stores use shelf sensors, cameras, and facial recognition tools, and RFID tags to track people and products.

- Therefore above factors are expected to act as a driving force for the growth of gesture recognition retail sector in Asia-Pacific during the forecasted period.

Competitive Landscape

The gesture recognition in the retail market is fragmented. Some of the key players are Sony Corporation, Apple Inc., Google LLC, etc among others. Product launches, high expense on research and development, partnerships and acquisitions, etc. are the prime growth strategies adopted by these companies to sustain the intense competition.

- January 2018- Amazon opened ‘Amazon Go’, which is an automated cashier-less convenience store that leveraged technologies like machine vision, AI, RFID, IoT, and more to allow customers to shop without checking out at a register. Shoppers scan their Amazon Go app to enter the store and get charged automatically as they pick up items and exit. Amazon tracks consumers and the products they interact with, through shelf sensors and cameras.

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- Adoption of BYOD policies by corporates is driving the market growth. Globally, organizations are opting e-learning services for educating and training their employees owing to the incurring expenses of the traditional teaching methods. The increased compatibility of learning management system with mobile devices and social learning have mandated the corporates to adopt BYOD culture.

- As e-learning is evolving, there is a need for skilled workforce to further develop the services and tools. In a report titled 'The Future of Jobs 2018', the World Economic Forum (WEF) said around 54 % of the global workforce had to be re-skilled or up-skilled to work in disruptive and digital technologies spawning the virtual world.

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Key Market Trends

Distance-Learning to Dominate the Market

- According to 2019 Online Trends in Education Report, 69% of online students identified employment as their primary goal for entering a program.

- Colleges are also offering distance learning program to cater to all demographics, irrespective of location. As students with more diverse characteristics enter online programs, schools must provide services that meet a wider variety of student needs.

- Students prefer distance learning because they can set their pace of study and also it costs less.

- Flexibility of learning is the major factor which is leading to students and corporates opting for distance education thereby significantly driving the market growth.

North America to Witness Highest Growth

- The driving factor for the growth of LMS market in North America is the presence of LMS platform pioneers like Docebo and iSpring, which are successful in offering their services to big and SMEs.

- The 2017 UNESCO report on mobile learning initiatives and policy implications in America indicated that mobile learning efforts in Canada and the United States are generally school or district led.

- Samsung’s North American Regional Head Office, in collaboration with Discovery Education, an NGO dedicated to coding education, offers an extra-curricular program to fourth and fifth-grade girls. Offering a wide range of hands-on computer programming and electronic training activities, emPOWER Tomorrow helps girls develop an interest in science, technology, and coding.

Competitive Landscape

The market is concentrated with existing vendors rolling out latest version and new offering of their LMS software for both corporate and academic purpose.

- May 2019 - D2L introduced 'Indigo', the latest version of its Brightspace learning platform which empowers employees to take control of their own learning paths in a competitive global economy.

- March 2019 - Blackboard announced that the University of Ferrara (Unife) implemented Blackboard Collaborate to enhance its online teaching and learning offering. Through Blackboard Collaborate, Unife is providing up to 13 virtual classrooms every day, for a total of 70 hours of online lessons.

- February 2019 - McGraw-Hill launched SmartBook 2.0 as a major enhancement of its market-leading McGraw-Hill Connect learning platform. It is an adaptive learning engine, which helps students to achieve at higher rates.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
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For sample report please visit : https://www.statzyreports.com/report/sr498075/learning-management-system-lms-market
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