Global Blockchain in Security Market Analysis
Blockchain technology has inherent security qualities that make it appealing for use in various industries, including finance and healthcare. Some of these qualities include principles of cryptography and decentralization, which make it difficult for unauthorized individuals to tamper with the data stored on the blockchain.
Blockchain in Security Market Share was valued at USD 1.05 billion in 2021. The Blockchain in Security market industry is projected to grow from USD 1.56 billion in 2022 to USD 17.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 44.20% during the forecast period (2022 – 2030).
Blockchain security also includes cyber security frameworks, security testing methodologies, and secure coding practices that can help protect against potential threats, such as hacking or other malicious attacks. In addition, network participants in a blockchain ecosystem have their own private keys that are assigned to access their accounts and to protect their transactions, ensuring that only authorized parties are able to make changes to the ledger.
While blockchain technology isn’t completely immune to security issues, it offers a promising solution for industries that require secure storage and transfer of data. Leveraging blockchain-based security solutions can potentially help organizations to stop fighting hackers on their own terms, and instead, establish a system around principles of trust and transparency.
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Blockchain in Security Growth Boosters
The factors causative to the growth in the market include rising need for reduction in error handling and reconciliation, surged automation with data integrity and security as well as mounting demand for improved contractual performance with smart cards. Similarly, considerable growth in need for supply chain transparency and ascend in demand for improved security of supply chain transactions have also driven the growth of the global blockchain in the security market.
MRFR finds that the implementation of blockchain technology has created a tremendous impact considering the advancement in trusted digital services such as mobile money, billing, payments and transactions, digital identification and cryptocurrency.
The disruptive nature of blockchain is attributable to its high-end mechanism. Decentralized by design, and often hosted by millions of computers simultaneously, blockchain in security and its databases create a secured infrastructure by protecting data against manipulation and making it reachable to anyone. While this infrastructure provides inherent security for technology, it also creates new pain points concerning human or device interaction. To interact with a blockchain in security services, the user’s private key is the identity and security credential.
Segment Review
Blockchain in the security market, by service provider segment, has included middleware provider, application and solution provider, and infrastructure and protocols provider. Among these application and solution provider segment leads the blockchain in security market during the forecast period.
Based on the vertical segment, the market has included government, BFSI, energy and utilities, healthcare and life sciences, retail and e-commerce, IT & telecom, and others.
Regional Framework
The geographical analysis of the blockchain in the security market is done for the regions of Asia-Pacific, Europe, North America, and the rest of the world.
North America might lead the blockchain in the security market from 2018 to 2023 owing to a strong foundation in finance and commerce that is witnessing the express implementation of blockchain technology for financial transactions and data storage. Besides, high concentration of market players in the region and accessibility of proficient technical expertise compel cross-business collaboration and blockchain interoperability.
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Asia-Pacific region is probable to observe the fastest adoption blockchain technology in security and recorded the highest CAGR during the assessment period.
Vendors Landscape
The well-known players in the blockchain in security market have been identified across all the major regions. The major vendors of the market are Microsoft (US), IBM (US), Hewlett Packard Enterprise Company (US), Deloitte Touche Tohmatsu Limited (UK), Cyber Infrastructure Pvt. Ltd. (India), Accenture PLC (Ireland), Oracle (US), SAP (Germany), Cegeka (Netherlands), Intel (US), Digital Asset Holdings (US), Guardtime (Estonia), Huawei (China), BigchainDB (Germany), Symbiont (US), Blockpoint (US), RecordsKeeper (Gibraltar), AlphaPoint (US), Blockchain Foundry (Singapore), and Factom (US).
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