Blockchain in security refers to the utilization of blockchain technology to enhance the security of data, transactions, and digital assets across various industries. This innovative approach leverages the immutable and decentralized nature of blockchain to safeguard sensitive information and mitigate cybersecurity risks.
Sizing and Forecast
The blockchain in security market size has grown exponentially in recent years. It will grow from $1.47 billion in 2023 to $2.07 billion in 2024 at a compound annual growth rate (CAGR) of 40.1%. The growth in the historic period can be attributed to increase in venture capital and investment, increased government initiatives, increased awareness of the benefits, rise of decentralized applications, and collaboration of financial institutions.
The blockchain in security market size is expected to see exponential growth in the next few years. It will grow to $8.03 billion in 2028 at a compound annual growth rate (CAGR) of 40.1%. The growth in the forecast period can be attributed to increasing need for reduced troubleshooting, rising cryptocurrency and Initial coin offerings, growing healthcare and educational sectors, increasing digital, transformation, and growing cybersecurity threats. Major trends in the forecast period include smart contracts for automated security protocols, integration iot to secure devices, integration of cybersecurity, privacy-enhancing technology, multi-chain ecosystems, and quantum-safe cryptography.
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Segmentation & Regional Insights
The blockchain in security market covered in this report is segmented –
1) By Component: Platform, Services
2) By Security Type: Private, Public, Hybrid
3) By Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Transportation And Logistics, Agriculture And Food, Manufacturing, Government, Information Technology And Telecom, Insurance, Retail, Other Applications
North America was the largest region in the blockchain in security market in 2023. The regions covered in the blockchain in security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing cybersecurity threats are expected to propel the growth of the blockchain-in-security market. Cybersecurity threats refer to any malicious activities that attempt to compromise the confidentiality, integrity, or availability of information systems and data. The growing cybersecurity threats can be attributed to factors such as increased connectivity through more internet-connected devices, the evolving tactics of cybercriminals, and the widespread adoption of digital technologies without adequate security measures. Blockchain’s decentralized and immutable nature offers unparalleled protection against malicious attacks, making it a compelling choice for safeguarding sensitive data and transactions in various industries. For instance, in November 2023, according to the Department of Defence Australia, an Australia-based government department, during the financial year 2022-2023, the Australian Cyber Security Centre received over 94,000 reports of cybercrime, marking a 23 percent increase from the previous year, 2021-22. Therefore, the growing cybersecurity threats are driving the growth of the blockchain security market.
Key Industry Players
Major companies operating in the blockchain in security market are Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, Accenture PLC, IBM Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Huawei Technologies Co Ltd., Infosys Technologies Private Limited, Horizen Labs Inc., SlowMist Technology Co Ltd., Bitfury Holding B.V., LeewayHertz Technologies Inc., Guardtime USA Inc., CertiK, Hacken OÜ, Ankr Network, OpenZeppelin, Trail of Bits Inc., ConsenSys Inc., BlockCypher Inc., Oasis Labs Inc., Securosys SA, Quantstamp Inc., Blockchain Foundry Inc.
The blockchain in security market report table of contents includes:
1. Executive Summary
- Blockchain In Security Market Characteristics
- Blockchain In Security Market Trends And Strategies
- Blockchain In Security Market – Macro Economic Scenario
- Global Blockchain In Security Market Size and Growth
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32. Global Blockchain In Security Market Competitive Benchmarking
- Global Blockchain In Security Market Competitive Dashboard
- Key Mergers And Acquisitions In The Blockchain In Security Market
- Blockchain In Security Market Future Outlook and Potential Analysis
- Appendix
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