Global Blockchain in Security Market Overview
Blockchain refers to an autonomously managed decentralized database system that uses a peer-to-peer network and a distributed time stamping server. Blockchain technology enables track record keeping of each transaction when it takes place. The blockchain technology is almost impenetrable and can’t be hacked into or disrupted unless every computer connected to the blockchain is hacked simultaneously. With a rise in the number of blockchain users, the system becomes more and more secure due to the complexities involved in hacking the system.
Blockchain technology was originally developed to aid seamless exchange of the first cryptocurrency called Bitcoin. However, due to its impenetrable nature, the technology is being applied by many vendors in various sectors to enhance the security of operations, critical data, as well as online transaction gateways. Integration of blockchain technology in the security domain is anticipated to lead the number of cyber attacks to collapse.
The blockchain in security market is anticipated to record a burgeoned CAGR of 43.73% during the assessment period of 2018-2023. The blockchain in security market is expected to garner a revenue of USD 1572 million by the end of 2023 owing to an expanding need for reduction in reconciliation and error handling. Rising demand for better contractual performance with smart cards coupled with a rapid rise in automation with data integrity and security are also projected to propel growth in the blockchain in security market. In contrast, the blockchain in security market will likely face some hindrance due to uncertain regulatory protocols and integration concerns with the existing system.
Market Segmentation
The Blockchain in Security Market is segmented by service provider and vertical. On the basis of service provider, the market is segmented into application and solution provider, middleware provider, and infrastructure & protocols provider. By vertical, MRFR has segmented the blockchain in security market into government, BFSI, healthcare & life sciences. IT & telecommunications, retail, e-commerce, and energy & utilities.
Key Players
The blockchain in security market landscape is shaped with the presence of many prominent players. Some of these notable players include IBM (US), Microsoft (US), Accenture PLC (Ireland), Deloitte Touche Tohmatsu Limited (UK), Hewlett Packard Enterprise Company (US), Digital Asset Holdings (US), Cyber Infrastructure Pvt. Ltd. (India), Empirica S.A. (Poland), Guardtime (Estonia), SAP (Germany), Oracle (US), Intel (US), Bitfury (US), Cegeka (Netherlands), Earthport (UK), Chain (US), Huawei (China), BlockCypher (US), Symbiont (US), BigchainDB (Germany), RecordsKeeper (Gibraltar), Blockpoint (US), Auxesis Group (India), BTL Group (Canada), Applied Blockchain (UK), Blockchain Foundry (Singapore), AlphaPoint (US), AWS (US), and Factom (US).
Competitive Analysis
Application of blockchain technology for secure online payment and transaction gateways is likely to gain traction as payment gateways are more prone to face a cyber attack. Such application is creating lucrative expansion opportunities for existent and upcoming players in the market. Significant key players are projected to implement numerous growth strategies such as mergers, acquisitions, and partnerships to encapsulate larger market shares.
Detailed Regional Analysis
The global blockchain in security market is segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is expected to step on the forefront of the market for blockchain technology in security during the assessment period. A growing application of blockchain technology in the finance and commerce sectors for secure financial transactions and data storage is driving the market of North America. Additionally, a strong presence of major market players in the region is also anticipated to expand the blockchain in security market. With significant market players based in North America and the availability of proficient technical expertise, the market promotes cross-business collaboration and blockchain interoperability. The APAC region is estimated to register the highest CAGR during the forecast period due to a speedy adoption of blockchain technology for security purposes.
Industry Update
March 2019: German Ministry of Finance has recommended that blockchain-based technologies should be regulated as legitimate forms of financial instruments.
LIST OF TABLES
Table 1 Global Blockchain In Security Market, By Region, 2018–2023
Table 2 North America: Blockchain In Security Market, By Country, 2018–2023
Table 3 Europe: Blockchain In Security Market, By Country, 2018–2023
Table 4 Asia-Pacific: Blockchain In Security Market, By Country, 2018–2023
Table 5 Middle East & Africa: Blockchain In Security Market, By Country, 2018–2023
Continued…….
LIST OF FIGURES
FIGURE 1 Global Blockchain In Security Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Blockchain In Security Market
FIGURE 4 Value Chain Of Global Blockchain In Security Market
FIGURE 5 Share Of Global Blockchain In Security Market In 2017, By Country (In %)
Continued…….
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members
Contact:
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
