Blockchain in Security Market Analysis
According to the report published by Market Research Future, the Blockchain in Security Market was pegged at $ USD 178.37 million in 2017 and is expected to hit to USD 1572.46 million by 2023, registering a CAGR of 43.73% from 2018 to 2023. The report provides a comprehensive analysis of the top investment pockets, top winning strategies, drivers opportunities, market size estimations and changing market trends affected by COVID 19 pandemic. Many industries and market have witnessed adverse effects caused due to a deadly virus all over the world. Yet, the global blockchain in the Security market expects to stay less-affected and could form a better future through more sales and revenues. The report provides a study with an in-depth overview, blockchain in security market share, size, describing the product/industry scope and elaborates market outlook and status.
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.
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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.
In a growing number of cases, many security professionals are finding that the qualities blockchain brings to a solution are successful in networks, securing data, critical infrastructure, identities, and more. These factors have also been considered as primarily working in the growth of the market. Blockchain is being used in several security applications, ranging from record-keeping to act as part of the active data infrastructure, and more options are likely augmenting the market’s growth for the future timeframe.
Blockchain in Security Market Segmentation
The market is segmented on the basis of service providers, verticals, and geographic regions. The blockchain in the security market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into application and solution providers, middleware providers, and equipment and protocols providers.
Based on the propulsion types, the market is segmented into BFSI, healthcare and life science, government, energy and utilities, retail and e-commerce, information technology and telecommunications, and others.
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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.
Asia-Pacific region is probable to observe the fastest adoption blockchain technology in security and recorded the highest CAGR during the assessment period.
Blockchain in Security Market Key Players
- IBM (US),
- Microsoft (US)
- Deloitte Touche Tohmatsu Limited (UK)
- Hewlett Packard Enterprise Company (US)
- Accenture PLC (Ireland)
- Cyber Infrastructure Pvt. Ltd. (India)
- Empirica S.A. (Poland)
- SAP (Germany)
- Oracle (US)
- Intel (US)
- Bitfury (US)
- Cegeka (Netherlands)
- Earthport (UK)
- Guardtime (Estonia)
- Digital Asset Holdings (US)
- Chain (US)
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The following report comprises of –
- Market overview
- Covid 19 Analysis
- Market Dynamic
- Cumulative Growth Analysis
- Value Chain Analysis
- Segmentation Overview
- By Application
- By End-Users
- Regional Analysis
- Competitive landscape
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