ID: MRFR/ICT/5732-HCR | February 2021 | Region: Global | 100 pages
Global Blockchain in Security market is expected to grow from USD 178.37 million in 2017 to USD 1572.46 million by 2023, at a CAGR of 43.73% during the forecast period.
Blockchain technology is one of the most disruptive technologies of the decade that is widely being adopted across various industrial verticals. The implementation of blockchain technology has left a tremendous impact considering the advancement in trusted digital services such as billing, mobile money, payments and transactions, cryptocurrency, and digital identification. The factors contributing to the growth in market include growing need for reduction in error handling and reconciliation, rising demand for improved contractual performance with smart cards, and increased automation with data integrity and security. However, the integration concerns associated with application and existing system and uncertain regulatory protocols hamper the growth of market.
Blockchain in security market, by service provider, is segmented into application and solution provider, middleware provider, and infrastructure and protocols provider. The application and solution provider segment dominate the blockchain in security market during the forecast period. The blockchain application and solution providers offer significant value to the enterprises by providing periodic reconciliation, reducing duplications in transactional data, and data authentication for security and regulatory reasons. These vendors have the potential to deliver disruptive outcomes and reshape digital businesses by offering distributed ledger technology to different industry verticals.
The key players operating in the blockchain in security market and profiled in the report are 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). These players are largely adopting strategies such as partnerships and alliances to strengthen their position in the global blockchain in security market. For instance, in August 2018, The American Association of Insurance Services (AAIS) has partnered with IBM for blockchain-based insurance regulatory reporting to enhance data security.
Blockchain in Security market is segmented based on service provider, vertical and region.
Based on the service provider, the market is segmented into application and solution provider, middleware provider, and infrastructure and protocols provider.
Based on vertical, the market is segmented into BFSI, government, healthcare and life sciences, energy and utilities, IT & telecom, retail and e-commerce, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World.
The global market for blockchain in security is estimated to grow at a notable rate during the forecast period from 2018 to 2023. The geographical analysis of blockchain in security market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the blockchain in security market from 2018 to 2023 owing to strong foundation in finance and commerce that is witnessing rapid implementation of blockchain technology for financial transactions and data storage. Furthermore, high concentration of market players in the region and availability of proficient technical expertise drive cross-business collaboration and blockchain interoperability. However, Asia-Pacific is estimated to witness the fastest adoption blockchain technology in security and register the highest CAGR during the forecast period.
The blockchain in security market has witnessed the high demand for payment and transaction application as it is not only costly but also error-prone and vulnerable to fraudulent activities. Growth strategies such as mergers, acquisitions, partnerships, business expansions, and product developments are being adopted by major players to increase their market share. For instance, in November 2018, In November 2018, Interswitch Group (Nigeria) collaborated with Microsoft to launch a blockchain-based supply chain financing service that provides fast and seamless trade financing.
The prominent players in the blockchain in security market have been identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. The major vendors of the market are 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), Huawei (China), BlockCypher (US), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (Gibraltar), Blockpoint (US), Auxesis Group (India), BTL Group (Canada), Blockchain Foundry (Singapore), AlphaPoint (US), AWS (US), and Factom (US).
Frequently Asked Questions (FAQ) :
The market size by the year 2027 is likely to be USD 1572.46 million.
The projected growth rate of the market in the coming years is 43.73%.
Microsoft (US), Hewlett Packard Enterprise Company (US), Empirica S.A. (Poland), Accenture PLC (Ireland), IBM (US), SAP (Germany), Oracle (US), Cyber Infrastructure Pvt. Ltd. (India), Deloitte Touche Tohmatsu Limited (UK), are the most renowned players in the blockchain in security market.
The players largely adopt strategies like partnerships and alliances to get ahead in the market.
From 2020 to 2027, North America has the potential to achieve the top position in the global market.