According ot the latest research report, over the projected period, the Blockchain in Security Market size is anticipated to expand up to USD 1572.46 million by the the end of the year 2023, representing a compound annual growth rate CAGR of 43.73 percent. The report covers Blockchain in Security Market including historical and future trends for supply, market size, prices, trading, competition and value chain as well as global major vendors information.
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 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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Blockchain in Security Market Segment Review
By component:
- Platform
- Services
By Provider:
- Application Providers
- Middleware Providers
- Infrastructure Providers
By Type:
- Private
- Public
- Hybrid
By Organization Size:
- Large Enterprises
- SMEs
By Application Areas:
- Transportation and Logistics
- Agriculture and Food
- Manufacturing
- Energy and Utilities
- Healthcare and Life Sciences
- Media, Advertising, and Entertainment
- Banking and Financial Services
- Insurance
- IT and Telecom
- Retail and eCommerce
- Government
- Others (Travel and hospitality, education, real estate and construction, and mining)
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Blockchain in Security Market 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.
Asia-Pacific region is probable to observe the fastest adoption blockchain technology in security and recorded the highest CAGR during the assessment period.
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