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Blockchain in Security Market Size USD 178.37 Million in 2017 and is Expected to Reach USD 1572.46 Million by 2023 Growing at Massive CAGR of 43.73%
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Blockchain in Security Market Size USD 178.37 Million in 2017 and is Expected to Reach USD 1572.46 Million by 2023 Growing at Massive CAGR of 43.73%

A blockchain is a decentralized database system that is managed autonomously using a peer-to-peer network and a distributed time stamping server. Blockchain technology allows for keeping track record of each Bitcoin transaction that has been executed. The blocks which keep records are added to the blockchain in a linear and chronological order. The technology has an ability to perform financial operations instantaneously though permissioned ledgers which are distributed uniformly.

Key players

The prominent players in the blockchain in security markethave 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).

Market Highlights

Blockchain in Security Market is expected to grow from USD 178.37 million in 2017 to USD 1572.46 million by 2023, at a compound annual growth rate (CAGR) of 43.73% during the forecast period. The 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 are some of the factors driving the growth of blockchain in security market.

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.

Segmentation

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.

Competitive Analysis

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. Key players are adopting strategies such as mergers & acquisitions, partnerships & collaborations, and new product launches to increase their shares in the global blockchain in security market. XX% of the total company developments were a part of partnership & collaboration whereas, new product launches and product enhancements accounted for XX% of the total strategic developments adopted by the key players in the market.

Brief TOC of Blockchain in Security Market

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Research Objectives

2.3 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model

3.5 Assumptions & Limitations

4 Market Landscape

4.1 Porter’s Five Forces Analysis

4.1.1 Threat Of New Entrants

4.1.2 Bargaining Power Of Buyers

4.1.3 Threat Of Substitutes

4.1.4 Segment Rivalry

4.2 Value Chain/Supply Chain Of Global Blockchain In Security Market

4.2.1 Software Platform Providers

4.2.2 Security & Infrastructure Service Providers

4.2.3 Deployment And Middleware Service Providers

4.2.4 End-Users

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