In its latest research report, Market Research Future (MRFR) asserts that the global blockchain in security market is poised to grow exponentially over the review period, recording a significant market valuation from USD 178.37 million in 2017 to more than USD 15 billion by 2023, and a healthy CAGR of 43.73%.
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Drivers and Restraints
The growing adoption of blockchain technology has left a substantial impact considering the development in trusted digital services such as cryptocurrency, mobile money, payments and transactions, billing, and digital identification. The rise in digitalization has resulted in the need for a decrease in error control and reconciliation, which is contributing towards the blockchain in the security market. The ability to offer data integrity and security is driving the blockchain in security market around the world. Moreover, the need to ensure security and regulatory integrity is further motivating the blockchain in security market. The rise in the adoption of cryptocurrency is expected to spur the blockchain in security market in the upcoming period. However, the integration concerns associated with the application and existing system and uncertain regulatory protocols hamper the growth of the market.
For the sake of the study, the global blockchain in Security market is segmented based on service provider, and vertical.
On the basis of the service provider, the market is segmented into middleware provider, application and solution provider, and infrastructure and protocols provider.
Based on the vertical, the global market for blockchain in security solutions is segmented into government, BFSI, healthcare and life sciences, IT & telecom, energy and utilities, retail and e-commerce, and others.
The key market players operating in the global Blockchain in Security Market solutions as identified by MRFR are Microsoft (US), IBM (US), Deloitte Touche Tohmatsu Limited (UK), Accenture PLC (Ireland), Hewlett Packard Enterprise Company (US), Cyber Infrastructure Pvt. Ltd. (India), SAP (Germany), Empirica S.A. (Poland), and Oracle (US). These market players are poised to adapt various business growth strategies such as acquisitions, mergers, partnerships, and product developments in order to sustain their position in the market.
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa).
The blockchain in security market is projected to thrive at a notable rate through the assessment period. As per the report, the North American region is slated to drive the blockchain in security market by 2023 due to the established finance and commerce sector in the region, which is poised to witness the rapid application of blockchain technology for data storage and financial transactions. Moreover, the higher concentration of market players in the region, especially in the US, coupled with the availability of technical expertise, is also fuelling blockchain interoperability and cross-business partnerships. On the other hand, the lucrative Asia-Pacific region is evaluated to observe the fastest deployment of blockchain in security solutions and exhibit the fastest CAGR through the review period.
December 2019: JCB Co., a credit card and payments firm based in Japan, settled an agreement with Keychain, a Singapore-based blockchain technology provider, to deploy blockchain in the payments sector. JCB stated it adopted Keychain’s technology to improve cybersecurity and operational integrity in next-generation payment systems.
December 2019: Apollo Fintech announced the entry of Jorge Sebastiao, market giant Huawei’s CTO to its team of blockchain security advisors. Sebastiao’s more than 30 years of ICT (information and communications technology) experience in managed services, cybersecurity, cloud computing, blockchain, artificial intelligence, big data, internet of things and ICT innovation, was expected to contribute to Apollo Fintech’s growth.
LIST OF TABLES
Table 1 Global Blockchain In Security Market, By Region, 2019–2023
Table 2 North America: Blockchain In Security Market, By Country, 2019–2023
Table 3 Europe: Blockchain In Security Market, By Country, 2019–2023
Table 4 Asia-Pacific: Blockchain In Security Market, By Country, 2019–2023
Table 5 Middle East & Africa: Blockchain In Security Market, By Country, 2019–2023
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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 %)
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