Blockchain In Security Market, Size, Share, Growth, Trends, and Forecast 2030

Market Overview

The global Blockchain-in-security market size accounted for USD 713 Million in 2020 and is expected to reach USD 16,225.7 Million by 2028, growing at a CAGR of 48.2% from 2021 to 2028.

 Blockchain in Security is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities. Enhanced Experience, Security, Transparency, anonymity and fraud resistance are the major drivers of Blockchain. The implementation of VR helps reducing infrastructure costs as well as enhances transparency.

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COVID-19 Impact Analysis

The outbreak of COVID-19 positively impacted the global virtual reality market. Lockdown significantly increased the demand for Blockchain. Nowadays, conferences, gatherings, exhibitions, virtual meets are driving the growth for Blockchain in security market. Furthermore, the pandemic is expected to grow the demand for its components and likely to stream the growth of Blockchain in security market.

Growth Factors

Global Blockchain in Security market is expected to grow from USD 713 million in 2020 to USD 16,225.7 million by 2028, at a CAGR of 48.2% during the forecast period. It is due to the need for streamlining the business processes cost-effectively. The adoption of the Blockchain technology is currently in the experimentation phase in most of the segments however, the adoption rate is expected to increase significantly in the coming years, owing to the low infrastructure costs and transparency.

Global Blockchain In Security Market Report Scope:

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Component Segment Analysis Preview

Service segment functions like a sort of web host, running the back-end operation for a block-chain based app or platform. It acts as the catalyst that leads to the widespread adoption of Blockchain technology. Platform on the other hand provides a collaborative framework for sharing reliable data.

Device Type Segment Analysis Preview

Private Blockchain type is estimated to hold the largest market size in 2020. A private Blockchain is a shared database or ledger that is secured by traditional security techniques, such as limited user rights. A private Blockchain provides more opportunities to businesses in terms of leveraging the Blockchain technology for business-to-business use cases. Public and hybrid form this segment.

Industry Segment Analysis Preview

The banking and financial services application area is expected to hold the largest market size in the Blockchain market during the forecast period. The banking and financial services application area has realized the significance of the Blockchain technology which helps secure transactions for customers. The Blockchain technology in the banking and financial services is expected to experience rapid growth worldwide, due to various factors, such as high compatibility with the financial services industry ecosystem, rising Cryptocurrency and Initial Coin Offerings (ICOs), rapid transactions, and reduced total cost of Ownership

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Regional Analysis Preview

North America accounted for a share of 35% in 2020. The rising growth of healthcare and educational sectors are the key drivers. Consumer application sector is also estimated to grow fast in the region. Government in the region is also heavily investing in VR technology to boost the market.

North America is projected to hold the largest market size in the Blockchain market. Early adoption of Blockchain technologies by the organizations in the region and the emergence of several Blockchain technology providers will contribute to the overall share of the market. Businesses in UK and India have recognized the potential of the Blockchain technology in delivering enhanced customer experiences; hence, they have started adopting the technology to develop business applications.

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Key Market Players & Competitive Landscape

Some of key players in virtual reality market are IBM (US), AWS (US), Microsoft (US), SAP (Germany), Intel (US), Oracle (US), Bitfury (Netherlands), Cegeka (Netherlands), Earthport (UK), Guardtime (US), 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 (UK), AlphaPoint (US), NTT Data (Japan), Infosys (India), iXLedger (UK), and Stratis (UK) among others.

Companies are focusing on developing new products and developing strategic partnerships to enhance their market share. For instance, in February 2020, Microsoft integrated Lition Blockchain into Azure so that Microsoft Azure’s worldwide enterprise clients can develop, test, and deploy Lition side chains and applications with ease on its platform.

The Blockchain-in-security market is segmented as follows:

By Component

• Platform
• Services

By Device Type

• Private
• Public
• Hybrid

By Provider

• Application Providers
• Middleware Providers
• Infrastructure Providers

By Industry Type

• Transportation and Logistics
• Agriculture and Food
• Manufacturing
• Government
• IT and Telecom
• Insurance
• Retail
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa