Blockchain in Security Market Outlook 2020-2023: Industry analysis and forecast

Global Blockchain in Security Market Outlook Overview

Blockchain refers to an autonomously managed decentralized database system that uses a peer-to-peer network and a distributed time stamping server. Blockchain technology enables track record keeping of each transaction when it takes place. The blockchain technology is almost impenetrable and can’t be hacked into or disrupted unless every computer connected to the blockchain is hacked simultaneously. With a rise in the number of blockchain users, the system becomes more and more secure due to the complexities involved in hacking the system.

Blockchain technology was originally developed to aid seamless exchange of the first cryptocurrency called Bitcoin. However, due to its impenetrable nature, the technology is being applied by many vendors in various sectors to enhance the security of operations, critical data, as well as online transaction gateways. Integration of blockchain technology in the security domain is anticipated to lead the number of cyber attacks to collapse.

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The Blockchain in Security Market Outlook is anticipated to record a burgeoned CAGR of 43.73% during the assessment period of 2019-2023. The Blockchain in Security Market Outlook is expected to garner a revenue of USD 1572 million by the end of 2023 owing to an expanding need for reduction in reconciliation and error handling. Rising demand for better contractual performance with smart cards coupled with a rapid rise in automation with data integrity and security are also projected to propel growth in the Blockchain in Security Market Outlook. In contrast, the Blockchain in Security Market Outlook will likely face some hindrance due to uncertain regulatory protocols and integration concerns with the existing system.

Key Players

The Blockchain in Security Market Outlook landscape is shaped with the presence of many prominent players. Some of these notable players include IBM (US), Microsoft (US), Accenture PLC (Ireland), Deloitte Touche Tohmatsu Limited (UK), Hewlett Packard Enterprise Company (US), Digital Asset Holdings (US), Cyber Infrastructure Pvt. Ltd. (India), Empirica S.A. (Poland), Guardtime (Estonia), SAP (Germany), Oracle (US), Intel (US), Bitfury (US), Cegeka (Netherlands), Earthport (UK), Chain (US), Huawei (China), BlockCypher (US), Symbiont (US), BigchainDB (Germany), RecordsKeeper (Gibraltar), Blockpoint (US), Auxesis Group (India), BTL Group (Canada), Applied Blockchain (UK), Blockchain Foundry (Singapore), AlphaPoint (US), AWS (US), and Factom (US).

Market Segmentation

The Blockchain in Security Market Outlook is segmented by service provider and vertical. On the basis of service provider, the market is segmented into application and solution provider, middleware provider, and infrastructure & protocols provider. By vertical, MRFR has segmented the Blockchain in Security Market Outlook into government, BFSI, healthcare & life sciences. IT & telecommunications, retail, e-commerce, and energy & utilities.

Competitive Analysis

Application of blockchain technology for secure online payment and transaction gateways is likely to gain traction as payment gateways are more prone to face a cyber attack. Such application is creating lucrative expansion opportunities for existent and upcoming players in the market. Significant key players are projected to implement numerous growth strategies such as mergers, acquisitions, and partnerships to encapsulate larger market shares.

Detailed Regional Analysis

The global Blockchain in Security Market Outlook is segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is expected to step on the forefront of the market for blockchain technology in security during the assessment period. A growing application of blockchain technology in the finance and commerce sectors for secure financial transactions and data storage is driving the market of North America. Additionally, a strong presence of major market players in the region is also anticipated to expand the Blockchain in Security Market Outlook. With significant market players based in North America and the availability of proficient technical expertise, the market promotes cross-business collaboration and blockchain interoperability. The APAC region is estimated to register the highest CAGR during the forecast period due to a speedy adoption of blockchain technology for security purposes.

Industry Update

March 2019: German Ministry of Finance has recommended that blockchain-based technologies should be regulated as legitimate forms of financial instruments.

LIST OF TABLES

Table 1 Global Blockchain in Security Market Outlook, By Region, 2019–2023

Table 2 North America: Blockchain in Security Market Outlook, By Country, 2019–2023

Table 3 Europe: Blockchain in Security Market Outlook, By Country, 2019–2023

Table 4 Asia-Pacific: Blockchain in Security Market Outlook, By Country, 2019–2023

Table 5 Middle East & Africa: Blockchain in Security Market Outlook, By Country, 2019–2023

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LIST OF FIGURES

FIGURE 1 Global Blockchain in Security Market Outlook Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Porter’s Five Forces Analysis Of Global Blockchain in Security Market Outlook

FIGURE 4 Value Chain Of Global Blockchain in Security Market Outlook

FIGURE 5 Share Of Global Blockchain in Security Market Outlook In 2017, By Country (In %)

Continued…….

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