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Blockchain In Security Market Size Expansion: A Snapshot of Growth Between 2024 and 2029
The size of the blockchain in security market has expanded significantly over the past few years. The market is projected to escalate from $2.07 billion in 2024 to $2.91 billion in 2025, boasting a compound annual growth rate (CAGR) of 40.7%. The substantial growth observed in the previous period can be credited to the hike in venture capital and investments, augmented governmental interventions, enhanced comprehension of the benefits, the emergence of decentralized applications, and the joint efforts of financial institutions.
The size of the security-based blockchain market is anticipated to witness a significant upward trajectory in the forthcoming years. There’s an expectation for it to escalate to $11.26 billion by 2029, boasting a compound annual growth rate (CAGR) of 40.3%. The predicted enlargement during the forecasting period is a consequence of an escalating requirement for minimised troubleshooting, growing incidences of cryptocurrency and Initial coin offerings, expansion in the healthcare and education sectors, increasing digital transformation, and a surge in cybersecurity threats. The forecast period will also see an uptrend in major trends like automated security measures through smart contracts, integration of Internet of Things (IoT) for securing devices, amalgamation of privacy-enhancing technology and cybersecurity, multi-chain ecosystems, along with quantum-safe cryptography.
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Key Drivers Behind the Expansion of the Blockchain In Security Market: Insights and Trends
The accelerated rate of cybersecurity threats is anticipated to fuel the development of the blockchain-in-security market. These cybersecurity threats are malevolent activities aiming to violate the confidentiality, integrity or accessibility of information systems and data. The escalation in cybersecurity threats can be related to factors like the rise in connectivity due to increased internet-enabled devices, the advancement in strategies of cybercriminals, and the rampant use of digital technologies lacking sufficient security protocols.
Blockchain’s unparalleled protection stems from its decentralized and unchangeable nature, making it a favoured option for protecting sensitive data and transactions across various sectors. A case in point is in November 2023, the Department of Defense Australia, an Australian government branch, reported that the Australian Cyber Security Centre received over 94,000 reports of cybercrime in the financial year 2022-2023, showcasing a 23 % rise from the preceding year, 2021-2022. Hence, the escalating cybersecurity threats are promoting the expansion of the blockchain security market.
Which Segments in the Blockchain In Security Industry Are Seeing the Fastest Growth?
The blockchain in security market covered in this report is segmented –
1) By Component: Platform, Services
2) By Security Type: Private, Public, Hybrid
3) By Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Transportation And Logistics, Agriculture And Food, Manufacturing, Government, Information Technology And Telecom, Insurance, Retail, Other Applications
Subsegments:
1) By Platform: Blockchain-As-A-Service (BaaS), Distributed Ledger Technology (DLT) Platforms, Smart Contract Platforms, Identity Management Platforms, Cryptographic Platforms
2) By Services: Consulting Services, Integration And Implementation Services, Managed Services, Training And Support Services
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Which New Trends Will Create Growth Opportunities in the Blockchain In Security Market?
Leading blockchain security market businesses, such as those developing anti-scam innovations like identity verification, transaction surveillance, and AI-powered threat detection to advance cybersecurity protections and combat fraud, are harnessing inventive technologies. For example, in May 2024, the UK-based cryptocurrency trading platform Baorui rolled out a state-of-the-art technology to stave off scams in blockchain transactions to spearhead a new epoch in trading. This technology scrutinizes each transaction meticulously, pinpointing and intercepting any potential fraud. It proficiently analyzes and deciphers complex transaction patterns, ensuring the safety of user transactions on the BAORUI platform.
Which Global Regions Are Powering Demand in the Blockchain In Security Market?
North America was the largest region in the blockchain in security market in 2024. The regions covered in the blockchain in security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How Key Players Are Driving Growth in the Blockchain In Security Market?
Major companies operating in the blockchain in security market are Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, Accenture PLC, IBM Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Huawei Technologies Co Ltd., Infosys Technologies Private Limited, Horizen Labs Inc., SlowMist Technology Co Ltd., Bitfury Holding B.V., LeewayHertz Technologies Inc., Guardtime USA Inc., CertiK, Hacken OÜ, Ankr Network, OpenZeppelin, Trail of Bits Inc., ConsenSys Inc., BlockCypher Inc., Oasis Labs Inc., Securosys SA, Quantstamp Inc., Blockchain Foundry Inc.
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