Blockchain can be defined as a decentralized database, divided and managed by peers, instead of having a central authority or server. This technology allows a new era of decentralized coordination and communication by developing the infrastructure to let peers rapidly and securely connect & coordinate without a central authority. The blockchain security system provides an inclusive risk management solution for blockchain networks that utilizes cybersecurity frameworks and assurance services to reduce the risks of cybercrime and fraudulence.
The global blockchain in security market is anticipated to grow at a staggering rate owing to the rise in usage of digital services like mobile money and cryptocurrency. In addition, the rising need for error reduction & reconciliation and increase in automation in data integrity & security are among the major factors behind the rising demand in the global market. Blockchain technology is considered a new weapon to combat cybercrime. It is a perfect solution for security owing to its decentralized nature, with endless usage in medical and financial data sharing to keep a track of anti-money laundering and safeguarding encrypted messaging solutions.
In addition, the increased transaction in digital securities along with rising demand for blockchain technology in the telecom and IT industry are also foreseen to contribute to the growth in the global blockchain in security market in the forthcoming years.
The outbreak of the pandemic COVID-19 has affected people, communities, and nations in several ways. But, there has been a noticeable growth in the utilization of blockchain technology in providing security. During COVID-19 most of the companies implemented work from home or remote work policies. The key components of blockchain has proved advantageous for the healthcare, finance, and manufacturing sector by expanding their business capabilities.
The global blockchain in security market is broadly categorized into service provider, vertical, and region. Based on service provider, the market is divided into middleware provider, infrastructure & protocols provider, and solution provider. In terms of vertical, the market is segmented into government, BFSI, healthcare & life sciences, IT & telecom, energy & utilities, retail & e-commerce, and others.
Based on geography, North America is expected to register the highest market share within the forecast period and lead in the global blockchain in security market within the forecast period. This is credited to the increasing investments in blockchain technology by industry giants, rising concerns regarding cybercrime, improved IT infrastructure, and others. Additionally, the presence of leading companies and technological developments in blockchain are some of the factors that make Asia Pacific the second leading region in the global blockchain in security market.
Owing to the advancement in technology the global blockchain in security market is estimated to be highly competitive. Some of the key players in the market are Digital Asset Holdings, SAP, Earthport, Cyber Infrastructure Pvt. Ltd., Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Microsoft, Applied Blockchain, IBM, Accenture PLC, and others. Two years ago, Circle Internet Financial Limited acquired SeedInvest. It is an equity crowdfunding company. The acquisition aimed to deliver a strong market space that would help businesses and individuals to raise funds and find investors for their projects.