Blockchain in Security Market Sales Revenue Forecasts 2030 Analysis By Data from Major Countries and Analysis, Industry Trends, Growth, Scale, Segmentation, Future Demand, Latest Innovations

In a recent published report, Kenneth Research has updated the market report for Blockchain in Security Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Blockchain in Security Market products.

Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

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Market synopsis

Global Blockchain in Security market is expected to grow from USD 178.37 million in 2017 to USD 1572.46 million by 2023, at a CAGR of 43.73% during the forecast period.Blockchain technology is one of the most disruptive technologies of the decade that is widely being adopted across various industrial verticals. The implementation of blockchain technology has left a tremendous impact considering the advancement in trusted digital services such as billing, mobile money, payments and transactions, cryptocurrency, and digital identification. The factors contributing to the growth in market include growing need for reduction in error handling and reconciliation, rising demand for improved contractual performance with smart cards, and increased automation with data integrity and security. However, the integration concerns associated with application and existing system and uncertain regulatory protocols hamper the growth of market.

The Final Report will cover the impact analysis of COVID-19 on this industry:

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Blockchain in security market, by service provider, is segmented into application and solution provider, middleware provider, and infrastructure and protocols provider. The application and solution provider segment dominate the blockchain in security market during the forecast period. The blockchain application and solution providers offer significant value to the enterprises by providing periodic reconciliation, reducing duplications in transactional data, and data authentication for security and regulatory reasons. These vendors have the potential to deliver disruptive outcomes and reshape digital businesses by offering distributed ledger technology to different industry verticals.

The key players operating in the blockchain in security market and profiled in the report are IBM (US), Microsoft (US), Deloitte Touche Tohmatsu Limited (UK), Hewlett Packard Enterprise Company (US), Accenture PLC (Ireland), Cyber Infrastructure Pvt. Ltd. (India), Empirica S.A. (Poland), SAP (Germany), Oracle (US). These players are largely adopting strategies such as partnerships and alliances to strengthen their position in the global blockchain in security market. For instance, in August 2018, The American Association of Insurance Services (AAIS) has partnered with IBM for blockchain-based insurance regulatory reporting to enhance data security.

Segmentation

Blockchain in Security market is segmented based on service provider, vertical and region.Based on the service provider, the market is segmented into application and solution provider, middleware provider, and infrastructure and protocols provider.Based on vertical, the market is segmented into BFSI, government, healthcare and life sciences, energy and utilities, IT & telecom, retail and e-commerce, and others.By region, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World.

Regional analysis

The global market for blockchain in security is estimated to grow at a notable rate during the forecast period from 2018 to 2023. The geographical analysis of blockchain in security market is done for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to dominate the blockchain in security market from 2018 to 2023 owing to strong foundation in finance and commerce that is witnessing rapid implementation of blockchain technology for financial transactions and data storage. Furthermore, high concentration of market players in the region and availability of proficient technical expertise drive cross-business collaboration and blockchain interoperability. However, Asia-Pacific is estimated to witness the fastest adoption blockchain technology in security and register the highest CAGR during the forecast period.

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Competitive Analysis

The blockchain in security market has witnessed the high demand for payment and transaction application as it is not only costly but also error-prone and vulnerable to fraudulent activities. Growth strategies such as mergers, acquisitions, partnerships, business expansions, and product developments are being adopted by major players to increase their market share. For instance, in November 2018, In November 2018, Interswitch Group (Nigeria) collaborated with Microsoft to launch a blockchain-based supply chain financing service that provides fast and seamless trade financing.

Key players

The prominent players in the blockchain in security market have been identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. The major vendors of the market are IBM (US), Microsoft (US), Deloitte Touche Tohmatsu Limited (UK), Hewlett Packard Enterprise Company (US), Accenture PLC (Ireland), Cyber Infrastructure Pvt. Ltd. (India), Empirica S.A. (Poland), SAP (Germany), Oracle (US), Intel (US), Bitfury (US), Cegeka (Netherlands), Earthport (UK), Guardtime (Estonia), 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 (Singapore), AlphaPoint (US), AWS (US), and Factom (US).

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Intended Audience

Blockchain Vendors

Government Agencies

Blockchain Technology Vendors

Network Solution Vendors

Independent Software Vendors (ISVs)

Consulting Firms

Payment Gateway Providers

Financial Services Firms

Blockchain Security Providers

Trading Software Providers

Infrastructure Providers

Value-Added Resellers (VARs)

Communication Service Providers

About Kenneth Research

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