According to the research report published by Market Research Future (MRFR), “Blockchain in Security Market by Component, by Provider, by Type, by Organization Size, by Application and By Region – Market Forecast Till 2030”. The market size of Blockchain in Security was valued at USD 1.05 billion in 2021. It is projected to witness substantial growth, reaching USD 17.5 billion by 2030 from USD 1.56 billion in 2022. This represents a remarkable compound annual growth rate (CAGR) of 44.20% during the forecast period of 2022 to 2030.
Market Synopsis:
The growing demand for streamlined troubleshooting and rectification, along with enhanced quality performance in contract management using contactless cards and data integrity through mechanization, is driving the continuous expansion of the market. Additionally, the anticipated increase in global ICT expenditure on equipment, technology, applications, technological advancements, and telecommunications is expected to contribute to the market’s growth opportunities in the coming years.
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Blockchain in Security Market Competitive Landscape:
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Market Drivers:
In the past decade, the blockchain sector has emerged as one of the most prominent technologies, finding widespread adoption across various industries. The impact of blockchain technology has been significant, enabling the development of reliable online services like invoicing, digital cash, transfers and transactions, cryptocurrencies, and digital identity. The market expansion is driven by the increasing demand for streamlined troubleshooting and reconciliation processes, as well as the need for enhanced contract execution using contactless cards and automated data integrity assurance. However, challenges related to integration with existing systems, as well as regulatory uncertainties, are currently impeding the industry’s growth.
COVID 19 Analysis:
The COVID-19 pandemic has had a profound impact on businesses worldwide, with restrictions and lockdowns forcing companies to adapt their operations. As a result, there has been a significant growth in the adoption of blockchain technology, as businesses have prioritized digitalization to ensure the continuity of their day-to-day activities. The widespread adoption of remote work models has created a substantial demand for secure and transparent solutions, leading to an increased interest in Web 3.0 blockchain technology. This rising demand is expected to continue in the forecasted period as businesses recognize the value and benefits of blockchain technology.
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Market Segmentation:
The global Blockchain in Security market has been divided into various segments based on Component, Provider, Type, Organization Size, and Application to define its scope.
The Component segment of the global Blockchain in Security market comprises platform and services.
The Provider segment of the global Blockchain in Security market includes Application Providers, Middleware Providers, and Infrastructure Providers. It is expected that the category of application providers will experience rapid growth during the projected period.
The Type segment of the global Blockchain in Security market is categorized into private, public, and hybrid. The public segment is projected to hold the largest market share in 2021, while the hybrid segment is expected to register the highest compound annual growth rate (CAGR).
The Organization Size segment of the global Blockchain in Security market consists of large enterprises and SMEs. Large enterprises accounted for a larger market share.
The Application segment of the global Blockchain in Security market covers Transportation and Logistics, Agriculture and Food, Manufacturing, Energy and Utilities, Healthcare and Life Sciences, Media, Advertising, and Entertainment, Banking and Financial Services, Insurance, IT and Telecom, Retail and eCommerce, Government, and Others. Among these, the Media, Advertising, and Entertainment sector is expected to exhibit rapid growth over the forecast period.
Regional Insights:
The global Blockchain in Security market has been geographically segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to hold a significant share of the global Blockchain in Security market during the projected period, while Europe is the fastest-growing region over the forecast period. Blockchain technology has a wide range of applications, making it one of the most disruptive technologies in Europe and the global economy. Its applications have expanded beyond cryptocurrencies, which initially brought blockchain into the public eye a decade ago. Despite being in its early stages, blockchain technology faces challenges such as performance, energy efficiency, digital asset regulation, integration with existing infrastructure, and interoperability among different blockchains. However, some of these challenges can be overcome, and the government and private sector initiatives developed throughout Europe are creating significant tailwinds for rapid adoption.
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The European Commission (EC) aims to leverage blockchain technology to establish a pan-European public services blockchain, develop a legal and regulatory framework for blockchain-based applications, and support substantial research and development projects. Companies are eager to enter the blockchain space to attract investment, supported by favorable legislative frameworks and a thriving blockchain infrastructure and services market. These factors, along with others, mark important milestones towards the integration of blockchain technology in Europe. Cross-border payments, settlements, and regulatory compliance account for more than a third of Europe’s blockchain spending. So far, the cryptocurrency sector has been the primary driver of blockchain market growth in Europe.
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