A blockchain is a decentralized database system that is managed autonomously using a peer-to-peer network and a distributed time stamping server. Blockchain technology allows for keeping track record of each Bitcoin transaction that has been executed. The technology has an ability to perform financial operations instantaneously though permissioned ledgers which are distributed uniformly.
Blockchain in Security market is expected to grow from USD 178.37 million in 2017 to USD 1572.46 million by 2023, at a compound annual growth rate (CAGR) of 43.73% during the forecast period. The 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 are some of the factors driving the growth of blockchain in security market.
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The players in the blockchain in security have been considered across all the top regions based on their country of origin. The major vendors of the market are IBM, Hewlett Packard Enterprise Company, Microsoft, Deloitte Touche Tohmatsu Limited, Empirica S.A., Accenture PLC, Cyber Infrastructure Pvt. Ltd., SAP, Oracle, Intel, Bitfury, Cegeka, Earthport, BigchainDB, Guardtime, Digital Asset Holdings, Chain, Huawei, BlockCypher), RecordsKeeper, Symbiont, Applied Blockchain, Blockpoint (US), Auxesis Group, BTL Group, Blockchain Foundry, AlphaPoint, AWS, and Factom.
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The global market for blockchain in security market is estimated to grow at a notable rate during the forecast period from 2018 to 2023. The geographical analysis of blockchain in security is done for North America, Europe, Asia-Pacific, and the rest of the world.
Expected that North America is going to dominate the blockchain in security market from 2018 to 2023 by owing to strong foundation in finance and commerce sector that is witnessing rapid implementation of blockchain technology for financial transactions or data storage. Moreover, high concentration of market players in the part and availability of efficient technical expertise drive cross-business collaboration and blockchain interoperability.
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