Blockchain-Based Data Security Market Trends and Insights

The Blockchain Based Data Security Market refers to the burgeoning sector within the technology industry that utilizes blockchain technology to enhance data security measures.

Blockchain technology is an immutable decentralized digital ledger, which is shared among a distributed network of computers. Blockchain technology is an immutable decentralized digital ledger, which is shared among a distributed network of computers. The ledger consists of all transactions that are processed across a peer-to-peer network, thus facilitating participants to process the recording of transactions and track assets in a network.

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On the other hand, centrally managed systems are more prone to cyber-attacks. For instance, hackers have been increasingly using edge devices like thermostats, routers and ‘smart’ switches, to gain access to connected systems. Thus, blockchain can secure such systems and devices by decentralizing their administration.

Market Dynamics and Trends:

Rise in digitalization has increased the demand for decentralized structure among various industries, which in turn is driving the growth of blockchain based data security market.

Also, growing need for secure and resilient platform has proliferated the adoption of blockchain technology as it facilitates encrypted data transactions. Moreover, high level of security offered by a distributed ledger system helps in establishing a secure data network. Businesses offering consumer products and services are adopting blockchain technology to securely record consumer’s data. Blockchain is one amongst the foremost technological breakthroughs that helps to stay competitive without having to trust on any third party for secure transactions. These advantages are anticipated to drive the expansion of blockchain based data security market among various industry verticals like healthcare, BFSI, education etc.

However, factors limiting the adoption of blockchain is the lack of knowledge, trust among users, financial resources, and interoperability across various industries. Additionally, some business leaders have been slow to implement the blockchain technology as replacing legacy systems is expensive and requires significant effort. This is predicted to hamper the growth of the market during the forecast period. On the contrary, growing government initiatives towards the adoption of blockchain, especially among emerging economies such as India and China are expected to form ample growth opportunities for the market players within the coming years.

Market Segmentations and Scope of the Study:

The blockchain based data security market is segmented on the basis of deployment mode, application, enterprise size, industry verticals, and geography. On the basis of deployment mode, the market is divided into cloud and on-premise. On the basis of application, the market is categorized into identity and access management, key management, data privacy, secure communication, smart contract security, and transaction endorsement. On the basis of enterprise size, the market is classified into small & medium enterprise and large enterprises. On the basis of industry verticals, the market is classified into Banking, Financial Services and Insurance (BFSI), IT and telecommunication, healthcare, retail & eCommerce, transportation & logistics, media & entertainment, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

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Geographical Analysis:

Asia-Pacific is expected to show the highest CAGR in the blockchain based data security market during the forecast period. This is attributed to factors such as inclination towards decentralized systems from SME’s, government’s encouragement towards the adoption of blockchain for its multi-beneficial applications, such as smart contracts, digital ID, cross-border transactions, and so on.

Furthermore, North America blockchain based data security market has garnered the highest revenue in 2020 due to proliferated adoption of blockchain technology in BFSI, healthcare and education industry coupled with surge in use of digital transactions in the U.S. In addition, technological advancement has led towards the higher adoption of blockchain for data security purpose.

Competitive Landscape:

The blockchain based data security market is comprised of various market players such as IBM Corporation, Microsoft Corporation, BTL Group Ltd., Deloitte Touche Tohmatsu Limited, Amazon Web Services, Inc., SAP, Oracle Corporation, Bitfury Group Limited, Infosys Limited, Guardtime, and Digital Asset Holdings, LLC. Some of the other players operating in this market include Blockcypher, Symbiont, Bigchaindb, Applied Blockchain, Blockpoint, Blockchain Foundry, Inc., Alphapoint, Factom, Spinsys, and others.

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