The Rise of Blockchain Security Market: A $37.4 billion Industry Dominated by Tech Giants - Chainalysis (US) and Consensys (US)| MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Dec. 20, 2024 (GLOBE NEWSWIRE) -- The Blockchain Security Market is expected to rise from USD 3.0 billion in 2024 to USD 37.4 billion in 2029 at a CAGR of 65.5% during the forecasted period, according to a new report by MarketsandMarkets™. It is because of the factors like rising incidences of cyberattacks and breaches necessitating strong security for organizations implementing blockchain technology. Also, transparency and data integrity are some of the benefits that organizations aim to benefit from by using blockchain, thus requiring high levels of security because several sectors including finance, healthcare, or supply chain management have already embraced the technology. Apart from it, DeFi expansion creates a demand for more secure blockchain solutions protecting decentralized financial transactions against potential risks.

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417 - Tables
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353 - Pages

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Blockchain Security Market Dynamics :

Drivers:

• Rising cybersecurity threats and breaches
• Growing adoption of blockchain technology
• Expansion of decentralized finance (DeFi)

Restraints:

• High implementation costs and budgetary constraints
• Scalability and integration problems
• Immaturity and complexity of blockchain technology

Opportunities:

• Integration with emerging technologies
• Growing demand for third-party security audits
• Emerging applications in diverse sectors
• Growing adoption of smart contracts

List of Key Companies in Blockchain Security Market:

• IBM (US)
• Amazon Web Services, Inc. (AWS) (US)
• Thales (France)
• Oracle (US)
• Infosys Limited (India)
• Infineon Technologies (Germany)
• Kudelski Security (Switzerland)
• ScienceSoft (US)
• Kaspersky Lab (Switzerland)
• Aujas Cybersecurity (US)

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Further, AI and IoT integration, larger demands for third-party security audits, and greater deployment of blockchain across various industries are some of the positive indications driving exponential growth in the Blockchain Security Market. In addition, strong safety precautions are needed as smart contracts become more popular in transactions, thereby further expanding the industry.    

Trend: Post-Quantum Cryptography (PQC) and Homomorphic Encryption

The Blockchain Security Market is witnessing a growing focus on advanced cryptographic techniques like PQC and Homomorphic Encryption, with the advent of quantum computing, traditional cryptographic methods face vulnerabilities, hence developing PQC to future-proof blockchain networks against potential quantum attacks. Simultaneously, Homomorphic Encryption allows computations on encrypted data without decryption, preserving data privacy while enabling regulatory compliance and specific use cases. These advancements are essential for maintaining the security and resilience of blockchain systems.

Trend: Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML provide proactive measures against evolving threats; because of this, these technologies are gaining immense importance in the Blockchain Security Market. Anomaly detection, threat analysis, and automated incident response, all these are taken care by the use of AI and ML in the Blockchain Security Market because these technologies are helping in quicker and more efficient identification and mitigation of security risks within blockchain environments. Moreover, the combination of AI and ML can make the prediction and handling of an attack in real-time easier. Besides, it incorporates advanced security for the blockchain networks as a whole, improving their overall resiliency and reliability in terms of handling sensitive data and transactions.

By services, the development and integration segment accounts for the highest CAGR.

On segmenting the Blockchain Security Market by services, the development and integration services segment grows at the highest CAGR. This significant growth is driven by the rising demand for tailored blockchain solutions that can effectively integrate with existing business processes and infrastructure. With increased awareness of the revolutionary potential of blockchain technology among entities across multiple sectors, the need for specialized services oriented toward the development, customization, and integration of blockchain solutions to address specific security concerns also heightens.

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Development and integration services play a vital role as they offer the technical expertise required in the design of secure, scalable, efficient blockchain applications to ensure suitability for organizational needs. With the increased implementations of this technology, many organizations look to integrate it within their existing IT infrastructures, which requires specialized services that help in frictionless transitions and reduce as much disruption as possible. Such requirements for tailored development, plus the complexities involved in securely deploying blockchain, drive the extraordinary growth of the development and integration services segment of the Blockchain Security Market.

By solution, the smart contract security solution segment accounts for the largest market size.

When we segment the Blockchain Security Market further into solutions, the smart contract security solution segment accounts for the largest market size because of various factors. Across various industries these days, a growing adoption of smart contracts is seen because of which need for robust security measures to prevent vulnerabilities and exploits has risen. Smart contracts, which are self-executing and immutable, require intricate security measures to ensure their integrity and to avoid unauthorized access or manipulation. An increasing acknowledgment of possible risks associated with smart contracts—such as coding errors and vulnerabilities to cyber-attacks is bringing demand for pervasive security measures into the limelight, making smart contract security an indispensable segment of the Blockchain Security Market.  

 Opportunity: Growing adoption of smart contracts

The increasing adoption of smart contracts across a wide range of industries, targeted to enhance and facilitate transactions, creates a very high opportunity in blockchain security. Smart contracts are basically referred to as self-executing agreements with explicitly encoded terms, and they have a number of benefits associated: eliminating intermediaries, reducing transaction costs, and enhancing transparency and reliability. Yet, these contracts by their very nature and the value attached to the same became the next frontier for cyber invasions and exploits. This, therefore, necessitated a specialized security service in code audits, vulnerability assessment, and continuous monitoring to identify and reduce associated risks. The demand for strong security measures to protect the growing number of smart contracts adopted by businesses and, consequently, by an organization within a workflow is expected to strongly trigger growth in blockchain security.

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