Blockchain in Security Market

Increasing need for reduced troubleshooting and rectification

The increasing need for reduced troubleshooting and rectification, as well as increased improvement in the quality performance of the contract using contactless cards, as well as mechanization with data ensuring the integrity, are all aspects that are driving the market's continued expansion. Furthermore, it is expected that a rise in ICT expenditure across the world for equipment, technology, applications, technological advances, and telecommunications, among other things, would add to the market's development opportunities in the future years.

The Global Blockchain in Security Market Industry is poised for remarkable growth, with projections indicating a market size of 3.15 USD Billion in 2024. The anticipated growth trajectory suggests a significant increase, potentially reaching 176.5 USD Billion by 2035. This growth is underpinned by a robust CAGR of 44.19% from 2025 to 2035, reflecting the escalating demand for blockchain-based security solutions across various sectors. The convergence of technological advancements and increasing cybersecurity threats is likely to drive this expansion, positioning blockchain as a pivotal element in future security frameworks.

The increasing frequency and sophistication of cyberattacks is a primary driver for the Global Blockchain in Security Market Industry. Organizations are compelled to adopt advanced security measures to protect sensitive data. Blockchain technology offers decentralized security solutions that enhance data integrity and transparency. For instance, the implementation of blockchain in identity verification systems has shown promising results in reducing fraud. As cyber threats continue to evolve, the market is projected to reach 3.15 USD Billion in 2024, indicating a robust demand for blockchain-based security solutions.

The proliferation of Internet of Things (IoT) devices is a notable factor driving the Global Blockchain in Security Market Industry. With billions of connected devices generating vast amounts of data, securing this information becomes paramount. Blockchain technology can enhance the security of IoT ecosystems by providing a decentralized approach to data management. For instance, smart contracts can automate security protocols for IoT devices, ensuring data integrity. As the number of IoT devices continues to rise, the market is likely to experience substantial growth, with a projected CAGR of 44.19% from 2025 to 2035.

The need for enhanced data privacy is a critical driver for the Global Blockchain in Security Market Industry. As data breaches become more prevalent, consumers and organizations alike are seeking solutions that ensure data confidentiality. Blockchain technology provides robust encryption and access control mechanisms that safeguard sensitive information. For instance, blockchain-based platforms for secure data sharing are emerging as viable solutions for industries such as healthcare and finance. This emphasis on data privacy is likely to contribute to the market's expansion, with expectations of reaching 176.5 USD Billion by 2035.

The evolving landscape of regulatory compliance is significantly influencing the Global Blockchain in Security Market Industry. Governments worldwide are increasingly mandating stringent security measures to protect personal and financial data. Blockchain technology, with its immutable ledger, provides a transparent and auditable framework that aligns with these regulations. For example, the General Data Protection Regulation (GDPR) in Europe encourages the use of blockchain for data management. This regulatory push is expected to drive market growth, potentially reaching 176.5 USD Billion by 2035, as organizations seek compliant solutions.

The shift towards decentralized solutions is reshaping the Global Blockchain in Security Market Industry. Organizations are increasingly recognizing the limitations of traditional centralized security systems, which are often vulnerable to single points of failure. Blockchain technology offers a decentralized framework that enhances security and resilience. For example, decentralized identity management systems are gaining traction as they empower users to control their personal data. This growing demand for decentralized solutions is expected to propel market growth, with projections indicating a market size of 3.15 USD Billion in 2024.

Geographically, North America is expected to have a significant share of the Blockchain in Security market during the projected period.

North America is likely to lead blockchain adoption in the scenario. By cryptocurrency volume transferred on-chain, North America is the third most active area, trailing only Northern and Western Europe (NWE) and far behind East Asia. North America accounted for an estimated 14.8 percent of all cryptocurrency activity. North America, like East Asia, has a thriving professional market; however, its Bitcoin investing techniques appear to be somewhat different from those in East Asia.

Organizations in the region are increasingly adopting blockchain technology, propelling regional market expansion. Many formerly hesitant leaders are beginning to understand blockchain's long-term potential, indicating that it is entering a new phase of wider, more practical acceptance. Blockchain initiatives are being expanded and diversified by an increasing number of enterprises across a wider range of industries. Leaders across a wide range of industries in North America are well aware of blockchain's disruptive potential, but each industry is figuring out how to best use the technology.

Payment and wallet solutions, smart contracts, and digital identity detection solutions are being implemented in industries like government, retail, and BFSI, necessitating blockchain technology. In addition, the presence of a high number of companies in the region is boosting the regional market growth.

FIGURE 3: BLOCKCHAIN IN SECURITY MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The worldwide market is distinguished by the presence of a high number of market participants. The major strategy adopted in recent years by the market's prominent players has been the launch of new platforms and services.

The blockchain market will witness robust growth during the forecast period due to growing government initiatives for 5G infrastructure development, the rising use of advanced technologies such as blockchain, and the increasing demand for decentralized applications and services across the globe.

The blockchain market is highly fragmented, owing to a large number of local players, especially in developed countries such as the US, the UK, and Germany. Investment from the top venture capital firms ly in the infrastructure and talent driving the blockchain and digital asset ecosystem is increasing continuously. It is expected that the established players in the technology sector will invest heavily in the market in the near future.

January 2021: IBM and Thai Reinsurance Public Company Limited (Thai Re) partnered to introduce the Insurer Network, a reinsurance smart contract platform built on IBM blockchain technology and hosted on IBM Cloud. Thai Re will gain productivity and speed in processing reinsurance contracts with a stable single version of truth documents thanks to IBM Blockchain technology based on the highly secure IBM Cloud.