Blockchain Security Market worth $37.4 billion by 2029- Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Sept. 6, 2024 /PRNewswire/ — When forecasted globally, the Blockchain Security Market is projected to rise from USD 3.0 billion in 2024 to USD 37.4 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period. The Blockchain Security Market is driven by key factors including the rising frequency of cybersecurity threats and breaches, the growing adoption of blockchain technology, and the expansion of Decentralized Finance (DeFi).

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Scope of the Report

The Blockchain Security Market is expanding due to integration with emerging technologies like AI and IoT, which enhance threat detection and data security. The rising demand for third-party security audits helps organizations identify vulnerabilities and build trust. Additionally, blockchain applications are growing across diverse sectors, such as healthcare and supply chain management, necessitating robust security measures. The increasing use of smart contracts also drives the need for advanced security solutions to prevent unauthorized access and exploitation.

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Based on the services, technology advisory and consulting to account for the largest market size during the forecast period.

When segmenting the Blockchain Security Market by services, the technology, advisory, and consulting services acquire the largest market size for several compelling reasons. This dominance is driven by the increasing need for expert guidance to navigate the complexities of blockchain technology and ensure robust security measures. As organizations adopt blockchain for various applications, they seek specialized services to assess risks, design secure infrastructures, and implement compliance strategies. The demand for advisory and consulting services is further fueled by the rapid evolution of blockchain technology and its integration with other emerging technologies, necessitating continuous expertise and updated security frameworks.

By Vertical, retail & eCommerce accounts for the highest CAGR during the forecast period.

The retail & eCommerce vertical is growing at the highest CAGR in the Blockchain Security Market, and there are many factors contributing to it. Such growth is primarily driven by the increasing adoption of blockchain technology to enhance transaction security, prevent fraud, and improve supply chain transparency. Retail and e-commerce businesses are leveraging blockchain for secure payment processing, data privacy, and protection against cyber threats. As these sectors continue to expand their digital operations and customer interactions, the demand for robust blockchain security solutions is expected to grow significantly, leading to a higher CAGR compared to other verticals.

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By Region, North America accounts for the largest market size.

It is estimated that North America holds the largest market size in the Blockchain Security Market; the reason is attributed to the early adoption of blockchain technology across various industries in the region, particularly in sectors such as finance, healthcare, and retail. The presence of major technology companies and a robust regulatory framework supporting blockchain innovation further strengthens North America’s position. Additionally, the increasing number of cybersecurity threats and the rising focus on securing blockchain applications drive the demand for advanced blockchain security solutions in the region, making it the largest market during the forecasted period.

Top 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), Chainalysis (US), CertiK (US), Consensys (US), Bitfury Group Limited (Netherlands), LeewayHertz (India), Fortanix (US), Utimaco (Germany), Hacken (Estonia), Bit Sentinel (Romania), Astra IT, Inc (India), Kaleido, Inc (US), Microminder Cybersecurity (UK), Arridae Infosec (India), OVHcloud (France), and CryptoSec (US) are the key players and other players in the Blockchain Security Market.

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