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Delray Beach, Fla., Dec. 20, 2024 (Globe Newswire) — The blockchain security market is expected to grow from USD 3.0 billion in 2024 to USD 37.4 billion in 2029, at a CAGR of 65.5% during the forecast period. It is expected. New report by MarketsandMarkets™. This is because factors such as the increasing incidence of cyber-attacks and breaches require strong security for organizations implementing blockchain technology. Additionally, transparency and data integrity are some of the benefits that organizations are looking to gain from using blockchain, and several areas such as finance, healthcare, and supply chain management are already using this technology. Because of the technology employed, a high level of security is required. Apart from that, the expansion of DeFi is creating demand for more secure blockchain solutions that protect decentralized financial transactions from potential risks.
See detailed table of contents for Blockchain Security Market
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Blockchain security market dynamics:
driver:
Increase in cybersecurity threats and breaches
Growing adoption of blockchain technology
Expansion of decentralized finance (DeFi)
Restraint:
High implementation costs and budget constraints
Scalability and integration issues
Immaturity and complexity of blockchain technology
opportunity:
Integration with emerging technologies
Growing demand for third-party security audits
New applications in various fields
Growing adoption of smart contracts
List of major players in the blockchain security market:
IBM (USA)
Amazon Web Services, Inc. (AWS) (USA)
Thales (France)
Oracle (US)
Infosys Limited (India)
Infineon Technologies (Germany)
Kudelski Security (Switzerland)
Science Software (USA)
Kaspersky (Switzerland)
Ojas Cybersecurity (USA)
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Additionally, the integration of AI and IoT, growing demand for third-party security audits, and growing deployment of blockchain across various industries are some of the positive signs driving exponential growth of the blockchain security market. . Additionally, as smart contracts become more prevalent in transactions, thereby further expanding the industry, strong security measures will be needed.
Trend: Post-Quantum Cryptography (PQC) and Homomorphic Encryption
The blockchain security market is increasingly focused on advanced cryptographic techniques such as PQC and homomorphic encryption. With the advent of quantum computing, traditional cryptographic methods face vulnerabilities, so we are developing PQC to future-proof blockchain networks against potential quantum attacks. At the same time, homomorphic encryption allows computation on encrypted data without decryption, protecting data privacy while enabling regulatory compliance and specific use cases. These advances are essential to maintaining the security and resilience of blockchain systems.
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Trends: Artificial Intelligence (AI) and Machine Learning (ML)
AI and ML provide proactive protection against evolving threats. For this reason, these technologies are gaining great importance in the blockchain security market. Anomaly detection, threat analysis, automated incident response, etc., all of which are handled by the use of AI and ML in the blockchain security market. Because these technologies can help identify and mitigate security risks within blockchain environments more quickly and efficiently. Additionally, the combination of AI and ML makes it easier to predict and respond to attacks in real-time. Additionally, advanced security is built into the entire blockchain network, increasing overall resiliency and reliability when it comes to processing sensitive data and transactions.
By service, the development and integration segment accounted for the highest CAGR.
Segmenting the blockchain security market by services, the development and integration services segment grows at the highest CAGR. This significant growth is being driven by the growing demand for customized blockchain solutions that can be effectively integrated with existing business processes and infrastructure. As businesses across multiple sectors increasingly recognize the transformative potential of blockchain technology, there is a need for specialized services oriented to developing, customizing, and integrating blockchain solutions to address specific security concerns. Sexuality is also increasing.
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Development and integration services play a critical role as they provide the technical expertise needed to design secure, scalable, and efficient blockchain applications to ensure suitability to an organization's needs. As implementation of this technology increases, many organizations are considering integrating this technology within their existing IT infrastructure. This requires professional services to help with a smooth transition and reduce disruption as much as possible. This requirement for customized development, along with the complexity of securely deploying blockchain, is driving tremendous growth in the development and integration services segment of the blockchain security market.
By solution, the smart contract security solutions segment accounts for the largest market size.
Further segmenting the blockchain security market into solutions, the smart contract security solutions segment accounts for the largest market size due to various factors. Recently, the adoption of smart contracts has increased across various industries, increasing the need for robust security measures to prevent vulnerabilities and exploits. Because smart contracts are self-executing and immutable, they require complex security measures to ensure their integrity and avoid unauthorized access or manipulation. Growing awareness of the potential risks associated with smart contracts, such as vulnerabilities to coding errors and cyber-attacks, has put the demand for extensive security measures in the spotlight, making smart contract security an essential part of the blockchain security market. It is a segment.
Opportunity: Greater adoption of smart contracts
The increasing adoption of smart contracts across a wide range of industries to enhance and facilitate transactions creates tremendous opportunities in blockchain security. Smart contracts are essentially self-executing agreements with explicitly encoded terms and have many associated benefits, such as eliminating intermediaries, reducing transaction costs, and increasing transparency and trust. But these contracts, by their very nature and the value attached to them, have become the next frontier for cyber intrusion and exploitation. Therefore, they needed a security service that specializes in code audits, vulnerability assessments, and continuous monitoring to identify and mitigate the associated risks. The demand for strong security measures to protect the increasing number of smart contracts adopted by enterprises and, by extension, organizations within their workflows is expected to strongly drive the growth of blockchain security.
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