Blockchain Based Data Security Market Emerging Trends, Insight and Quality Analysis, Applications and SWOT Analysis 2021-2030

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. 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.

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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. For instance, Applied Blockchain, a specialist in building applications with enhanced trust and privacy, announced that it has joined the Confidential Computing Consortium, an organization created by the Linux Foundation dedicated to accelerating the adoption of Confidential Computing for providing data security. Applied Blockchain is joining to collaborate more closely with the companies at the forefront of blockchain technology.

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. For instance, in April 24, 2020, a startup YoSync of IIITB-IMACX Studios partnered with BelfricsBT, a global blockchain company based in Malaysia. This partnership led to the development of a new Covid-19 tracking platform named ‘BelYo’. BelYo provides an effective solution with regards to data privacy for users who hold data in their blockchain digilocker. The users can share their data with consent and the receivers can use the received data only for their intended use.

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.

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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.

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