When we estimate the Blockchain Security market globally, it will grow 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 increasing rate of cyber threats and breaches has raised the demand for effective security solutions, that protect the blockchain networks from sophisticated threats and hence support the growth of the blockchain security market. With blockchain technology being deployed in various sectors including finance, healthcare, and supply chain management, the need for robust infrastructure that can secure confidential data and transactions is on the rise. Furthermore, blockchain technology underpins a big part of decentralized finance (DeFi) platforms, so new security risks that require an enhanced call for specialized security protocols—smart contract audits and vulnerability assessments—have been exposed.
Blockchain Security Market Definition
Blockchain security involves applying a blend of cybersecurity strategies, tools, and best practices to minimize risks and prevent malicious attacks. It involves securing the underlying infrastructure, maintaining the integrity and confidentiality of transactions, preventing unauthorized access, and protecting smart contracts.
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Competitive overview:
Some of the globally established players which lead the blockchain security market are 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), and Aujas Cybersecurity (US). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies these players use to increase their market presence.
Oracle (US)
Oracle is a key player in the blockchain security market, offering solutions like the Oracle Blockchain Platform Cloud Service and Oracle Blockchain Platform Enterprise Edition. These platforms provide secure, permissioned blockchain networks that enhance data integrity, streamline transactions, and ensure regulatory compliance, with flexible deployment options across cloud, on-premises, and hybrid models. Oracle focuses on tamper-proof data records, utilizing innovations like blockchain tables in Oracle Database 21c to bolster data security. The platform supports diverse smart contracts and integrates with multiple ledgers, catering to various business needs across industries such as finance, retail, manufacturing, and healthcare. Oracle’s blockchain solutions are integral to its broader cloud services and enterprise applications, promoting secure, decentralized data management for global enterprises across multiple regions.
Thales (France)
Thales Group is a leader in advanced technologies, providing robust blockchain security solutions to protect digital assets and transactions. Their offerings, like Luna Cloud HSM via the Data Protection on Demand (DPoD) platform, enable secure, cloud-based encryption key management, enhancing flexibility and scalability for blockchain environments. Thales also offers the SafeNet Authentication Service, ensuring secure, automated authentication for blockchain applications. Strategic partnerships with industry players like IBM, R3, and Hyperledger strengthen Thales' capability to deliver enterprise-grade security solutions across various blockchain applications. With a global presence in over 56 countries, Thales serves diverse sectors, including finance, healthcare, and telecommunications, ensuring secure blockchain integration worldwide.
Apart from prominent vendors, other players include 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) which are also evolving in the blockchain security market.
Chainalysis (US)
Chainalysis is a global provider of blockchain data and analysis solutions, specializing in enhancing security and compliance within blockchain ecosystems. The company offers a range of solutions, including blockchain intelligence that leverages machine learning and forensic expertise to map real-world entities to on-chain activity. It enables organizations to gain insights into wallet ownership, detect suspicious transactions, and analyze complex blockchain interactions. Chainalysis also supports investigations by providing advanced tools that assist law enforcement and regulatory agencies in tracing illicit activities and resolving cybersecurity breaches. The company’s compliance solutions deliver real-time analytics and risk assessments, helping organizations maintain regulatory standards and prevent illegal activities. Serving over 1,300 clients worldwide, including law enforcement, financial institutions, and centralized exchanges, Chainalysis is recognized for its comprehensive security measures and deep insights. Operating in more than 70 countries, it utilizes a global intelligence network to offer localized support and gather critical data, reinforcing its leadership in the blockchain security market.
Consensys (US)
Consensys is a known player in the blockchain security market, focusing on the development of secure and scalable solutions for blockchain networks and decentralized applications. With a strong emphasis on advancing web3 technology, Consensys leverages its extensive expertise to tackle critical security challenges within the blockchain ecosystem. The company offers a range of products, including "Diligence," which provides comprehensive smart contract auditing services. This service helps startups and enterprises to securely launch their blockchain applications by employing automated security analysis tools, formal verification methods, and thorough manual reviews. Known for its innovative approach to blockchain security, Consensys is dedicated to enhancing the robustness and reliability of blockchain applications. Through its tailored security solutions, Consensys aims to foster a secure, transparent, and efficient digital architecture, supporting the long-term sustainability and health of the blockchain ecosystem.
According to MnM's approach to evaluating the market, most businesses are using various organic and inorganic growth tactics to maintain their position in the evolving market. These strategies cover deals like alliances, acquisitions, collaborations, and partnerships. Moreover, various organizations are focusing on organic growth strategies to provide blockchain security solutions to the end consumers, boosting market revenue.
Related Reports:
Blockchain Security Market by Solution (Key Management, Smart Contract Security, Penetration Testing, IAM, and Audits), Services (Development & Integration, Technology Advisory & Consulting, Incident and Response) - Global Forecast to 2029
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