Rising Cybersecurity Threats Fuel Blockchain Security Boom

CIOTechOutlook Team | Monday, 23 December 2024, 02:36 IST

  • No Image

The Blockchain Security Market is fueled by increasing cybersecurity threats and incidents, a rising adoption of blockchain technology, and the growth of decentralized finance (DeFi). The market is projected to increase from USD 3.0 billion in 2024 to USD 37.4 billion in 2029, achieving a CAGR of 65.5% over the anticipated period. This is due to factors such as the increasing frequency of cyberattacks and breaches, which require robust security for organizations using blockchain technology.

Additionally, the integration of AI and IoT, increased requests for third-party security assessments, and broader implementation of blockchain in multiple sectors are positive signs fueling significant expansion in the Blockchain Security Market. Moreover, robust safety measures are essential as smart contracts gain traction in transactions, thus further broadening the industry.

The Blockchain Security Market is increasingly emphasizing advanced cryptographic methods such as PQC and Homomorphic Encryption. With the rise of quantum computing, conventional cryptographic techniques are susceptible to risks, making the development of PQC essential to safeguard blockchain networks from potential quantum threats.

AI and ML offer preventive strategies against emerging threats; as a result, these technologies are becoming highly significant in the Blockchain Security Market. Anomaly detection, threat assessment, and automated incident response are all managed by employing AI technologies and ML in the Blockchain Security Market, as these technologies facilitate faster and more effective recognition and reduction of security threats in blockchain settings.

🍪 Do you like cookies?

We use cookies to ensure you get the best experience on our website. Read more...