According to researchreport " Blockchain Government Market by Provider (Application Providers, Middleware Providers,and Infrastructure Providers), Application (Asset Registry, IdentityManagement, Payments, Smart Contracts, Voting, and Others), and Region - GlobalForecast to 2023", The blockchaingovernment market is expected to grow from USD 162.0 Million in 2018 to USD3,458.8 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.5%during the forecast period.
The major factors drivingthe blockchain government market include need to provide protection againstdata tampering, upswing in the usage of blockchain technology to createtransparent and decentralized government, and increase in efficiency and speedin public sector transactions.
Browse andin-depth TOC on “BlockchainGovernment Market”
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The applicationproviders segment is expected to grow at the highest CAGR in the globalblockchain government market during the forecast period
The blockchaingovernment market has been segmented on the basis of providers into 3categories: application providers, middleware providers, and infrastructureprovider. These providers offer infrastructure to develop in theblockchain-based platforms. Among these types, application providers is thefastest growing segment in the overall blockchain government market. Theintroduction of technologically advanced blockchain solutions has witnessed acertain level of adoption in government agencies thereby fueling the overallmarket growth.
North America isexpected to hold the largest market size in the blockchain government marketduring the forecast period
North America isestimated to account for the largest share of the overall market in 2018. Theregion is considered as the most advanced in technology adoption andinfrastructure. The wide presence of key industry players of blockchaintechnology solutions in this region is the main driving factor for theblockchain government market. Governments in this region are moving toward theadoption of the blockchain technology. US governments have recognized theblockchain technology’s potential for the delivery of public services, andstarted adopting this technology to develop business applications. Moreover,the Canada Federal government is exploring the blockchain technology to boostthe innovation economy.
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The smart contractssegment is estimated to hold the largest market size in the blockchain governmentmarket in 2018
The smart contractssegment is expected to dominate the blockchain government market in terms ofits contribution to the overall market shares, as government agencies aredeploying blockchain-based smart contracts to reduce the costs of verification,execution, arbitration, and fraud prevention. The blockchain technologyovercomes the existing limitations of smart contracts in terms of privacy,scalability, auditability, confidentiality, and performance.
Major blockchaintechnology vendors include IBM (US), SAP (Germany), Microsoft (US), Oracle(US), Deloitte (US), AWS (US), Infosys (India), Bitfury (theNetherlands), Auxesis Group (India), Cegeka (the Netherlands), Factom (US), BTL(Canada), SpinSys (US), OTC Exchange Network (US), ModulTrade (UK), Blocko(South Korea), Symbiont (US), brainbot technologies (Germany), Guardtime(Estonia), BigchainDB (Germany), Somish (India), RecordsKeeper (Spain), Intel(US), Accenture (Ireland), and Blockchain Foundary (Singapore).
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