Global Blockchain Government Market – Industry Analysis and Forecast (2019-2026) _ by Provider, Application, and by Geography
Global Blockchain Government Market is expected to reach US$ XX Mn by 2026 from US$ 304.43 Mn in 2018 at a CAGR of XX %.
Global blockchain government market is segmented by provider, application, and region. In terms of provider, the blockchain government market is segmented into application providers, infrastructure providers, and middleware providers. Based on application, the blockchain government market is classified into payments, identity management, smart contracts, asset registry, voting, and others. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The key driving factor for Global Blockchain Government Market include the rapid growth of interest in the blockchain technology, increasing adoption by the government sector, increasing instances of fraudulent activities in the public sector, upswing in the usage of blockchain technology to create transparent and decentralized government, necessity to provide protection against data tampering, and focus on increasing efficiency and speed in public sector transactions. However, lack of a common set of regulatory standards and uncertain regulatory landscape and lack of awareness and technical understanding about the blockchain technology can hinder the market growth.
In terms of provider, the application providers segment is the fastest growing segment in the blockchain government market. The blockchain technology provides various applications for the government sector, such as smart contracts, voting, identity management, and payments. Therefore, the demand for blockchain technology applications is rising.
Based on application, the smart contracts segment is anticipated to dominate the blockchain government market in terms of its contribution to the overall market shares, as government agencies are deploying blockchain-based smart contracts to reduce the costs of verification, execution, arbitration, and fraud prevention. The blockchain technology overcomes the existing limitations of smart contracts in terms of privacy, scalability, auditability, confidentiality, and performance.
On the basis of region, North America is expected to account for the largest share of the overall market in 2017. North America is considered as the most advanced region in technology adoption and infrastructure. The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor for the blockchain government market.
Key players in the blockchain government market are IBM, SAP, Microsoft, Oracle, Deloitte, AWS, Infosys, Bitfury, Auxesis Group, Cegeka, Factom, BTL, SpinSys, OTC Exchange Network, ModulTrade, Blocko, Symbiont, brainbot technologies, Guardtime, BigchainDB, Somish, RecordsKeeper, Intel, Accenture, and Blockchain Foundary.
The Scope of the Global Blockchain Government Market
Global Blockchain Government Market, by Providers
• Application Providers
• Infrastructure Providers
• Middleware Providers
Global Blockchain Government Market, by Applications
• Identity Management
• Smart Contracts
• Asset Registry
Global Blockchain Government Market, by Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Global Blockchain Government Market
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• Auzesis Group
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