According to a new market research report "Blockchain Government Market by Provider (Application Providers, Middleware Providers, and Infrastructure Providers), Application (Asset Registry, Identity Management, Payments, Smart Contracts, Voting, and Others), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 162.0 Million in 2018 to USD 3,458.8 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.5% during the forecast period.
Early buyers will receive 10% customization on this report
The major factors driving the Blockchain Government Market include need to provide protection against data tampering, upswing in the usage of blockchain technology to create transparent and decentralized government, and increase in efficiency and speed in public sector transactions.
The smart contracts segment is estimated to hold the largest market size in the Blockchain Government Market in 2018
The smart contracts segment is expected 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.
The application providers segment is expected to grow at the highest CAGR in the global Blockchain Government Market during the forecast period
The Blockchain Government Market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure provider. These providers offer infrastructure to develop in the blockchain-based platforms. Among these types, application providers is the fastest growing segment in the overall Blockchain Government Market. The introduction of technologically advanced blockchain solutions has witnessed a certain level of adoption in government agencies thereby fueling the overall market growth.
North America is expected to hold the largest market size in the Blockchain Government Market during the forecast period
North America is estimated to account for the largest share of the overall market in 2018. The region is considered as the most advanced 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. Governments in this region are moving toward the adoption of the blockchain technology. US governments have recognized the blockchain technology's potential for the delivery of public services, and started adopting this technology to develop business applications. Moreover, the Canada Federal government is exploring the blockchain technology to boost the innovation economy.
Major blockchain technology vendors include IBM (US), SAP (Germany), Microsoft (US), Oracle (US), Deloitte (US), AWS (US), Infosys (India), Bitfury (the Netherlands), 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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Salgarkar MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: firstname.lastname@example.org