Blockchain Government Market - Industry Growth, Share, Trends, Demand, Analysis and Forecast to 2022
The global blockchain government market size was USD 104.5 Million in 2017 and is projected to reach USD 3,458.8 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.5% during the forecast period.
(EMAILWIRE.COM, July 19, 2018 ) The blockchain government 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. The major drivers of the market include the growing interest in the blockchain technology adoption by the government sector, increasing instances of fraudulent activities in the public sector, need to provide protection against data tempering, upswing in the usage of blockchain technology to create transparent and decentralized government, and focus on increasing efficiency and speed in public sector transactions.
The blockchain government market study aims at estimating the market size and future growth potential of the market across different segments, such as provider, application, and region. The application segment includes, asset registry (land/real estate registry), identity management, payments, smart contracts, elections/voting, and others (healthcare, public transport, and supply chain & logistics). The smart contracts segment is expected to dominate the application segment in terms of contribution to the overall market, as government agencies are deploying blockchain based smart contracts to reduce costs of verification, execution, arbitration and fraud prevention.
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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).
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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 7500 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, “Knowledgestore” 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.
The blockchain government market study aims at estimating the market size and future growth potential of the market across different segments, such as provider, application, and region. The application segment includes, asset registry (land/real estate registry), identity management, payments, smart contracts, elections/voting, and others (healthcare, public transport, and supply chain & logistics). The smart contracts segment is expected to dominate the application segment in terms of contribution to the overall market, as government agencies are deploying blockchain based smart contracts to reduce costs of verification, execution, arbitration and fraud prevention.
Download PDF brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=75628026
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).
About MarketsandMarkets™
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 7500 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, “Knowledgestore” 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.
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Mr. Shelly Singh
Tel: 1-888-600-6441
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MarketsandMarkets™
Mr. Shelly Singh
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results