According to 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", 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 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.
Browse and
in-depth TOC on “Blockchain Government Market”
33
- Tables
32
- Figures
139
- Pages
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.
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.
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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Content Source: https://www.marketsandmarkets.com/PressReleases/blockchain-government.asp
Mr. Rohan
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/blockchain-government.asp
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