According to 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
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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.
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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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