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(Wireless-NewsWire.Com, August 08, 2018 ) 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", 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 33 market data Tables and 32 Figures spread through 139 Pages and in-depth TOC on "Blockchain Government Market"
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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.
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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).
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.
Table of Contents
1 Introduction (Page No. - 14)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology (Page No. - 17)
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Research Assumptions and Limitations
2.3.1 Assumptions
2.3.2 Limitations
3 Executive Summary (Page No. - 25)
4 Premium Insights (Page No. - 29)
4.1 Attractive Market Opportunities in the Blockchain Government Market
4.2 Market By Provider
4.3 Market By Application
4.4 Market By Region
5 Market Overview and Industry Trends (Page No. - 32)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Interest in Blockchain Technology Adoption Across the Government Sector
5.2.1.2 Increasing Instances of Fraudulent Activities in the Public Sector and the Need to Protect Data From Tampering
5.2.1.3 Utilizing the Blockchain Technology to Create A Transparent and Decentralized Government
5.2.1.4 Increasing Efficiency and Speed in Public Sector Transactions
5.2.2 Restraints
5.2.2.1 Lack of A Common Set of Regulatory Standards and the Uncertain Regulatory Landscape
5.2.3 Opportunities
5.2.3.1 Rapidly Transforming Business Processes in Government Agencies
5.2.3.2 High Adoption of the Blockchain Technology in Various Application Areas, Such as Smart Contracts, Identity Management, and Voting
5.2.3.3 Increasing Venture Funding and Investments in the Blockchain Technology
5.2.4 Challenges
5.2.4.1 Data Governance and Privacy Issues
5.2.4.2 Opposition From Incumbents
5.2.4.3 Lack of Awareness and Technical Understanding About the Blockchain Technology
5.3 Industry Trends
5.3.1 Types of Blockchain Technology
5.3.1.1 Private Blockchain
5.3.1.2 Public Blockchain
5.3.2 Blockchain Associations and Consortiums
5.3.2.1 Enterprise Ethereum Alliance (EEA)
5.3.2.2 Hyperledger Consortium
5.3.2.3 Government Blockchain Association (GBA)
5.3.2.4 Global Blockchain Business Council
5.3.2.5 Blockchain Collaborative Consortium (BCCC)
5.3.2.6 R3cev Blockchain Consortium
5.4 Use Cases
5.4.1 Adoption of Blockchain Technology E-Solutions Across the Estonian Government
5.4.2 Smart Dubai Initiative for Smart Transformation With the Help of the Blockchain Technology
5.4.3 Id2020 Partnership
5.4.4 The Use of Blockchains for Smart Contracts
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