Global Blockchain Government Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Blockchain Government Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global blockchain government market report has been segmented on the basis of service provider, application, and region.
Global Blockchain Government Market: Overview
Blockchain technology is offered as software as a service by various advance system service providers where the data is recorded by three important characteristics including electronic ledger, provenance of the transparent and time-efficient information, and immutable transactions.
Global Blockchain Government Market: Dynamics
Increasing infrastructure development and growing adoption of advanced technologies in government sector is resulting into high adoption of blockchain technology, owing to its ability of hyper connectivity. In addition, increasing utilization of blockchain technology to achieve transparent and decentralized government process and operation, as blockchain eliminates human error, protects the data from possible tampering, carry’s out investigations, and execute necessary actions required. Aforementioned are major factors estimated to drive growth of the global market over a forecast period.
Moreover, growing development activities in public transportations sector is expected to proliferate growth of the target market, owing to its storage structure and linkage capability.
Furthermore, increasing occurrences of fraudulent activities in the government sector because of presence of traditional systems is resulting into high implementation rate of blockchain technology. This system offers secure supply chain management and smart contracts feature where agreements are automatically validated, signed, and enforced through a blockchain construct. This in turn is attributed to fuel growth of the potential market in the few years.
However, uncertainty in regulatory landscape and lack of regulatory standards are major factors expected to decline growth of the target market to a certain extent. In addition, rising Data Governance and Privacy concerns is a challenging factors expected to hamper growth of the potential market in the near future.
Major opportunities for players in the global market are transformation in business processes, adoption of the blockchain technology for applications such as smart contracts, identity management, and voting. These are among some factors expected to boost growth of the target market.
Key trend observed in the target market is increasing capital investments ventures and funding for adopting blockchain technology in companies owned by government as well as private organizations. This trend is among major factor expected to fuel growth of the global market.
Global Blockchain Government Market: Segment Insights
Among the service provider segments, the application providers segment is expected to record highest CAGR. In addition, introduction of technologically advanced blockchain solutions by various application providers has boosted adoption of this technology in government agencies across the globe thereby boosting the overall market growth during the forecast period.
Global Blockchain Government Market: Regional Insights
Among the regions, the global market has been segmented into five regions from which the market in North America is estimated to register largest market share over the forecast period. The Europe market is estimated to register second highest CAGR in the global market, owing to high adoption of blockchain technology by Estonian government in the European region. Furthermore, the Asia Pacific market is expected to register moderate growth in the global market during the forecast period.
Global Blockchain Government Market Segmentation:
Segmentation by Service Provider:
- Application Providers
- Middleware Providers
- Infrastructure Providers
Segmentation by Application:
- Asset Registry
- Smart Contracts
- Identity Management
- Others* (Healthcare, Public Transport, and Supply Chain & Logistics, etc.)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Deloitte LLP
- Infosys Limited
- IBM Corporation
- Com, Inc.
- Microsoft Corporation
- Oracle Corporation
- Accenture plc
- Intel Corporation
- Brainbot technologies AG
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