The Global Blockchain Government Market is projected to reach a value of over USD 8.9 billion by 2027 at a CAGR of around 81.2%.
Blockchain is a technology that holds the transactional records of data and meanwhile ensuring security, transparency, and services. These technologies used to improve government services and transparent citizen rights. Moreover, it is defined as a chain or record that stored the data in the forms of blocks which can be controlled by authorized persons only. The countries such as the UK, the US, Estonia, Switzerland, Georgie, and others are using Blockchain technology to enhance the public services as well as for new business growth.
Market Driver:
The growing adoption of Blockchain technology for smart cities helps to enhance the growth in identification management and improve business infrastructures. Also, these technologies use to deliver innovative services and solutions for the citizens and local corporations. Moreover, Blockchain provides features to create a secure infrastructure for management purposes. Furthermore, the smart city uses information technology to integrate and manage and business infrastructure.
Hence, by 2021 the city of Dubai has planned to become the first Blockchain-powered smart city. Moreover, since 2012 Estonia is using many Blockchain and distributed ledger technology for tracking the citizens. These, the adoption of Blockchain technology for smart cities is expected to surge the Blockchain government market during the forecast period.
The high adoption in the public sector which helps in the healthcare, digital currency, voting and taxation results to rise the market growth. Also, it provides security, efficiency, and speed for many public sector organizations. The Blockchain technology experiments in many public sectors which is enhancing its growth worldwide and improve its work efficiency. Moreover, it is also being used for the reduction of labor-intensive processes and to secure the storage of government, citizens, and business data.
Therefore, the high adoption in the public sector leads to rising the demand of the Blockchain government market during the forecast period.
Market Restraint:
Data modification and data storage are some of the major issues of blockchain technology which can restrain the growth of the market. Once the data is stored or added in the Blockchain it is very difficult to modify or to changes. Moreover, the bitcoin blockchain requires near about 200 GB of storage which is one of the key concerns for the storage of data in the system.
Hence, these restraining factors and issues may hamper the growth of the blockchain government market.
The report on the blockchain government market covers a deep dive analysis of historic, recent and current market trends. furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
Base Year for Market Calculation |
2019 |
Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Type, Application, Platform, and Region |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Blockchain Government Market, by Type
Blockchain Government Market, by Platform
Blockchain Government Market, by Application
Blockchain Government Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE BLOCKCHAIN GOVERNMENT MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY