Blockchain Government Market: Summary
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.
BLOCKCHAIN GOVERNMENT MARKET: Drivers & restraint
- Blockchain Technology for Smart Cities Initiative
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.
- Highly Adoption in the Public Sector
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.
- Data Modification and Storage Issues
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.
Blockchain Government Market: Key segments
- Based on Platform: Application Platform, Infrastructure Platform, and Middleware Platform.
- Based on Type: Public Blockchain, Private Blockchain, and Hybrid Blockchain.
- Based on Application: Payment, Identify Management, Voting, Digital Certificates, Supply Chain Traceability, Taxation, and Others.
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis
Blockchain Government Market: Report SCOPE
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.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million)
Type, Application, Platform, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
KEY Companies Covered
- IBM Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- SAP SE
- Amazon.com, Inc. (Amazon Web Services, Inc.)
- Infosys Limited
- Accenture Plc
- Intel Corporation
- Auxesis Services & Technologies (P) Ltd.
- Other Key Companies
Blockchain Government Market: report segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Blockchain Government Market, by Type
- Public Blockchain
- Private Blockchain
- Hybrid Blockchain
Blockchain Government Market, by Platform
- Application Platform
- Infrastructure Platform
- Middleware Platform
Blockchain Government Market, by Application
- Identify Management
- Digital Certificates
- Supply Chain Traceability
Blockchain Government Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions answered by the report
- What are the important developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and on the market competitor in the future?
- What are the evolving variations of the market worldwide?
- What are the evolving functions of the market worldwide?
- What is the important condition that will affect market growth worldwide during the study period?
- Who are the major players operating in the market across the globe?
- How are the major players leveraging in the present market scenario worldwide?
- Blockchain Government Market Providers
- Blockchain Government Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Blockchain Government Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE BLOCKCHAIN GOVERNMENT MARKET STUDY