Blockchain Government Market To Reach USD 8.9 Billion By 2027 | CAGR 81.2% - Forencis Research

Global Blockchain Government Market: Key Highlights

• According to the new market research report “Blockchain Government Market by Type (Public Blockchain, Private Blockchain, and Hybrid Blockchain), by Platform (Application Platform, Infrastructure Platform, and Middleware Platform), by Application Type (Payment, Identify Management, Voting, Digital Certification, Supply Chain Traceability, Taxation, and Others), by Region (North America, Asia-Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2019 to 2027)”, the global blockchain government market is estimated to reach USD 8.9 Billion by 2027 at a CAGR of around 81.2% during the review period.
• Blockchain technology for smart cities initiatives cities helps to enhance the growth in identification management and improve the business process is a key factor driving the demand for the blockchain government market.
• However, data modification and storage issues remain a major restraining factor for the growth of the blockchain government market

Global Blockchain Government Market: Key Market Dynamics

• Highly adoption in the public sector helps in the healthcare, digital currency, voting and taxation results to rise the market growth which is projected to boost the growth of the market in the forecast period.
• Data modification and data storage are some of the major issues of blockchain technology which can restrain the growth of the market.
• The new business and startups have adopted blockchain technology to enhance the growing demand for consumers which is projected to boost the growth of the market in the forecast period.
• Smart cities initiative whereby 2021 the city of Dubai has planned to become the first Blockchain-powered smart city with these is expected that blockchain market will enhanced in the forecast period.

Global Blockchain Government Market: Regional Overview

• Asia-Pacific

The Asia-Pacific has been significant growth in the blockchain market and for the new emerging technologies in the region. The blockchain technology is become the national priority for China and is also integrating into the enterprise as well as for the government sector. Many countries in Asia-Pacific are taking initiative to adopt the blockchain technology such as Singapore, Hong Kong, and China. According to the National Intellectual Property Administration in 2017 Beijing laid out the plan to be the world leader in Artificial intelligence by 2030 to make the industry worth USD 147.7 Billion.

Hence, the growing adoption and demand of the technologies in the market are projected to increase the growth of the Asia-Pacific region.

• Europe

It has been anticipating the European region is also enhancing its growth and development through the adoption of Blockchain technology. In 2015, the UK Government has invested near about USD 10.8 Millionin the Blockchain research. According to the European Commission, there has been initiative taken for the blockchain technologies and Distributed Ledger Technologies (DLT) with the objective of positioning Europe at the top player of blockchain innovation.  Moreover, in 2019 European Commission started an open market consultation for the growth of European Blockchain pre-commercial procurement and to increase the Blockchain solution for further development of the European Blockchain services infrastructure. Furthermore, in 2018, the European Commission collaborated with European parliament to launched the European Blockchain with the aims of promoting blockchain in Europe.

Global Blockchain Government Market: Key Player Overview

• IBM Corporation:

The International Business Machines Corporation (IBM) is a multinational information technology company. The company provides services in hardware, software, cloud-based technology, and cognitive computing. Moreover, IBM Corporation is one of the leading players for cloud and cognitive computing services worldwide. the company helps state, local and federal governments for the implementation and adoption of technologies such as cognitive AI computing and blockchain. The government organization around globally who are using blockchain for building the trust through open, transparent and for the collaborative networks. As well as the IBM technology and experts can help the government to support blockchain to tackle the problem. Furthermore, IBM in 2018 has signed a five-year deal of USD 740 Million with the Australian government for the use of blockchain. And also other technologies to improve data security and protection.

• Microsoft:

Microsoft Corporation is an American multinational technology company which is a leading developer of personal-computer software systems and applications. The company offers operating system software, business, application software, server application and software products. Also, the company also develops video games consoles and digital music entertainment devices. Moreover, new business models of Azure blockchain services helps to reduce fraud, verify transactions and more efficient supply chain. Furthermore, in 2019 J.P Morgan and Microsoft Corporation have signed a memorandum of understanding to form a strategic partnership to accelerate the enhancement in blockchain enterprise. With these the J.P. Morgan is become the first distributed ledger platform with the Azure blockchain service.

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