|Status : Published||Published On : Aug, 2019||Report Code : VRICT5130||Industry : ICT & Media||Available Format :||Page : 120|
The global blockchain government market is projected to reach USD 6,399.0 million by 2024, registering a CAGR of 85.0% during the forecast period. Increasing adoption of blockchain from the government sector, and growing cases of fraudulent activities in the public sector, propelling the growth of the market.
Insight by Provider
On the basis of provider, the global blockchain government market is categorized into middleware provider, application provider, and infrastructure provider, wherein application provider category is expected to witness the fastest growth during the forecast period. The growth of this segment is attributed towards increasing adoption of technologically advanced blockchain solutions in government agencies.
Insight by Application
Based on application, the blockchain government market is segmented into asset registry (land/real estate registry), identity management, payments, smart contracts, elections/voting, and others (healthcare, public transport, and supply chain & logistics). Among all these segments, smart contracts category contributes the largest revenue globally, owing to the increase in deployment of blockchain-based smart contracts to reduce costs of verification, execution, arbitration, and fraud prevention by the government agencies.
The increasing utilization of the technology amongst several government organizations across the globe is the key trends observed in the blockchain government market, globally.
Global blockchain government market has been driven by several key factors, including increasing adoption of blockchain from government sector, growing cases of fraudulent activities in the public sector, increasing need to provide protection against data tempering, rise in the usage of blockchain technology to create transparent and decentralized government, and increasing demand for high efficiency and high speed in government sector.
Lack of awareness regarding the blockchain technique is hindering the growth of the blockchain government market, globally.
Geographically, North America has accounted for the largest share in the blockchain government market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of players of blockchain technology in the region and also it is considered as the most advanced region in terms of advanced technology adoption. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to huge investment undertaken by the government towards the development of blockchain technology to change the business processes in the government sector.
Some of the key players operating in the global blockchain government market are IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Infosys Limited, Accenture plc, Intel Corporation, BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for estimation and forecast of market data, whereas top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research