Blockchain in Government Market Insights by Growth Strategy and Opportunity Forecast to 2032
Blockchain in Government Market
The global blockchain in government market is forecast to reach USD 22.03 Billion by 2026, according to a new report by Reports and Data. Blockchain brings digital technology into real-time computing systems management. The market has the ability to change aspects of digital technology, which includes the method of conducting business, enhancing education, delivering healthcare, shopping, learning, social media, and entertainment.
Blockchain technology in the government sector are using the services to build transparent, open, and collaborative networks. The technology is a potential vehicle to improve government services and stimulate more transparent government-citizen relations. The technology works dramatically to optimize the business process through secure and more efficient data sharing.
There are numerous possible application of blockchain in the government market. Through this technology, the government can eliminate bureaucracy, reduce waste, prevent tax fraud, and improve the way they deliver services. Digital cash transactions can help transform the financial transactions between the government and its citizens.
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Further key findings from the report suggest
- Public sectors are nowadays deploying smart contracts to reduce cost and avoid fraud. These contracts deployed over blockchain guarantees that contract terms and conditions cannot be modified. The technology makes it nearly impossible for any third party to alter the contract. Smart contracts held the largest market share of 33.2% in the year 2018.
- Identity management is forecasted to grow with a CAGR of 81.9% during the forecast period. The technology enables citizens to register their identities on the blockchain, authorize transactions, send and request credentials, and manage data securely.
- Infrastructure providers held a market share of 37.0% in the year 2018, and application providers are forecasted to grow with a CAGR of 76.3% during the forecast period. The high adoption rate of blockchain in the government sector are fuelling the growth of the application providers.
- A hybrid blockchain is forecasted to hold a market share of 29.2% in the year 2026. In a hybrid blockchain, every transaction happens quickly in its own private chain, and it commits only to the public chain as and when necessary, like during public verification.
- North America held the largest market share of 36.1% in the year 2018. The region emerged as the most attractive market for blockchain in government owing to the high adoption of technology in the public sector. The highly competitive market in the region owing to the presence of major key companies is also driving the market.
- In June 2018, the Trump government, through the department of homeland security, awarded a grant of USD 192,380 to a startup called ‘Factom’ to test the capability of blockchain to protect data collected by Border Patrol cameras and sensors.
IBM, SAP, Oracle, Microsoft, Accenture, Infosys, AWS, Deloitte, Intel, and Ripple, among others.
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The global market is further segmented into type and application:
Provider Outlook (Revenue, USD Billion; 2016-2026)
- Application Providers
- Middleware Providers
- Infrastructure Providers
Application Outlook (Revenue, USD Billion; 2016-2026)
- Smart Contracts
- Asset Registry
- Identity Management
Type Outlook (Revenue, USD Billion; 2016-2026)
- Public Blockchain
- Private Blockchain
- Consortium Blockchain
- Hybrid Blockchain
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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