Blockchain in Government Market Could Be USD 22.03 Billion Opportunity by 2026 | IBM, SAP, Oracle, Microsoft, Accenture, Infosys

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.

The rising concern of corruption and bureaucracy can be eliminated via the application of blockchain in government. Mistrust in government’s services to effectively solve the problems and provide services to the citizens is a baseline for public perceptions. Blockchain in government creates a trustless environment for regulatory activities and efforts are put in to combat slow, expensive multi-step processes that require several intermediaries.

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This is the latest report that is inclusive of the current effect of the coronavirus on the market and its forecasted trend. The coronavirus attack on the world economy has impacted all, and thus its impacts are elucidated in-depth in the report for the Blockchain in Government market.

Some of the dominant and influential players in the Blockchain in Government market are:   

IBM, SAP, Oracle, Microsoft, Accenture, Infosys, AWS, Deloitte, Intel, and Ripple, among others.

Blockchain in Government Market Size – USD 189.2 Million in 2018, Growth - CAGR of 81.0%, Trends – High demand for transparency and decentralized government.

The market is heavily consolidated owing to a large number of global, regional, and local key contenders having already established a significant footing. The key participants dominate the operations in the industry with their extensive geographical coverage and huge production facilities. Players operating in this market are in intense competition in terms of technological innovations, product development, and product pricing. To gain a competitive edge over the other competitors in the industry, the leading players are focusing more on ways to offer products at attractive prices.

Key highlights of the Blockchain in Government Reports:

The report encompasses segmentation and market information break down, including key participants. If you are involved in the Global Blockchain in Government industry or aspire to be involved, this report is a must-have. The report makes an in-depth study on the market share, growth rate, market drivers, future trends, restraints, opportunities, and challenges.

For the purpose of this report, Reports and Data have segmented into the global blockchain in government market on the basis of provider, application, type, and region:

Provider Outlook (Revenue, USD Billion; 2016-2026)

Application Providers
Middleware Providers
Infrastructure Providers

Application Outlook (Revenue, USD Billion; 2016-2026)

Payments
Voting
Smart Contracts
Asset Registry
Identity Management
Others

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Type Outlook (Revenue, USD Billion; 2016-2026)

Public Blockchain
Private Blockchain
Consortium Blockchain
Hybrid Blockchain

Furthermore, the years considered for the study are as follows:
Historical year - 2016-2018
Base year - 2019
Forecast period - 2020 to 2027

Understanding the market size:

The size of the Blockchain in Government market is viewed in terms of the Share of Market, Total Available Market as well as Served Available Market. Not only does the study present the combined revenue for a particular market but also the market size for a specific geographic region. Analysis of percentage or the size of the Total Available Market based on the type of product, technology, regional constraints and others form an important part of the Blockchain in Government report.

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….Continued

Reasons to buy this market intelligence report:

-Detailed market evaluation both at regional and global levels.

-Significant changes in market scenario, along with an extensive competitive analysis.

-Classification of the industry based on product type, application, and region.

-Market segments segregated on the basis of type, application, and geography.

-Comprehensive analysis of the historical data and contemporary market scenario to infer industry size, volume, share, growth, and sales.

-Investigation of significant developments in the market dynamics.

-Niche market segments and regions.

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Also, the customizations are available for this report and can be availed by the purchaser. The customizations can be made on the basis of the selected regions or participants.

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