Blockchain in Government Market Size, Competitive Landscape, Revenue Analysis, 2020–2026

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.

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.

Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/1693

The report is also inclusive of the financial scenario of the leading companies such as profit margins, revenue contribution, growth rate, sales volume, manufacturing and production costs, and other key statistics. The report offers a thorough analysis of the financial standing, global position, product portfolio and business expansion plans. The report also provides SWOT analysis and Porter’s Five Forces analysis for each market player.

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.
• Key participants include IBM, SAP, Oracle, Microsoft, Infosys, AWS, Deloitte, Intel, and Ripple, among others.

Request a discount on the report @ https://www.reportsanddata.com/discount-enquiry-form/1693

The report focuses on evaluation of the given market in major regions and the countries included in those regions. The report provides details of the market considering the geographical landscape that includes North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.The report covers assessment of revenue estimations and shares, current market value, future market valuation, market share, revenue growth and market size in each region. It studies production and consumption patterns, import/export, supply and demand ratio, consumer behavior shift, current and emerging trends, and initiatives taken by the key players in each major region.

• North America (U.S.A., Canada)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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

Type Outlook (Revenue, USD Billion; 2016-2026)
• Public Blockchain
• Private Blockchain
• Consortium Blockchain
• Hybrid Blockchain

To know more about the report @ https://www.reportsanddata.com/report-detail/blockchain-in-government-market

Key Features of the Blockchain in Government Market Report:

• A comprehensive 8 year forecast of the market and its expected growth rate and trends
• Analysis of key market drivers and restraining factors
• Comprehensive analysis of the key regions of the industry and provides SWOT analysis and Porter’s Five Forces analysis to impart a deeper understanding of the market
• Helps in formulating strategic business decisions and investments plans
• Strategic recommendations to the established companies and new entrants
• Statistical data organized into tables, charts, graphs, diagrams, and info graphics
• Includes complete coverage of recent R&D advancements, product launches, and mergers and acquisitions, among others

Have a Look at Related Reports:

Satellite Cameras Market Trends @ https://www.reportsanddata.com/report-detail/satellite-cameras-market

Contact Tracing Technology Market Forecast @ https://www.reportsanddata.com/report-detail/contact-tracing-technology-market

Magnetoresistive random-access Memory Analysis @ https://www.reportsanddata.com/report-detail/magnetoresistive-random-access-memory-mram-market

Dominating Companies Forecast @ https://www.reportsanddata.com/blog/10-dominating-companies-manufacturing-air-conditioning-systems-leading-ac-brands-in-world

Video games Size @ https://www.reportsanddata.com/blog/the-video-game-industry-is-expanding-rapidly

Contact Us:
John Watson
Head of Business Development
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

This release was published on openPR.