Blockchain Government Market by Provider, Application, and Region - Global Forecast to 2023

  • ID: 4544621
  • Report
  • Region: Global
  • 140 Pages
  • Markets and Markets
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Blockchain Government Market Size Expected to Grow from USD 162.0 Million in 2018 to USD 3,458.8 Million by 2023, at a CAGR of 84.5%

FEATURED COMPANIES

  • Accenture
  • Bitfury
  • BTL
  • Guardtime
  • Microsoft
  • Recordskeeper
  • MORE

"Blockchain Government Market by Provider (Application Providers, Middleware Providers, and Infrastructure Providers), Application (Asset Registry, Identity Management, Payments, Smart Contracts, Voting, and Others), and Region - Global Forecast to 2023"

"Growing interest in the adoption of blockchain technology by government agencies is expected to drive the blockchain government market"

The blockchain government market size is expected to grow from USD 162.0 million in 2018 to USD 3,458.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.5% during the forecast period. The blockchain government market is driven by various factors, such as the growing interest in the adoption of blockchain technology by government agencies and increasing instances of fraudulent activities in the public sector. However, lack of common set of regulatory standards and uncertain regulatory landscape and lack of awareness and technical understanding about the blockchain technology can hinder the market growth.

"Application providers segment is expected to grow at the highest CAGR during the forecast period"

The application providers segment is the fastest growing segment in the blockchain government market. The blockchain government market has been categorized as, application providers, middleware providers, and infrastructure providers. The blockchain technology provides various applications for the government sector, such as smart contracts, voting, identity management, and payments. Therefore, the demand for blockchain technology applications is increasing.

"Identity management segment is expected to grow at the highest CAGR during the forecast period"

The identity management segment is expected to grow at the highest CAGR during the forecast period. Identity management has become easier and cost-effective with the help of the blockchain technology. Traditional solutions create complications while managing the data related to birth and death dates, information about marital status, property transfers, business licensing, and criminal activities. The blockchain technology can be successfully implemented for managing documents and maintaining the records of individual identities. Hence, the adoption of blockchain technology to manage identities is increasing.

"APAC is expected to record the highest growth rate during the forecast period"

APAC is expected to grow at the highest rate during the forecast period, due to the increasing government expenditure on the blockchain technology solutions to change the business processes in the government sector. Key financial hubs, and massive shipping and trading markets, including Hong Kong and Singapore, provide huge opportunities for the adoption of the blockchain in the public sector. Meanwhile, North America is projected to hold the largest market size.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the blockchain government marketplace.

  • By company type: Tier 1: 20%, Tier 2: 45%, and Tier 3: 35%
  • By designation: C-Level: 48%, Director Level: 37%, Managers 15%
  • By region: North America: 22%, Europe: 45%, APAC: 26%, and RoW: 7%

The major blockchain technology vendors include IBM (US), SAP (Germany), Microsoft (US), Oracle (US), Deloitte (US), AWS (US), Infosys (India), Bitfury (the Netherlands), Auxesis Group (India), Cegeka (the Netherlands), Factom (US), BTL (Canada), SpinSys (US), OTC Exchange Network (US), ModulTrade (UK), Blocko (South Korea), Symbiont (US), brainbot technologies (Germany), Guardtime (Estonia), BigchainDB (Germany), Somish (India), RecordsKeeper (Spain), Intel (US), Accenture (Ireland), and Blockchain Foundary (Singapore). The study includes in-depth competitive analysis of these key players in the blockchain government market, with their company profiles, recent developments, and key market strategies.

Research Coverage

The market study covers the blockchain government market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as provider, application, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall blockchain government market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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FEATURED COMPANIES

  • Accenture
  • Bitfury
  • BTL
  • Guardtime
  • Microsoft
  • Recordskeeper
  • MORE

1 Introduction
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Research Assumptions and Limitations
           2.3.1 Assumptions
           2.3.2 Limitations

3 Executive Summary

4 Premium Insights
    4.1 Attractive Market Opportunities in the Blockchain Government Market
    4.2 Market By Provider
    4.3 Market By Application
    4.4 Market By Region

5 Market Overview and Industry Trends
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growing Interest in Blockchain Technology Adoption Across the Government Sector
                    5.2.1.2 Increasing Instances of Fraudulent Activities in the Public Sector and the Need to Protect Data From Tampering
                    5.2.1.3 Utilizing the Blockchain Technology to Create A Transparent and Decentralized Government
                    5.2.1.4 Increasing Efficiency and Speed in Public Sector Transactions
           5.2.2 Restraints
                    5.2.2.1 Lack of A Common Set of Regulatory Standards and the Uncertain Regulatory Landscape
           5.2.3 Opportunities
                    5.2.3.1 Rapidly Transforming Business Processes in Government Agencies
                    5.2.3.2 High Adoption of the Blockchain Technology in Various Application Areas, Such as Smart Contracts, Identity Management, and Voting
                    5.2.3.3 Increasing Venture Funding and Investments in the Blockchain Technology
           5.2.4 Challenges
                    5.2.4.1 Data Governance and Privacy Issues
                    5.2.4.2 Opposition From Incumbents
                    5.2.4.3 Lack of Awareness and Technical Understanding About the Blockchain Technology
    5.3 Industry Trends
           5.3.1 Types of Blockchain Technology
                    5.3.1.1 Private Blockchain
                    5.3.1.2 Public Blockchain
           5.3.2 Blockchain Associations and Consortiums
                    5.3.2.1 Enterprise Ethereum Alliance (EEA)
                    5.3.2.2 Hyperledger Consortium
                    5.3.2.3 Government Blockchain Association (GBA)
                    5.3.2.4 Global Blockchain Business Council
                    5.3.2.5 Blockchain Collaborative Consortium (BCCC)
                    5.3.2.6 R3cev Blockchain Consortium
    5.4 Use Cases
           5.4.1 Adoption of Blockchain Technology E-Solutions Across the Estonian Government
           5.4.2 Smart Dubai Initiative for Smart Transformation With the Help of the Blockchain Technology
           5.4.3 Id2020 Partnership
           5.4.4 The Use of Blockchains for Smart Contracts

6 Blockchain Government Market, By Provider
    6.1 Introduction
    6.2 Application Providers
    6.3 Middleware Providers
    6.4 Infrastructure Providers

7 Market By Application
    7.1 Introduction
    7.2 Asset Registry
    7.3 Identity Management
    7.4 Payments
    7.5 Smart Contracts
    7.6 Voting
    7.7 Others

8 Blockchain Government Market, By Region
    8.1 Introduction
    8.2 North America
           8.2.1 By Provider
           8.2.2 By Application
           8.2.3 By Country
                    8.2.3.1 United States
                    8.2.3.2 Canada
    8.3 Europe
           8.3.1 By Provider
           8.3.2 By Application
           8.3.3 By Country
                    8.3.3.1 United Kingdom
                    8.3.3.2 Germany
                    8.3.3.3 Rest of Europe
    8.4 Asia Pacific
           8.4.1 By Provider
           8.4.2 By Application
           8.4.3 By Country
                    8.4.3.1 Japan
                    8.4.3.2 Singapore
                    8.4.3.3 Australia and New Zealand
                    8.4.3.4 Rest of Asia Pacific
    8.5 Middle East and Africa
           8.5.1 By Provider
           8.5.2 By Application
           8.5.3 By Region
                    8.5.3.1 Middle East
                    8.5.3.2 Africa
    8.6 Latin America
           8.6.1 By Provider
           8.6.2 By Application
           8.6.3 By Country
                    8.6.3.1 Mexico
                    8.6.3.2 Brazil
                    8.6.3.3 Rest of Latin America

9 Competitive Landscape
    9.1 Overview
    9.2 Blockchain Government Market: Market Ranking, 2018
    9.3 Competitive Scenario
           9.3.1 New Product Launches and Product Enhancements
           9.3.2 Partnerships, Agreements, and Collaborations
           9.3.3 Business Expansions
           9.3.4 Venture Fundings

10 Company Profiles
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, View)*
     10.1 IBM
     10.2 Microsoft
     10.3 Sap
     10.4 Deloitte
     10.5 AWS
     10.6 Oracle
     10.7 Infosys
     10.8 Accenture
     10.9 Intel
     10.10 Key Innovators
             10.10.1 Cegeka
             10.10.2 Bitfury
             10.10.3 Auxesis Group
             10.10.4 Factom
             10.10.5 BTL
             10.10.6 Spinsys
             10.10.7 Recordskeeper
             10.10.8 Blockchain Foundry
             10.10.9 Otc Exchange Network
             10.10.10 Modultrade
             10.10.11 Blocko
             10.10.12 Symbiont
             10.10.13 Brainbot Technologies
             10.10.14 Guardtime
             10.10.15 Bigchaindb
             10.10.16 Somish

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, View Might Not Be Captured in Case of Unlisted Companies.

List of Tables
Table 1 Blockchain Government Market Size and Growth Rate, 2016–2023 (USD Million, Y-O-Y %)
Table 2 Market Size By Provider, 2016–2023 (USD Million)
Table 3 Application Providers: Market Size By Region, 2016–2023 (USD Million)
Table 4 Middleware Providers: Market Size By Region, 2016–2023 (USD Million)
Table 5 Infrastructure Providers: Market Size By Region, 2016–2023 (USD Million)
Table 6 Blockchain Government Market Size, By Application, 2016–2023 (USD Million)
Table 7 Asset Registry: Market Size By Region, 2016–2023 (USD Million)
Table 8 Identity Management: Market Size By Region, 2016–2023 (USD Million)
Table 9 Payments: Market Size By Region, 2016–2023 (USD Million)
Table 10 Smart Contracts: Market Size By Region, 2016–2023 (USD Million)
Table 11 Voting: Market Size By Region, 2016–2023 (USD Million)
Table 12 Others: Market Size By Region, 2016–2023 (USD Million)
Table 13 Blockchain Government Market Size, By Region, 2016–2023 (USD Million)
Table 14 North America: Market Size By Provider, 2016–2023 (USD Million)
Table 15 North America: Market Size By Application, 2016–2023 (USD Million)
Table 16 North America: Market Size By Country, 2016–2023 (USD Million)
Table 17 Europe: Market Size By Provider, 2015–2023 (USD Million)
Table 18 Europe: Market Size By Application, 2018–2023 (USD Million)
Table 19 Europe: Market Size By Country, 2015–2023 (USD Million)
Table 20 Asia Pacific: Market Size By Provider, 2018–2023 (USD Million)
Table 21 Asia Pacific: Market Size By Application, 2018–2023 (USD Million)
Table 22 Asia Pacific: Market Size By Country, 2018–2023 (USD Million)
Table 23 Middle East and Africa: Market Size By Provider, 2015–2023 (USD Million)
Table 24 Middle East and Africa: Market Size By Application, 2018–2023 (USD Million)
Table 25 Middle East and Africa: Market Size By Subregion, 2015–2023 (USD Million)
Table 26 Latin America: Market Size By Provider, 2018–2023 (USD Million)
Table 27 Latin America: Market Size By Application, 2018–2023 (USD Million)
Table 28 Latin America: Market Size By Country, 2018–2023 (USD Million)
Table 29 Blockchain Government Market: Ranking Analysis
Table 30 New Product Launches and Product Enhancements, 2016–2018
Table 31 Partnerships, Agreements, and Collaborations, 2016–2017
Table 32 Business Expansions, 2016–2018
Table 33 Venture Fundings, 2016–2017

List of Figures
Figure 1 Blockchain Government Market Segmentation
Figure 2 Market Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Blockchain Government Market: Assumptions
Figure 8 Smart Contracts Application and North America are Estimated to Have the Largest Market Shares in 2018
Figure 9 Blockchain Government Market Share, By Provider, 2018
Figure 10 North America is Estimated to Hold the Largest Market Share in 2018
Figure 11 High Adoption of the Blockchain Technology in Various Application Areas is Expected to Provide Significant Growth Opportunities in the Blockchain Government Market During the Forecast Period
Figure 12 Application Providers Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 13 Identity Management Application is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 14 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 15 Blockchain Government Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Application Providers Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 17 Identity Management Application is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 18 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 19 North America: Market Snapshot
Figure 20 Asia Pacific: Market Snapshot
Figure 21 Key Developments By the Leading Players in the Blockchain Government Market, 2016–2018
Figure 22 Key Market Evaluation Framework
Figure 23 IBM: Company Snapshot
Figure 24 Microsoft: Company Snapshot
Figure 25 Sap: Company Snapshot
Figure 26 Deloitte: Company Snapshot
Figure 27 AWS: Company Snapshot
Figure 28 Oracle: Company Snapshot
Figure 29 Infosys: Company Snapshot
Figure 30 Accenture: Company Snapshot
Figure 31 Intel: Company Snapshot
Figure 32 Cegeka: Company Snapshot

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FEATURED COMPANIES

  • Accenture
  • Bitfury
  • BTL
  • Guardtime
  • Microsoft
  • Recordskeeper
  • MORE

The blockchain government market is expected to grow from USD 162.0 Million in 2018 to USD 3,458.8 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.5% during the forecast period. The major drivers of the market include the growing interest in the blockchain technology adoption by the government sector, increasing instances of fraudulent activities in the public sector, need to provide protection against data tempering, upswing in the usage of blockchain technology to create transparent and decentralized government, and focus on increasing efficiency and speed in public sector transactions.

The blockchain government market study aims at estimating the market size and future growth potential of the market across different segments, such as provider, application, and region. The application segment includes, asset registry (land/real estate registry), identity management, payments, smart contracts, elections/voting, and others (healthcare, public transport, and supply chain & logistics). The smart contracts segment is expected to dominate the application segment in terms of contribution to the overall market, as government agencies are deploying blockchain based smart contracts to reduce costs of verification, execution, arbitration and fraud prevention.

The blockchain government market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure providers. These providers offer infrastructure to develop in the blockchain-based platforms. Among these segments, the application providers segment is the fastest growing segment in the overall market. The introduction of technologically advanced blockchain solutions has witnessed a certain level of adoption in government agencies thereby fueling the overall market growth.

Blockchain Government Market

In terms of geographic coverage, the blockchain government market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. North America is estimated to account for the largest share of the overall market in 2018. North America is considered as the most advanced region in technology adoption and infrastructure.

The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor responsible for the growth of the market. Governments in this region are moving toward the adoption of the blockchain technology. However, Europe is expected to surpass North America in 2023. The Estonian government is one of the early adopters of the blockchain technology in the European region. Furthermore, APAC is expected to grow at the highest growth rate during the forecast period, due to the increase in government expenditure on blockchain technology solutions to change the business processes in the government sector.

Key financial hubs and massive shipping and trading markets, including Hong Kong and Singapore, provide large users of the blockchain in the public sector. However, lack of awareness and technical understanding about the blockchain technology can act as a restraining factor for the blockchain government market growth across regions.

The major vendors of the blockchain government market include IBM (US), SAP (Germany), Microsoft (US), Oracle (US), Deloitte (US), AWS (US), Infosys (India), Bitfury (the Netherlands), Auxesis Group (India), Cegeka (the Netherlands), Factom (US), BTL (Canada), SpinSys (US), OTC Exchange Network (US), ModulTrade (UK), Blocko (South Korea), Symbiont (US), brainbot technologies (Germany), Guardtime (Estonia), BigchainDB (Germany), Somish (India), RecordsKeeper (Spain), Intel (US), Accenture (Ireland), and Blockchain Foundary (Singapore). These players have majorly adopted partnerships and new product launches as the key growth strategies to offer feature-rich blockchain technology solutions to their customers and enter new regional markets.

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  • AWS
  • Accenture
  • Auxesis Group
  • BTL
  • Bigchaindb
  • Bitfury
  • Blockchain Foundry
  • Blocko
  • Brainbot Technologies
  • Cegeka
  • Deloitte
  • Factom
  • Guardtime
  • IBM
  • Infosys
  • Intel
  • Microsoft
  • Modultrade
  • Oracle
  • Otc Exchange Network
  • Recordskeeper
  • Sap
  • Somish
  • Spinsys
  • Symbiont
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