Blockchain is a distributed and decentralized ledger technology that enables secure and transparent record-keeping and transactions. A blockchain-based government model aids individuals, businesses, and governments to share resources over a distributed ledger, which is secured using cryptography. This structure eliminates a single point of failure and inherently protects sensitive citizen and government data. In the context of government, blockchain can be used to streamline administrative processes, enhance citizen services, improve identity management, secure digital transactions, and enhance the integrity of government records and data. Thus, blockchain-based digital government can protect data; streamline processes; and reduce fraud, waste, and abuse while simultaneously Increasing trust and accountability. It offers a tamper-resistant and auditable platform for recording and verifying transactions, ensuring trust and transparency among multiple stakeholders.
The growth of the global blockchain government market is majorly driven by Increase in need to mitigate the risk of data tampering. In addition, rise in unauthorized data modification activities is favoring the growth of the market. This is attributed to the fact that blockchain technology supports immutability, making it difficult to alter and change previously recorded data. Furthermore, blockchain technology provides transparency, as any network member can verify data recorded into the blockchain, thus preventing the chances of data tampering. Moreover, the transparent and auditable nature of blockchain allows citizens, stakeholders, and government agencies to independently verify the integrity of transactions and data. This transparency reduces the risk of data tampering and strengthens trust in government processes, promoting a more accountable and reliable governance system. In addition, rise in adoption of blockchain technology in the government sector and advancements in blockchain technology to form transparent and decentralized government are the major driving factors of the market. However, lack of skilled professionals in the blockchain technology is a major factor hampering the growth of the market. Blockchain technology is relatively new and rapidly evolving. The demand for skilled professionals who understand the intricacies of blockchain, Including its underlying technologies, consensus mechanisms, smart contracts, and security considerations, has outpaced the availability of qualified individuals. This shortage poses a challenge for governments looking to implement blockchain solutions. Contrarily, the growing career paths in blockchain technology presents a significant opportunity for the blockchain government market. Blockchain technology has created a range of growing career paths that offer potential opportunities for professionals looking to specialize in this field. For instance, Increase in demand for blockchain content writers is expected to provide a huge window for this market to grow.
The blockchain government market is segmented on the basis of provider, application, and region. On the basis of provider, it is categorized into application providers, middleware providers, and infrastructure providers. By application, it is bifurcated into identity management, asset registry, smart contracts, payments, voting, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the blockchain government market such as IBM, Microsoft, SAP SE, Oracle, Amazon Web Services, Inc., Infosys Ltd, Bitfury Group Limited., BLOCKO Inc., RecordsKeeper, and Auxesis Services & Technologies (P) Ltd. These players have adopted various strategies to Increase their market penetration and strengthen their position in the blockchain government market.
The growth of the global blockchain government market is majorly driven by Increase in need to mitigate the risk of data tampering. In addition, rise in unauthorized data modification activities is favoring the growth of the market. This is attributed to the fact that blockchain technology supports immutability, making it difficult to alter and change previously recorded data. Furthermore, blockchain technology provides transparency, as any network member can verify data recorded into the blockchain, thus preventing the chances of data tampering. Moreover, the transparent and auditable nature of blockchain allows citizens, stakeholders, and government agencies to independently verify the integrity of transactions and data. This transparency reduces the risk of data tampering and strengthens trust in government processes, promoting a more accountable and reliable governance system. In addition, rise in adoption of blockchain technology in the government sector and advancements in blockchain technology to form transparent and decentralized government are the major driving factors of the market. However, lack of skilled professionals in the blockchain technology is a major factor hampering the growth of the market. Blockchain technology is relatively new and rapidly evolving. The demand for skilled professionals who understand the intricacies of blockchain, Including its underlying technologies, consensus mechanisms, smart contracts, and security considerations, has outpaced the availability of qualified individuals. This shortage poses a challenge for governments looking to implement blockchain solutions. Contrarily, the growing career paths in blockchain technology presents a significant opportunity for the blockchain government market. Blockchain technology has created a range of growing career paths that offer potential opportunities for professionals looking to specialize in this field. For instance, Increase in demand for blockchain content writers is expected to provide a huge window for this market to grow.
The blockchain government market is segmented on the basis of provider, application, and region. On the basis of provider, it is categorized into application providers, middleware providers, and infrastructure providers. By application, it is bifurcated into identity management, asset registry, smart contracts, payments, voting, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the blockchain government market such as IBM, Microsoft, SAP SE, Oracle, Amazon Web Services, Inc., Infosys Ltd, Bitfury Group Limited., BLOCKO Inc., RecordsKeeper, and Auxesis Services & Technologies (P) Ltd. These players have adopted various strategies to Increase their market penetration and strengthen their position in the blockchain government market.
Key Benefits for Stakeholders
- The study provides in-depth analysis of the global blockchain government market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global blockchain government market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global blockchain government market from 2022 to 2032 is provided to determine the market potential.
Key Market Segments
By Provider
- Application Providers
- Middleware Providers
- Infrastructure Providers
By Application
- Identity Management
- Asset Registry
- Smart Contracts
- Payments
- Voting
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Amazon Web Services, Inc.
- Auxesis Services & Technologies (P) Ltd.
- Bitfury Group Limited.
- BLOCKO Inc.
- IBM
- Infosys Ltd.
- Microsoft
- Oracle Corporation
- RecordsKeeper
- SAP SE
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BLOCKCHAIN GOVERNMENT MARKET, BY PROVIDER
CHAPTER 5: BLOCKCHAIN GOVERNMENT MARKET, BY APPLICATION
CHAPTER 6: BLOCKCHAIN GOVERNMENT MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Blockchain Government Market,' The blockchain government market was valued at $2.5 billion in 2022, and is estimated to reach $218.6 billion by 2032, growing at a CAGR of 56.8% from 2023 to 2032.The Blockchain Government Market is likely to experience a significant growth rate of 56.8% from 2022-2032 owing to increasing market demand for infrastructure providers.
Blockchain government refers to the application of blockchain technology within the operations and systems of governmental organizations. Blockchain is a distributed and decentralized ledger technology that enables secure and transparent record-keeping and transactions. When implemented in government processes, it can provide numerous benefits such as increased efficiency, improved transparency, enhanced security, and reduced fraud. Blockchain enables the creation of a transparent and immutable record of transactions and data.
The rise in interest of government sector in adopting blockchain technology is driving the blockchain government market growth. Blockchain technology can be used to establish an immutable ledger for recording orders, payments, accounts, and other transactions. Moreover, it provides various benefits such as proper and secure storage of government data and reduction of labor-intensive processes. In addition, it minimizes costs associated with managing accountability, lowers the risk of corruption and abuse, and increases trust in government and online civil systems. All these features are driving the growth of blockchain government market. In addition, the surge in blockchain technology utility to form transparent and decentralized government helps to fuel the growth of the blockchain government market. Furthermore, blockchain has a feature to store and manage digital identities, thus enabling users in creating a secure, convenient, and tamper-proof system, thus forming a transparent and decentralized environment, which escalates the growth of the market. However, one of the restraining factors in the blockchain government market is the lack of knowledge about the blockchain technology utilization and advantage of blockchain government. The primary issue facing businesses using blockchain, particularly small- and medium-sized businesses, is that most of businesses are unaware of the technology and do not fully comprehend the technology use and advantages. This is mostly due to the technical expert dominance in the blockchain industry and their excessive technical mindset.
The market also offers growth opportunities to the key players in the market. Blockchain technology has created a range of growing career paths that offer exciting opportunities for professionals looking to specialize in this field. There is an increasing demand for blockchain content writers, which is providing a huge window for this market to grow. Furthermore, the growth of career paths in blockchain technology encourages knowledge sharing and collaboration among professionals, organizations, and academic institutions. Blockchain experts develop communities that facilitate the sharing of knowledge, and research results. Therefore, the growing career paths in blockchain technology presents a significant opportunity for the expansion of the global blockchain government market during the forecast period.
The global blockchain government market is segmented on the basis of provider, application, and region. On the basis of provider, the market is categorized into application providers, middleware providers, and infrastructure providers. By application, it is segregated into identity management, asset registry, smart contracts, payments, voting, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are IBM, Microsoft, SAP SE, Oracle, Amazon Web Services, Inc., Infosys Ltd, Bitfury Group Limited., BLOCKO Inc., RecordsKeeper, and Auxesis Services & Technologies (P) Ltd. The players in the market have been actively engaged in the adoption various strategies such as collaboration, product launch, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in February 2022, Bitfury Group, the Bitcoin mining and crypto tech pioneer, launched a new 28MW digital asset mining data center in Sarnia, Ontario. The facility has commenced operations with expected capacity of 16MW. The project has expansion potential of up to 200MW. The Sarnia facility is equipped with Bitfury’s proprietary blockchain software and hardware solutions, including its specialized ASIC chips and other high-performance mining equipment. The new facility expands Bitfury’s hosting capacity and adds to the company’s existing active digital asset mining sites in North America, Scandinavia, and Eastern Europe/Central Asia. Therefore, such strategies helped to support the growth of the blockchain government market.
Key Market Insights
- By provider, the infrastructure providers segment was the highest revenue contributor to the market, and is estimated to reach $88757.51 million by 2032, with a CAGR of 54.9%. However, the application providers segment is estimated to be the fastest growing segment with the CAGR of 62.9% during the forecast period.
- By application, the payments segment dominated the global market, and is estimated to reach $50119.92 million by 2032, with a CAGR of 50.2%. However, the machine translation voting segment is expected to be the fastest growing segment with the CAGR of 65.3% during the forecast period.
- Based on region, North America was the highest revenue contributor, accounting for $900.97 million in 2022, and is estimated to reach $54046.19 million by 2032, with a CAGR of 50.9%.
Companies Mentioned
- Amazon Web Services, Inc.
- Auxesis Services & Technologies (P) Ltd.
- Bitfury Group Limited.
- BLOCKO Inc.
- IBM
- Infosys Ltd.
- Microsoft
- Oracle Corporation
- RecordsKeeper
- SAP SE
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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