The worldwide Blockchain in Government market is expected to grow at a CAGR of 84.5% in the course of the forecast period i.e. from 2018 to 2023. The increasing adoption of Blockchain in Government market in multiple application areas, such as growing interest in adoption of blockchain by the agencies of the government and fraudulent activities continuously increasing in public sector etc. has been the key driver for the market. The market has also been segmented on the basis of type such as public, private and consortium Blockchain.
The worldwide Blockchain Technologies in Government market is going to penetrate deeply into all the industries verticals. This report assimilate an in-depth assessment of Blockchain in government market by type, applications, and geography. Blockchain in Government encompassed in the scope includes various providers such as Application, Middleware and Infrastructure providers Blockchain in Government.
What is Blockchain in government?
Let me remind you what block chain is, it is a distributed ledger technology that enables the creations of an immutable record of transactions to share with multiple participants in a business network. Blockchain is not controlled by any third party. Rather anyone can read, write, and can hold a copy of it. This technology provides protect from the untrusted agreement in a common virtual records. Blockchain technology solves this problem without using a trusted intermediary.
It shows tremendous result or potentials for governments to convey citizen services more efficiently thus increasing trust and goodwill.
Government can keep an eye on elections and deliver secure service with Blockchain technologies. The growth of Blockchain technology expected to acquire exponentially.
What are the applications of Blockchain in Government?
The government’s position in enforcing blockchain-based totally transactions is steadily increasing to enhance business decisions, ease of compliance and regulations management, and decrease the overall costs.
Governments contract are also on high demand for the companies. The contracts of government are heavily budget, which they want to complete it properly without any damage. For that blockchain will help governments to find out who has a history of completing contracts on time and on budget.
Market Research and Market Trends of Blockchain in Government:
- The various factors, such as unexpectedly transforming business processes in government agencies, high adoption of blockchain technology for various application areas, such as smart contracts, identity management, and voting, and increasing venture funding and investments in the blockchain technology would provide growth opportunities for blockchain government technology vendors.
- The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor for the blockchain government market.
- The decentralized, uncontrolled and permission less approach of Blockchain technology has provided new techniques to track contracts, payments and materials flow in the supply chains. It allow us to know immediately, which materials have reached the construction location, who is in-charge of them and from where they came from, all these shows that Blockchain has the potential to raise the global economy.
- Other countries are more developed in Blockchain. Estonia has thrive a praised e-residency program. This program has built using Blockchain technology. It will benefit you from the digital government services that have been developed in Estonia. As a result, you can establish your own company within a minute, open a bank account and start doing business.
Who are the Major Players of Blockchain in Government market?
The major players in this market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Deloitte Touche Tohmatsu Limited (U.S.), Ripple (U.S.), and 10 other companies.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.