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
[139 Pages Report] The global blockchain government market size was USD 104.5 Million in 2017 and is projected to reach USD 3,458.8 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.5% during the forecast period. The base year considered for the study is 2017, and the forecast period is from 2018 to 2023.
The objective of the report is to define, describe, and forecast the blockchain government market by provider, application, and region. The report analyzes the opportunities in the market for stakeholders by identifying the high-growth segments of the market. It profiles the key players of the market and comprehensively analyzes their core competencies, such as new product launches, partnerships, agreements, and collaborations. The report also covers detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market.
The research methodology used to estimate and forecast the blockchain government market begins with capturing data from various industry associations and consortiums, such as Enterprise Ethereum Alliance (EEA), Hyperledger Consortium, Government Blockchain Association (GBA), Global Blockchain Business Council, Blockchain Collaborative Consortium (BCCC), and R3CEV Blockchain Consortium; and other sources, including company financials, journals, press releases, paid databases, and annual reports. The bottom-up procedure was employed to arrive at the overall market size from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, executives, and cybersecurity technologists. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments. The breakdown of primary profiles is depicted in the following figure:
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The blockchain government market comprises major service providers, such as, 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 stakeholders include government agencies, blockchain technology vendors, independent software vendors, consulting firms, system integrators, Value-added Resellers (VARs), and Information Technology (IT) agencies.
Key target audience of the blockchain government market report is given below:
- Regulatory bodies
- Blockchain technology solution vendors
- Independent Software Vendors (ISVs)
- Consulting firms
- VARs
The study answers several questions for the stakeholders; primarily, which market segments to focus on in the next 2 to 5 years for prioritizing their efforts and investments.
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The research report segments the blockchain government market into the following submarkets:
By Provider
- Application Providers
- Middleware Providers
- Infrastructure Providers
Application
- Payments
- Asset Registry
- Smart Contracts
- Voting
- Identity Management
- Others* (Healthcare, Public Transport, and Supply Chain and Logistics)
By Region
- North America
- Europe
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
- Latin America
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the companys specific needs. The following customization options are available for the report:
Geographic Analysis
- Further breakdown of the North American blockchain government market
- Further breakdown of the European market
- Further breakdown of the APAC market
- Further breakdown of the MEA market
- Further breakdown of the Latin American market
Company Information
Detailed analysis was performed to get detailed information regarding the competitors in the blockchain government market, on the basis of their solutions offerings and business strategies. The report reviews the major players offering blockchain technology solutions and services. In addition, the report will outline the findings and analysis on how well each blockchain technology solution provider performs within the MarketsandMarkets criteria.
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.
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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Table of Contents
1 Introduction (Page No. - 14)
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 (Page No. - 17)
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 (Page No. - 25)
4 Premium Insights (Page No. - 29)
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 (Page No. - 32)
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 (Page No. - 43)
6.1 Introduction
6.2 Application Providers
6.3 Middleware Providers
6.4 Infrastructure Providers
7 Market By Application (Page No. - 48)
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 (Page No. - 56)
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 (Page No. - 72)
9.1 Overview
9.2 Blockchain Government 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 (Page No. - 79)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM 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, MnM View Might Not Be Captured in Case of Unlisted Companies.
11 Appendix (Page No. - 132)
11.1 Discussion Guide
11.2 Knowledge Store: Marketsandmarkets Subscription Portal
11.3 Introducing RT: Real-Time Market Intelligence
11.4 Available Customizations
11.5 Related Reports
11.6 Author Details
List of Tables (33 Tables)
Table 1 Blockchain Government Market Size and Growth Rate, 20162023 (USD Million, Y-O-Y %)
Table 2 Market Size By Provider, 20162023 (USD Million)
Table 3 Application Providers: Market Size By Region, 20162023 (USD Million)
Table 4 Middleware Providers: Market Size By Region, 20162023 (USD Million)
Table 5 Infrastructure Providers: Market Size By Region, 20162023 (USD Million)
Table 6 Blockchain Government Market Size, By Application, 20162023 (USD Million)
Table 7 Asset Registry: Market Size By Region, 20162023 (USD Million)
Table 8 Identity Management: Market Size By Region, 20162023 (USD Million)
Table 9 Payments: Market Size By Region, 20162023 (USD Million)
Table 10 Smart Contracts: Market Size By Region, 20162023 (USD Million)
Table 11 Voting: Market Size By Region, 20162023 (USD Million)
Table 12 Others: Market Size By Region, 20162023 (USD Million)
Table 13 Blockchain Government Market Size, By Region, 20162023 (USD Million)
Table 14 North America: Market Size By Provider, 20162023 (USD Million)
Table 15 North America: Market Size By Application, 20162023 (USD Million)
Table 16 North America: Market Size By Country, 20162023 (USD Million)
Table 17 Europe: Market Size By Provider, 20152023 (USD Million)
Table 18 Europe: Market Size By Application, 20182023 (USD Million)
Table 19 Europe: Market Size By Country, 20152023 (USD Million)
Table 20 Asia Pacific: Market Size By Provider, 20182023 (USD Million)
Table 21 Asia Pacific: Market Size By Application, 20182023 (USD Million)
Table 22 Asia Pacific: Market Size By Country, 20182023 (USD Million)
Table 23 Middle East and Africa: Market Size By Provider, 20152023 (USD Million)
Table 24 Middle East and Africa: Market Size By Application, 20182023 (USD Million)
Table 25 Middle East and Africa: Market Size By Subregion, 20152023 (USD Million)
Table 26 Latin America: Market Size By Provider, 20182023 (USD Million)
Table 27 Latin America: Market Size By Application, 20182023 (USD Million)
Table 28 Latin America: Market Size By Country, 20182023 (USD Million)
Table 29 Blockchain Government Market: Ranking Analysis
Table 30 New Product Launches and Product Enhancements, 20162018
Table 31 Partnerships, Agreements, and Collaborations, 20162017
Table 32 Business Expansions, 20162018
Table 33 Venture Fundings, 20162017
List of Figures (32 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 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 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, 20162018
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
Growth opportunities and latent adjacency in Blockchain Government Market