Blockchain Government Market SWOT Analysis by 2031
The blockchain government market is anticipated to expand at a CAGR of 57.5 % from 2023 to 2031. The strengthening of government regulations across the globe is contributing to the market growth.
Blockchain Government Market Analysis
The government sector is increasingly adopting blockchain technology to establish transparent, open, and cooperative networks. Technology has the power to enhance public services and foster more open communication within government. Furthermore, data exchange may be done securely with blockchain technology, which also makes data transparent and unchangeable for all parties involved. In an effort to streamline compliance and regulatory administration, lower overall costs, and enhance business decision-making, the government is progressively becoming more involved in the regulation of blockchain-based transactions. Additionally, it is anticipated that the broad use of blockchain technology in numerous application domains, including voting, identity management, and smart contracts, will significantly support the expansion of the worldwide industry. Furthermore, it is anticipated that the swift modernization of government agency business procedures, as well as the rise in venture capital and blockchain technology investments, Thus, these factors mentioned above are essential for the Blockchain Government Market growth.
Blockchain Government Overview
- The term "blockchain government" describes the integration of blockchain technology into governmental institutions' systems and operations. Blockchain technology is a distributed, decentralized ledger that makes transactions and record-keeping safe and transparent. Numerous advantages, including higher productivity, enhanced security, decreased fraud, and improved transparency, might result from its implementation in government procedures. A transparent and unchangeable record of transactions and data can be created thanks to blockchain technology.
Strategic Insights
Blockchain Government Market Drivers and Opportunities
Increase in Government Sector Interest in Adopting Blockchain Technology
- A sophisticated database approach called blockchain technology makes it possible for information to be transparently shared inside a company network. An unchangeable ledger for tracking orders, payments, accounts, and other transactions can be created using blockchain technology. Additionally, it offers a number of advantages, such as the safe and appropriate storage of government data and the elimination of labor-intensive procedures. Furthermore, it reduces the expenses related to overseeing accountability, diminishes the possibility of corruption and misuse, and boosts confidence in governmental institutions and virtual civil networks. The market size for blockchain government is growing at an accelerated rate due to all these advantages.
- In addition, a number of governments are using blockchain technology to enhance their operations. To leverage blockchain in the delivery of foreign aid, for example, the Denmark Ministry of Foreign Affairs joined with the virtual currency platform Coinify. The money and time saved by avoiding the participation of a third-party financial institution are the main advantages of blockchain for Denmark. As a result, this is a key driver of the expansion of the Blockchain Government Market growth.
Blockchain Government Market Report Segmentation Analysis
- Based on providers the infrastructure providers are using cloud computing services to provide government agencies with scalable and flexible infrastructure solutions. The infrastructure providers sector is anticipated to grow at the quickest rate throughout the projected period. Because cloud-based infrastructure offers on-demand scalability, cost-effectiveness, and rapid deployment, government organizations may concentrate on their blockchain applications rather than infrastructure maintenance.
Blockchain Government Market Share Analysis By Geography
The scope of the Blockchain Government Market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Nonetheless, APAC is anticipated to increase at the fastest rate. This is because governments in Asia-Pacific are looking at blockchain technology for safe and decentralized identity management systems, which is contributing to the growing popularity of digital identity solutions in the region. Blockchain-based identity systems facilitate easy access to e-government services and give citizens control over their data. Blockchain-based identity systems are being implemented by several nations in the region for a range of public services.
Blockchain Government Market Report Scope
The "Blockchain Government Market Forecast" was carried out based on providers and applications. In terms of providers, the market is segmented into application providers, middleware providers, and infrastructure providers. Based on application, the blockchain government market is segmented into identity management, asset registry, smart contracts, payments, voting, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Blockchain Government Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Blockchain Government Market. A few recent key market developments are listed below:
- In April 2021, Accenture and Microsoft announced a partnership to develop blockchain solutions for the government.
[Source: Accenture, Company Website]
- In October 2021, KPMG and Oracle announced a partnership to develop blockchain solutions for government agencies.
[Source: KPMG, Company Website]
Blockchain Government Market Report Coverage & Deliverables
The market report on “Blockchain Government Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- A global and regional market analysis covering key Blockchain Government Market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
- Detailed company profiles.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The key players holding majority shares in the global blockchain government market are IBM, Microsoft, SAP SE, Oracle, and Infosys Ltd.
An increase in career paths in blockchain technology is anticipated to play a significant role in the global blockchain government market in the coming years.
An increase in government sector interest in adopting blockchain technology is the major factors that propel the global blockchain government market.
The global blockchain government market is expected to grow at a CAGR of 57.5 % during the blockchain government market forecast period 2024 - 2031.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Blockchain Government Market - By Provider
1.3.2 Blockchain Government Market - By Application
1.3.3 Blockchain Government Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BLOCKCHAIN GOVERNMENT MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. BLOCKCHAIN GOVERNMENT MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. BLOCKCHAIN GOVERNMENT MARKET - GLOBAL MARKET ANALYSIS
6.1. BLOCKCHAIN GOVERNMENT - GLOBAL MARKET OVERVIEW
6.2. BLOCKCHAIN GOVERNMENT - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. BLOCKCHAIN GOVERNMENT MARKET - REVENUE AND FORECASTS TO 2028 - PROVIDER
7.1. OVERVIEW
7.2. PROVIDER MARKET FORECASTS AND ANALYSIS
7.3. APPLICATION PROVIDERS
7.3.1. Overview
7.3.2. Application Providers Market Forecast and Analysis
7.4. MIDDLEWARE PROVIDERS
7.4.1. Overview
7.4.2. Middleware Providers Market Forecast and Analysis
7.5. INFRASTRUCTURE PROVIDERS
7.5.1. Overview
7.5.2. Infrastructure Providers Market Forecast and Analysis
8. BLOCKCHAIN GOVERNMENT MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. PAYMENTS
8.3.1. Overview
8.3.2. Payments Market Forecast and Analysis
8.4. ASSET REGISTRY
8.4.1. Overview
8.4.2. Asset Registry Market Forecast and Analysis
8.5. SMART CONTRACTS
8.5.1. Overview
8.5.2. Smart Contracts Market Forecast and Analysis
8.6. VOTING
8.6.1. Overview
8.6.2. Voting Market Forecast and Analysis
8.7. IDENTITY MANAGEMENT
8.7.1. Overview
8.7.2. Identity Management Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. BLOCKCHAIN GOVERNMENT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Blockchain Government Market Overview
9.1.2 North America Blockchain Government Market Forecasts and Analysis
9.1.3 North America Blockchain Government Market Forecasts and Analysis - By Provider
9.1.4 North America Blockchain Government Market Forecasts and Analysis - By Application
9.1.5 North America Blockchain Government Market Forecasts and Analysis - By Countries
9.1.5.1 United States Blockchain Government Market
9.1.5.1.1 United States Blockchain Government Market by Provider
9.1.5.1.2 United States Blockchain Government Market by Application
9.1.5.2 Canada Blockchain Government Market
9.1.5.2.1 Canada Blockchain Government Market by Provider
9.1.5.2.2 Canada Blockchain Government Market by Application
9.1.5.3 Mexico Blockchain Government Market
9.1.5.3.1 Mexico Blockchain Government Market by Provider
9.1.5.3.2 Mexico Blockchain Government Market by Application
9.2. EUROPE
9.2.1 Europe Blockchain Government Market Overview
9.2.2 Europe Blockchain Government Market Forecasts and Analysis
9.2.3 Europe Blockchain Government Market Forecasts and Analysis - By Provider
9.2.4 Europe Blockchain Government Market Forecasts and Analysis - By Application
9.2.5 Europe Blockchain Government Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Blockchain Government Market
9.2.5.1.1 Germany Blockchain Government Market by Provider
9.2.5.1.2 Germany Blockchain Government Market by Application
9.2.5.2 France Blockchain Government Market
9.2.5.2.1 France Blockchain Government Market by Provider
9.2.5.2.2 France Blockchain Government Market by Application
9.2.5.3 Italy Blockchain Government Market
9.2.5.3.1 Italy Blockchain Government Market by Provider
9.2.5.3.2 Italy Blockchain Government Market by Application
9.2.5.4 United Kingdom Blockchain Government Market
9.2.5.4.1 United Kingdom Blockchain Government Market by Provider
9.2.5.4.2 United Kingdom Blockchain Government Market by Application
9.2.5.5 Russia Blockchain Government Market
9.2.5.5.1 Russia Blockchain Government Market by Provider
9.2.5.5.2 Russia Blockchain Government Market by Application
9.2.5.6 Rest of Europe Blockchain Government Market
9.2.5.6.1 Rest of Europe Blockchain Government Market by Provider
9.2.5.6.2 Rest of Europe Blockchain Government Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Blockchain Government Market Overview
9.3.2 Asia-Pacific Blockchain Government Market Forecasts and Analysis
9.3.3 Asia-Pacific Blockchain Government Market Forecasts and Analysis - By Provider
9.3.4 Asia-Pacific Blockchain Government Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Blockchain Government Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Blockchain Government Market
9.3.5.1.1 Australia Blockchain Government Market by Provider
9.3.5.1.2 Australia Blockchain Government Market by Application
9.3.5.2 China Blockchain Government Market
9.3.5.2.1 China Blockchain Government Market by Provider
9.3.5.2.2 China Blockchain Government Market by Application
9.3.5.3 India Blockchain Government Market
9.3.5.3.1 India Blockchain Government Market by Provider
9.3.5.3.2 India Blockchain Government Market by Application
9.3.5.4 Japan Blockchain Government Market
9.3.5.4.1 Japan Blockchain Government Market by Provider
9.3.5.4.2 Japan Blockchain Government Market by Application
9.3.5.5 South Korea Blockchain Government Market
9.3.5.5.1 South Korea Blockchain Government Market by Provider
9.3.5.5.2 South Korea Blockchain Government Market by Application
9.3.5.6 Rest of Asia-Pacific Blockchain Government Market
9.3.5.6.1 Rest of Asia-Pacific Blockchain Government Market by Provider
9.3.5.6.2 Rest of Asia-Pacific Blockchain Government Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Blockchain Government Market Overview
9.4.2 Middle East and Africa Blockchain Government Market Forecasts and Analysis
9.4.3 Middle East and Africa Blockchain Government Market Forecasts and Analysis - By Provider
9.4.4 Middle East and Africa Blockchain Government Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Blockchain Government Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Blockchain Government Market
9.4.5.1.1 South Africa Blockchain Government Market by Provider
9.4.5.1.2 South Africa Blockchain Government Market by Application
9.4.5.2 Saudi Arabia Blockchain Government Market
9.4.5.2.1 Saudi Arabia Blockchain Government Market by Provider
9.4.5.2.2 Saudi Arabia Blockchain Government Market by Application
9.4.5.3 U.A.E Blockchain Government Market
9.4.5.3.1 U.A.E Blockchain Government Market by Provider
9.4.5.3.2 U.A.E Blockchain Government Market by Application
9.4.5.4 Rest of Middle East and Africa Blockchain Government Market
9.4.5.4.1 Rest of Middle East and Africa Blockchain Government Market by Provider
9.4.5.4.2 Rest of Middle East and Africa Blockchain Government Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Blockchain Government Market Overview
9.5.2 South and Central America Blockchain Government Market Forecasts and Analysis
9.5.3 South and Central America Blockchain Government Market Forecasts and Analysis - By Provider
9.5.4 South and Central America Blockchain Government Market Forecasts and Analysis - By Application
9.5.5 South and Central America Blockchain Government Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Blockchain Government Market
9.5.5.1.1 Brazil Blockchain Government Market by Provider
9.5.5.1.2 Brazil Blockchain Government Market by Application
9.5.5.2 Argentina Blockchain Government Market
9.5.5.2.1 Argentina Blockchain Government Market by Provider
9.5.5.2.2 Argentina Blockchain Government Market by Application
9.5.5.3 Rest of South and Central America Blockchain Government Market
9.5.5.3.1 Rest of South and Central America Blockchain Government Market by Provider
9.5.5.3.2 Rest of South and Central America Blockchain Government Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. BLOCKCHAIN GOVERNMENT MARKET, KEY COMPANY PROFILES
11.1. IBM CORP.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. SAP SE
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. MICROSOFT
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. ORACLE
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. DELOITTE
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. AMAZON WEB SERVICES, INC.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. INFOSYS
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. AUXESIS GROUP
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. INTEL CORPORATION
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. ACCENTURE
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
- Microsoft
- Auxesis Services and Technologies (P) Ltd
- BLOCKO Inc.
- Oracle
- Amazon Web Services
- Inc.
- Infosys Ltd
- IBM
- Bitfury Group Limited.
- RecordsKeeper
- SAP SE.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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