The global 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 major driving factors for the blockchain government market are the growing interest in the blockchain technology adoption in the government sector, increasing instances of fraudulent activities in the public sector organizations, 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.
Major players in 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 adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global blockchain government market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2016 to 2018, which helped them to innovate on their offerings and broaden their customer base.
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Amazon Web Services (AWS) is one of the leading providers of blockchain technology solutions for the government sector. The compnay provides a flexible and cost-effective blockchain technology that establishes a peer-to-peer network and ensures verified and secured transactions. The major focus of AWS is on the organic growth strategies of new product launches, product upgradations, and business expansions, for achieving consistent market growth. The company frequently releases product upgrades to stay competitive in the market and serve the dynamic needs of its customers. It also consistently develops new products to gain a competitive edge over other major market players. For instance, recently in April 2018, AWS launched a BaaS offering, Blockchain Templates Frameworks, for Ethereum and Hyperledger fabric. The templates provide a fast and easy way of creating and deploying secure blockchain networks using popular open source frameworks. These templates also enable customers to focus on building blockchain applications instead of spending time and energy on the manual set up of the blockchain network.
IBM is one of the pioneers in the blockchain government marketspace. Since its foundation, the company has expanded its business significantly across the globe. IBM provides its blockchain platform for various government-specific applications, such as purchasing systems, asset records systems, fraud prevention and compliance, identity management, and automated smart contracts. IBM has adopted various organic as well as inorganic growth strategies to improve its market share and increase the annual revenue. For instance, the company collaborated with leading organizations, including Dole, Driscoll’s, Golden State Foods, Kroger, McCormick and Company, McLane Company, Nestlé, Tyson Foods, Unilever, and Walmart, to offer its blockchain platform, a permissioned and immutable shared ledger, to meet the challenges in food supply chain systems. Additionally, the company has launched an initiative with Dubai government agencies to effectively manage the import and export of goods in Dubai. The company has been continuously investing in R&D to focus on high-growth strategic opportunities. To cater to the needs of its clients, IBM has about 12 research labs with skilled professionals who have proven expertise in the blockchain technology.
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
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