DUBLIN--(BUSINESS WIRE)--Jun 8, 2018--The "Blockchain Government Market by Provider, Application, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The blockchain government market size is expected to grow from USD 162 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 blockchain government market is driven by various factors, such as the growing interest in the adoption of blockchain technology by government agencies and increasing instances of fraudulent activities in the public sector. However, lack of common set of regulatory standards and uncertain regulatory landscape and lack of awareness and technical understanding about the blockchain technology can hinder the market growth.

The application providers segment is the fastest growing segment in the blockchain government market. The blockchain government market has been categorized as, application providers, middleware providers, and infrastructure providers. The blockchain technology provides various applications for the government sector, such as smart contracts, voting, identity management, and payments. Therefore, the demand for blockchain technology applications is increasing.

The identity management segment is expected to grow at the highest CAGR during the forecast period. Identity management has become easier and cost-effective with the help of the blockchain technology. Traditional solutions create complications while managing the data related to birth and death dates, information about marital status, property transfers, business licensing, and criminal activities. The blockchain technology can be successfully implemented for managing documents and maintaining the records of individual identities. Hence, the adoption of blockchain technology to manage identities is increasing.

Companies Mentioned

AWS Accenture Auxesis Group BTL Bigchaindb Bitfury Blockchain Foundry Blocko Brainbot Technologies Cegeka Deloitte Factom Guardtime IBM Infosys Intel Microsoft Modultrade Oracle OTC Exchange Network Recordskeeper Sap Somish Spinsys Symbiont

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Blockchain Government Market, By Provider

7 Market By Application

8 Blockchain Government Market, By Region

9 Competitive Landscape

10 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/research/5fwnpq/global_3_45_bn?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20180608005203/en/

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KEYWORD:

INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 06/08/2018 05:15 AM/DISC: 06/08/2018 05:15 AM

http://www.businesswire.com/news/home/20180608005203/en