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The smart contracts segment is estimated to hold the largest market size in the blockchain government market in 2018
The smart contracts segment is expected to dominate the blockchain government market in terms of its contribution to the overall market shares, as government agencies are deploying blockchain-based smart contracts to reduce the costs of verification, execution, arbitration, and fraud prevention. The blockchain technology overcomes the existing limitations of smart contracts in terms of privacy, scalability, auditability, confidentiality, and performance.
The application providers segment is expected to grow at the highest CAGR in the global blockchain government market during the forecast period
The blockchain government market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure provider. These providers offer infrastructure to develop in the blockchain-based platforms. Among these types, application providers is the fastest growing segment in the overall blockchain government market. The introduction of technologically advanced blockchain solutions has witnessed a certain level of adoption in government agencies thereby fueling the overall market growth.
North America is expected to hold the largest market size in the blockchain government market during the forecast period
North America is estimated to account for the largest share of the overall market in 2018. The region is considered as the most advanced in technology adoption and infrastructure. The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor for the blockchain government market. Governments in this region are moving toward the adoption of the blockchain technology. US governments have recognized the blockchain technologys potential for the delivery of public services, and started adopting this technology to develop business applications. Moreover, the Canada Federal government is exploring the blockchain technology to boost the innovation economy.
Major blockchain technology vendors 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).
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