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Blockchain Government Market to Reach $218.6 Billion, Globally, by 2032 at 56.8% CAGR: Allied Market Research
The global blockchain government market is driven by factors such as the rise in interest of the government sector in adopting blockchain technology, the increase in need to protect against data tampering, and the surge in blockchain technology’s utility to form transparent and decentralized governments.
PORTLAND, Ore., July 4, 2023 /PRNewswire/ — Allied Market Research published a report titled, “Blockchain Government Market by Provider (Application Providers, Middleware Providers, Infrastructure Providers), by Application (Identity Management, Asset Registry, Smart Contracts, Payments, Voting, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global blockchain government industry generated $2.5 billion in 2022 and is anticipated to generate $218.6 billion by 2032, witnessing a CAGR of 56.8% from 2023 to 2032.
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Prime Determinants of Growth:
The global blockchain government market is driven by factors such as the rise in interest of the government sector in adopting blockchain technology, the increase in need to protect against data tampering, and the surge in blockchain technology’s utility to form transparent and decentralized governments. However, a lack of awareness regarding the blockchain technique negatively impacts the growth of the blockchain government market. In addition, a lack of a common set of regulatory standards, an uncertain regulatory landscape, and a lack of awareness and technical understanding about blockchain technology hinder market growth. On the contrary, the increase in adoption of advanced technology in infrastructure development and the government sector is expected to provide lucrative opportunities for the blockchain government market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$2.5 Billion |
|
Market Size in 2032 |
$218.6 Billion |
|
CAGR |
56.8 % |
|
No. of Pages in Report |
233 |
|
Segments Covered |
Provider, Application, and Region |
|
Drivers |
Rise in interest in the government sector in adopting blockchain technology |
|
Increase in the need to protect against data tampering |
|
|
Surge in blockchain technology utility to form transparent and decentralized governments |
|
|
Opportunities |
Increase in career paths in blockchain technology |
|
Restraints |
Lack of awareness regarding blockchain technology |
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Dearth of skilled professionals |
COVID-19 Scenario:
- The pandemic accelerated the need for digital transformation in government operations. As governments faced the challenge of providing efficient and secure services in a remote and contactless environment, the demand for blockchain solutions increased. Blockchain government providers were well-positioned to offer their expertise and services in enabling secure digital processes, such as digital identity verification, secure data management, and remote voting.
- In general, the pandemic accelerated the investigation of voting systems based on blockchain technology as an alternative to traditional methods. As a result, the COVID-19 pandemic has had a positive impact on the government blockchain market.
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The infrastructure providers segment to maintain its leadership status throughout the forecast period-
Based on provider, the infrastructure providers segment held the highest market share in 2022, accounting for nearly half of the global blockchain government market revenue, and is estimated to maintain its leadership status throughout the forecast period. with a growing trend towards cloud-based infrastructure in the blockchain government market. Infrastructure providers are leveraging cloud computing services to offer scalable and flexible infrastructure solutions to government agencies. However, the application providers segment is projected to manifest the fastest CAGR of 62.9% from 2023 to 2032. Application providers are developing customized blockchain solutions that address the unique requirements of government operations. They work closely with government agencies to understand their pain points, regulatory frameworks, and security concerns, and then design blockchain applications that align with those requirements.
The payments segment to maintain its lead position during the forecast period-
Based on application, the payments segment held the highest market share in 2022, accounting for more than one-third of the global blockchain government market revenue, and is projected to maintain its lead position during the forecast period. This is due to the fact that blockchain technology offers increased security and immutability, which are crucial for secure government payments. Blockchain-based payment systems provide secure cryptographic protocols and distributed ledger technology that make it difficult for malicious actors to tamper with transaction data. However, the voting segment would display the fastest CAGR of 65.3% from 2023 to 2032. This is because blockchain enables remote and mobile voting, allowing eligible voters to cast their votes from anywhere using digital devices. This helps to overcome geographical barriers, improve accessibility for people with disabilities, and encourage broader participation in the democratic process.
Europe region to rule the roost in terms of revenue by 2032-
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global blockchain government market revenue. This is because governments in North America are increasingly conducting pilot projects and proof of concepts to explore the potential of blockchain technology. These initiatives allow governments to test the feasibility and benefits of blockchain in specific use cases before implementing them on a larger scale. Examples include blockchain-based voting trials and land registry experiments. On the other hand, the Europe region is projected to rule the roost in terms of revenue during the forecast period. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 60.8% from 2023 to 2032. The growth is attributed to blockchain technology, which offers transparency, traceability, and efficiency in cross-border trade and supply chain management. Governments in the region are adopting blockchain solutions to enhance customs processes, reduce fraud, and streamline trade finance, contributing to increased efficiency and economic growth.
Leading Market Players: –
- Bitfury Group Limited.
- IBM
- Microsoft
- Oracle Corporation
- SAP SE
- RecordsKeeper
- Infosys Ltd.
- Amazon Web Services, Inc.
- Auxesis Services & Technologies (P) Ltd.
- BLOCKO Inc.
The report provides a detailed analysis of these key players in the global blockchain government market. These players have adopted different strategies, such as partnerships, product launches, and expansion, to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the blockchain government market forecast from 2022 to 2032 to identify the prevailing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities of blockchain government market overview.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the blockchain government market segmentation assists in determining the prevailing blockchain government market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global blockchain government market trends, key players, market segments, application areas, and market growth strategies.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/blockchain-government-market/purchase-options
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IDnow Trust Services AB certified as a Qualified Trust Service Provider in the European Union
IDnow partners with IDnow Trust Services AB to provide qualified electronic signatures, time stamps and seals to its customers and beyond
MUNICH, Nov. 5, 2024 /PRNewswire/ — IDnow, a leading identity verification platform provider in Europe, announces its partnership with newly founded IDnow Trust Services AB, a certified Qualified Trust Service Provider (QTSP) under EU Regulation 910/2014 (eIDAS).1 Founded as a joint venture in Stockholm in early 2024 between IDnow and ESYSCO, a system integrator and technology provider, the company offers qualified trust services, such as electronic signatures, time stamps, and seals, that combine security, compliance, and user convenience.
Innovation and leadership in the digital signature market
As a recognized QTSP in the EU by the Swedish supervisory body Post-och telestyrelsen (PTS), IDnow Trust Services AB will issue, validate, and manage electronic certificates and time stamps; capture additional information, such as qualified time; hold identification evidence data, and perform certificate revocation, while complying as a Certificate Authority (CA). The QTSP provides assurance of the existence of specific electronic data at a specific time, such as proof that documents have been submitted for processing.
One of the features that IDnow Trust Services AB will immediately enable for IDnow’s customers is SMS-free signing. This certified capability simplifies the signing process, eliminating the requirement of One-Time Password (OTP) codes and driving higher conversion rates. IDnow Trust Services AB is the first QTSP that will allow this new user authentication process, which is already acknowledged by different CEN and ETSI standards and which will revolutionize the user experience in the digital signature market.
New joint venture secures trust and simplifies compliance
“We are incredibly pleased that our joint venture, IDnow Trust Services AB, is already bearing the fruits of our labor. At IDnow, we have long made it our mission to actively shape and lead the Know Your Customer and digital identity industry; we are now once again showing this leadership role by doubling down on trust services, as they are an essential part of the transformation of the digital identity market heralded by eIDAS 2.0,” says Andreas Bodczek, CEO of IDnow.
He continues: “In the coming years, our customers will benefit from the synergy of identity verification and qualified trust services, ensuring a compliant and efficient experience for all business-critical operations across the EU. This collaboration sets a new standard for trust and operational efficiency, positioning businesses for long-term success in the fast-evolving digital landscape.”
Johannes Leser, CEO of IDnow Trust Services AB, adds: “Trust and liability is the backbone of all business, and it will be the driving force behind the global digital economy. IDnow Trust Services AB is committed to delivering innovative and highly dependable solutions to IDnow, its customers, and partners. With trust as our mutual foundation, we’re poised to revolutionize the European digital signature market, which is expected to be seven times larger by 2030 than it is today.”
About IDnow
IDnow is a leading identity verification platform provider in Europe with a vision to make the connected world a safer place. The IDnow platform provides a broad portfolio of identity verification solutions, ranging from automated to human-assisted from purely online to point-of-sale, each of them optimized for user conversion rates and security.
In 2021, IDnow acquired the French market leader for identity technology, ARIADNEXT, and the German identity Trust Management AG, enabling IDnow to offer its customers one of the broadest identification solutions through a single, integrated platform.
The company has offices in Germany, United Kingdom, and France and is backed by renowned institutional investors, including Corsair Capital and Seventure Partners. Its portfolio of over 900 international clients spans a wide range of industries, and includes leading international players, such as UniCredit, Telefonica, Sixt, Crédit Agricole Personal Finance and Mobility, BNP Paribas Personal Finance, and Munich Re, as well as digital champions like N26, Solarisbank, Younited, BoursoBank, and Klarna.
Press contact IDnow
Katherina Riesner
[email protected]
+49 89 41324 6030
About IDnow Trust Services AB
IDnow Trust Services AB is a joint venture between IDnow GmbH and ESYSCO Sp. z o.o. The company is a certified Qualified Trust Service Provider (QTSP) under EU Regulation 910/2014 (eIDAS), compliant with the creation and validation of electronic signatures, electronic time stamps, electronic seals, and certificates related to these services.
As an eIDAS-certified QTSP, IDnow Trust Services AB leads the way in compliance. It provides omnichannel trust services, including Qualified Electronic Signatures (QES), helps customers conduct cross-border business within the EU, and assists companies in the transition to fully digital processes.
1 The electronic Identification and Signature (eIDAS) regulation defines a QTSP as a natural or a legal person who provides one or more qualified trust services.
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Fintech PR
Sanitas, one of Switzerland’s largest health insurers, embeds Lifelight’s vital signs into customer app
- More than 0.5 million customers already trust the Sanitas portal
- The Chronic Journey included in the app focuses on the detection of high blood pressure with the integration of Lifelight’s remote vital signs technology
- Sanitas empowers users to obtain indicative estimates of their blood pressure via their own mobile device
LONDON, Nov. 5, 2024 /PRNewswire/ — In a groundbreaking next step for preventative care Sanitas partners with Lifelight, a cutting-edge novel technology to bring blood pressure estimates to its private healthcare app users.
With the Sanitas Portal app, over 0.5m customers already have an overview of their insurance and health related benefits. App users can be rewarded for exercise, check symptoms, get support with mental health, translate complicated doctor’s bills, scan receipts or quickly check coverage. Customers can also receive valuable support from a virtual assistant and a personal advisory team.
Now with the inclusion of Lifelight, Sanitas is taking a proactive approach to further mitigate health risks. A chronic illness guide within the app focuses on prevention, detection and management of cardiovascular disease (CVD) through early monitoring and pre-emptive intervention.
The Sanitas Portal is available in German, French, Italian and English. It marks the first time that Lifelight offers full language support.
Lifelight, developed by xim Limited, provides the ability for Sanitas customers to easily check their blood pressure themselves at home, with on-screen instructions to guide them.
As well as providing fast vital signs readings, one of the key benefits of Lifelight is the user experience – zero contact – no uncomfortable cuff, no need to undress, no wearables – users simply look at their mobile device screen for 40 seconds.
Often more convenient, Sanitas’ customers can access Lifelight securely from the comfort of their homes or remotely – anytime, anywhere. This is where Lifelight can really scale, driving efficiencies with improved health outcomes.
Commenting on the joint venture, Evelyne Dürr, digital service project manager at Sanitas stated, “Partnering with Lifelight to bring blood pressure estimates to our health insurance customers is an integral step in our preventative care vision. We want to empower and encourage our customers to become experts of their own health. Lifelight’s contactless technology can also be used at home to estimate blood pressure. It provides important information for the early detection of high blood pressure.”
Laurence Pearce, Lifelight’s CEO and Founder said, “We’re motivated to work alongside a well-known established healthcare insurance brand, allowing us to scale Lifelight and support Sanitas’ ongoing preventative care programme. We look forward to reaching more people in Europe through Sanitas’ Swiss customer base, building on our shared aims to empower everyone who wants to, take responsibility for their health that will improve an individual’s wellbeing, cut healthcare costs and ultimately reduce the risk of CVD.”
For further information please contact:
Suzanne Congdon – [email protected] https://lifelight.ai/
With over 800,000 insured people and premium income of more than three billion francs, Sanitas (www.sanitas.com) is one of the largest Swiss health insurers.
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Fintech PR
TerraPay and Suyool Join Forces to Enable Instant and Secure Money Transfers to Anyone in Lebanon
BEIRUT, Nov. 5, 2024 /PRNewswire/ — In a significant step towards enhancing financial accessibility in Lebanon, TerraPay, a global money movement company, has partnered with Suyool, a licensed financial ecosystem regulated by Banque du Liban. This collaboration is set to transform how Lebanese residents send and receive money, addressing the pressing demand for fast, secure, and convenient remittance services.
Lebanon has long been reliant on remittances, with over $6.5 billion transferred to the country in 2023. This inflow, primarily driven by the Lebanese diaspora, underscores the critical need for efficient financial services that can cater to both banked and unbanked populations. As a response to this necessity, Suyool is dedicated to providing an advanced digital wallet solution that facilitates not only local and international payments but also supports financial inclusion for unbanked individuals.
Suyool gains access to TerraPay’s extensive network covering over 144+ receiving countries, 210 sending countries, 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards, enhancing the efficiency and reliability of remittances. Suyool can now expand its remittance services for both inbound and outbound transactions, ensuring financial services are accessible to all.
Mr. Arz El Murr, Founder & CEO of Suyool, added, “By partnering with TerraPay, we are able to enhance our service offerings and meet the growing needs of our users. This collaboration will allow us to facilitate faster, more secure transactions, helping to bridge the financial gap for many in Lebanon.”
The remittance corridors into Lebanon remain robust, particularly from the USA, Gulf region, and Europe, which are vital for Lebanese families reliant on financial support from abroad. With around 20% of Lebanon’s population unbanked, Suyool is positioned to serve this demographic effectively, making financial services accessible through its intuitive mobile app.
Ambar Sur, Founder & CEO at TerraPay, expressed enthusiasm about the partnership: “This collaboration deepens TerraPay’s footprint in Lebanon, where there is a strong demand for efficient remittance solutions. Together with Suyool, we are committed to driving financial inclusion and providing reliable payment options to all users. This partnership comes at an exciting time for wallet providers, as we have recently launched the Wallet Interoperability Council to enhance interconnectivity and interoperability for multiple cross-border transaction types, including remittances and merchant payments using wallets.”
This partnership between TerraPay and Suyool represents a pivotal development in the financial landscape, enabling simplified global money movement in the region.
About TerraPay
TerraPay simplifies global money movement, providing a single connection to one of the most expansive cross-border payment networks regulated in over 30 global markets. The platform enables payments to 144+ receiving countries, 210+ sending countries, over 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards. TerraPay is on a mission to create a borderless financial world, making money transfers instant, reliable, transparent, and fully compliant. Founded in 2014, TerraPay operates in over 12 countries and has built the global digital wallet interoperable network, driving financial inclusion even in the most remote markets. TerraPay is headquartered in London, with offices in cities like Bangalore, Dubai, Bogota, Dar es Salaam, Kampala, and Singapore. Backed by leading investors including the IFC (World Bank), Prime Ventures, Partech Africa, and Visa, TerraPay continues its rapid global expansion.
About Suyool
Suyool is a licensed financial ecosystem regulated by Banque du Liban (BDL) and originated in Europe. It is built to deliver convenience and security for all financial needs, allowing users to send money to anyone in Lebanon, make local and international payments with the Platinum Debit Card, and perform local payments at merchants using QR codes. Users can also access their money in cash, complete local or international transfers, cash out at over 850+ cash points, or request cash delivery to their door. As an advanced digital wallet, Suyool offers a variety of services, including mobile payments, remittance handling, international transfers, and utility & bill payments. With a strong focus on financial inclusion, Suyool is making banking accessible and easy for everyone, particularly the unbanked, through its intuitive mobile app.
Contact:
Juveria Samrin,
[email protected]
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