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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 |
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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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Invitation to presentation of EQT AB’s Q1 Announcement 2024
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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EQT AB Group |
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Kia presents roadmap to lead global electrification era through EVs, HEVs and PBVs
- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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BioVaxys Technology Corp. Provides Bi-Weekly MCTO Status Update
VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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