CandleFocus Blockchain in gov’t expected to reach $791.5B market
2025-03-10
Author: Content Editor
A recent report by Research and Markets predicts that the market capitalization for blockchain applications in government will reach $791.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 81%. The rise in valuation is driven by the need for transparency in government processes, with early adopters in the private sector already reaping the benefits. Key areas of application include public infrastructure management, welfare distribution, court processes, and taxation. The report also highlights that the United States and North America, as well as China and the Asia-Pacific region, will lead in blockchain adoption in government. In addition, the report states that IoT technology in smart cities is projected to reach nearly $1 trillion by 2032, driven by increasing government adoption and retrofitting of existing cities. Major sectors for IoT in smart cities include transportation, public safety, utilities, healthcare, and energy. The report also mentions the challenges of cybersecurity, infrastructure costs, interoperability, and regulatory changes for these technologies.
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