Smart Government Market scenario
Smart government means the extension of e-government that gives information, operational technologies, communication to all the operational field across various domains. The global Smart Government Market is expected to reach USD 37 billion by 2030, growing at a CAGR of 19%. The growing demand for smart technologies and digital mediums is behind the growth of the smart government indusrty. The technological advancement in all fields and the adoption of technology helping in increasing investments in the market. The smart government market is expected to grow a lot more in the coming years.
The smart government indusrty is divided on the basis of service, deployment, and solution. The solution part is again divided into branches such as open data platforms, security, management, analytics, government resource planning system and etc. Out of all these segments, remote monitoring solutions are expected to grow at the fastest rate. The aim of remote monitoring is to help in providing security, maximum efficiency, and tracking assets. And the other factor driving the growth of remote monitoring is affordability.
With the help of a smart government, the need of physical documents is not needed. The physical hardware re not efficient enough, and it may run out of storage because there are a huge amount of data to store. In this case, the smart government can help out the organization, and it is on the rise. For example, for the better coordination of sanitization services, the city of Louisville sending reminders to the local people, and in this way, the people will get a text before the junk is scheduled for curbside pickup. Cloud technology is the next big thing nowadays, and there is no doubt about it. Cloud technology provides transparency to the government and the people. It is also helping people to solve complex public problems.
Covid-19 has boosted the demand for the smart government market because so many people are affected due to this pandemic, and the government needed to make sure that their needs are fulfilled. It only requires a digital way to do its work. The covid-19 pandemic has brought a disaster to many business organizations, and markets but the smart government indusrty isn’t part of it. The global market fully depended on technologies and digital mediums, so covid-19 hasn’t affected smart government indusrty growth.
The smart government market has contributed largely to society. Government data generation is on the rise, and with the growth of population, new policies, GDP increase, new business organizations opening.
Partnership with other regions can get out of storage, and it’s when the Smart government comes to the rescue. These are the reasons for smart government market growth. Cloud for government is growing every day, and vendors are providing hybrid, private, and public cloud solutions for government data-related management and security. There is a rapid growth in the global market growth all over the world, and it helps to reduce corruption. It brings a wide range of knowledge to government platforms. The government stores a large amount of data, records, public policies, schemes, so it becomes very important to store them safely. The government needs to make sure that storage capacity is big and it won’t be a problem to store a huge amount of data, and that is why the smart government indusrty is very important. The security service providers, research firms, government organizations, cloud services providers, professional service providers are contributing to the success of the market.
Restraints for the market
The major restraints that affect the growth of the smart government indusrty are inadequate funding and it’s halting the development of government projects midway. The smart government needs high funds to work, and if the funding is low, then it will be a problem for the smart government to work.
Challenges in the market
The global market faces so many challenges, such as storing a large amount of data safely. With the growing population, the amount of data that need to be kept safe is also increasing, and it’s the responsibility of the smart government market to keep it safe. The market has a huge amount of data, so it is a challenge to keep it safe as there are many cyberbullies who attack to steal data, and the safety of data is on the line. Keeping the data safe from cybercrime is one of the biggest challenges for the smart government indusrty.
Opportunities for the market
Smart government market opportunities are growing due to the need to store large amounts of data, policies, schemes, and records. With the advancement of technology, the opportunities for the smart government indusrty are also growing. The hardware failure, security problem, and storage problem, and data loss impact the productivity of the government offices, so the cloud becomes the best option to storage government data. And for this reason, global market opportunities are on the rise.
Cumulative growth of market
The smart government market is increasing every day with technical advancement. The cloud deployment segment has huge growth, and it is expected to growing more in the smart government indusrty forecast period due to the increased adoption of cloud technology by government agencies. Government has a huge collection of policies, data, and schemes. Therefore they need the help of the smart government industry, and it is driving the growth of the market.
Value chain analysis
The global smart government market size is growing rapidly, and it is expected to grow at $37 billion by the year 2030, at a 19% CAGR between 2021-2030. The smart government indusrty key players are the reason behind this huge market growth.
Smart Government Market Segment overview
The smart government market can be divided on the basis of the following:
- Network management
- Open data platform
- Remote monitoring
- Government resources planning system
- Manages service
- Professional service
- North America
The regional market analysis is a part of studies in the region such as North America, Europe, Asia Pacific, and other regions. North America is responsible for the highest market share. The major growth of the government market is shown in the North American region due to technical advancement and uses of mobiles and tablets in the region.
The Asia Pacific is expected to grow faster in the market forecast period. Asia-pacific is in the middle of the cloud technology transformation, and the increasing number of smartphones and tablets is causing the market boost in this region.
Competitive landscape analysis
The key players are the reason behind the smart government market growth, and the key players are driving the market
- Cisco Systems, Inc. (U.S.),
- IBM Corporation (U.S.),
- Amazon Web Services, Inc. (U.S.),
- Entrust Datacard Corporation (U.S.),
- Imex Systems Inc. (Canada),
- Nokia Corporation (Finland),
- Huawei Technologies Co.,
- Capgemini SE (France),
- Oracle Corporation (U.S.)
- Symantec Corporation (U.S.)
These are the smart government market key players, and they are these are contributing largely to the market such as Cisco Systems, Inc. (U.S.), Ltd. (China), IBM Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Entrust Datacard Corporation (U.S.), Imex Systems Inc. (Canada), Nokia Corporation (Finland), but among these key players amazon is the top contributes the most.
- In April 2020, The State of Idaho in the United States got into a partnership with a solution provider enterprise cloud software is OpenGov, with a motive to utilize OpenGov’s Forms and Workflow software for admin of CARES act monitoring and distribution. The states aim to use the technology to make sure federal funds are allocated to combat the COVID-19 pandemic, which is the priority and distributes through all the state agencies and local governments.
- In April 2020, OpenGov Inc. launched OpenGov Financials, and it is financial management technology that increases its cloud-based software offerings and is designed for the local government. This technology will allow the government to run their daily report, forecast, and budget using only one online platform. This software will help to eliminate the need for physical documents like cash receipts, time cards, invoices, and it will help to reduce the workload.
- The market scenario highlights the market
- Covid-19 analysis
- Market dynamics explanation
- Regional analysis of market
- Competitive landscape analysis
- Recent Developments of market
- Segmentation overview
USD 37 Billion (2030)
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Solution, Service
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Cisco Systems, Inc. (U.S.), Ltd. (China), IBM Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Entrust Datacard Corporation (U.S.), Imex Systems Inc. (Canada), Nokia Corporation (Finland).
Key Market Opportunities
The State of Idaho in the United States got into a partnership with a solution provider enterprise cloud software is OpenGov, with a motive to utilize OpenGov’s Forms and Workflow software for admin of CARES act monitoring and distribution.
Key Market Drivers
The smart government market is driven by many well-established market players/entities. The main motive of the smart government is to make business models, technology, and innovative policies to face different challenges.
Frequently Asked Questions (FAQ) :
The smart government market size is growing rapidly, and it is expected to grow to USD 37 billion by the year 2030.
The global smart government market is projected to register a moderate 19% CAGR in the forecast period.
Analytics segment is slated to expand as the fastest-growing segment.
The managed service segment is expected to witness the fastest growth over the review period.
A few major market players operating in the global smart government market are Imex Systems Inc. (Canada), Oracle Corporation (U.S.), Nokia Corporation (Finland), Symantec Corporation (U.S.) among others.
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