Growing data from multiple sources allowing the government agencies to process them for digital transformation is expected to drive the growth of the smart governments market.
The smart governments market size is expected to grow from USD 11.73 billion in 2017 to USD 28.24 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.2%. The major driver for the upsurge in demand in the smart governments market includes growing data from multiple sources allowing the governments to process them for digital transformation, leading to the adoption of smart technologies. The restraining factors include inadequate funding which affects and halts the development of government projects and the lack of uniform laws and regulations in data sharing by government agencies across ministries and services.
Government resource planning system solutions are expected to have the largest market share during the forecast period.
Government resource planning system is a complete suite that can be customized according to the needs of the government bodies. It comprises modules such as financial management, asset lifecycle management, supply chain management, workforce management, order and contract management, and document management. This system ensures transparency in activities, provides authorized access which ensures data privacy, and maximizes the effectiveness of resource allocations. The growth of this solution is attributed to its increased adoption by the government firms for increasing citizen engagement costs. The solution also saves costs and complexities that may arise while installing the modules separately as standalone solutions.
Asia Pacific (APAC) is expected to grow at the fastest rate in the smart governments market during the forecast period.
As per the geographic analysis, the APAC region is expected to witness the fastest growth in the smart governments market due to the increasing adoption of technology upgrades and regulatory mandates by affluent countries, such as China, Australia, South Korea, Japan, Singapore, and Hong Kong. Additionally, the adoption of the Internet of Things (IoT) due to political push and the privatization in countries such as Philippines, and Indonesia are the major drivers for the smart governments market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profiles of the primary discussion participants are given below:
- By Company Type: Tier 1 (83%) and Tier 2 (17%)
- By Designation: C-Level (75%) and Manager Level (25%)
- By Region: North America (40%), Europe (20%), and APAC (40%)
The key smart governments market vendors profiled in the report are as follows:
1. ABB Group (Switzerland)
2. Amazon Web Services, Inc. (US)
3. Avaya Inc. (US)
4. Cap Gemini S.A. (France)
5. Cisco Systems, Inc. (US)
6. Entrust Datacard Corporation (US)
7. Huawei Technologies Co., Ltd. (China)
8. Hughes Identification Devices (HID) Global Corporation (US)
9. IBM Corporation (US)
10. Imex Systems Inc. (Canada)
11. Nokia Corporation (Finland)
12. OpenGov (US)
13. Oracle Corporation (US)
14. Socrata (US)
15. Symantec Corporation (US)
16. UTI Grup (Romania)
The global smart governments market has been segmented on the basis of types (solutions and services), deployments, and regions. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities across different regions. In addition to this, the product portfolio analysis and business strategy analysis are the other MarketsandMarkets analysis included in the report.
Reasons To Buy the Report
The report will help the market leaders/new entrants in the smart governments market in the following ways:
- The report segments the smart governments market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
- The report helps the stakeholders to understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report helps the stakeholders to understand the competitors and gain more insights to better their position in the market.