Vancouver, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global smart government market size was USD 28.24 Billion in 2022 and is expected to register revenue CAGR of 18.5% during the forecast period. Increasing investment in smart government technologies and the adoption of Social, Mobile, Analytics, and Cloud (SMAC), are the key factors driving market revenue growth. Digital technologies facilitate the exploration of novel approaches to deliver services, optimize resource allocation through more prudent spending, and establish a connection between programme and service costs and the results they yield for citizens, fostering accountability and self-assurance is driving market revenue growth.
The development of technologies such as social media, big data analytics, as well as mobile apps made it easy for citizens to engage with the government which is another factor driving market revenue growth. The expansion of the market is attributed to introduction of cutting-edge technologies such as Artificial Intelligence (AI) & Internet of Things (IoT).
Growing consumer demand for cloud computing is another factor driving market revenue growth. Moreover, increasing data extraction from various sources that can be subsequently processed for digital transformation. The swift advancement of technology has resulted in the extensive implementation of e-governance initiatives by governments aiming to optimize operations and provide residents with smooth digital services. Demand for remote access to government services has increased owing to the COVID-19 outbreak. Governments are now able to digitize a wide range of processes, including tax filing, license applications, and permit requests, owing to e-governance hence contributing to market revenue growth.
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However, rising privacy concerns among citizens is the key factor hampering market revenue growth. Governments need to implement robust data protection measures to address these concerns. Moreover, growing digitization and interconnectedness of government systems create vulnerabilities that can be exploited by cybercriminals which is another factor hampering market revenue growth.
Segment Insights
Services Insights:
On the basis of services, the global smart government market is segmented into professional services and managed services. The Professional services segment accounted for the largest revenue share in 2022 owing to growing implementation of smart solutions that demand technological consulting as well as continuing support and maintenance. For instance, on 28 March 2022, Microsoft announced that Office 365 Government Secret, a new cloud environment for the US government now under study, is expected to debut in early 2023. This environment is intended to serve the Department of Defense (DoD), the Intelligence Community (IC), and US government collaborators operating within the Secret enclave. It has best-in-class software as a service (SaaS) capability.
In addition, Microsoft is extending its extensive Office 365 Government cloud services to assist meet the entire spectrum of government data needs with this new environment that supports Impact Level 6 (IL6) hence boosting revenue growth of the segment.
Deployment Insights:
On the basis of deployment, the global smart government market is segmented into Cloud-based and On-premise. Cloud-based segment accounted for the largest revenue share in 2022. The cloud is a dependable substitute for keeping government data because funding for on premise solutions rises with data volume and government budgets. Governments save a lot of data in the form of plans, public policy, and user information. Also, rising strategic initiatives taken by the companies is also driving revenue growth of the segment.
For instance, on 28 April 2020, OpenGov Inc. expanded its cloud-based software portfolio with the introduction of OpenGov Financials, a financial management tool intended for municipal governments. The government can manage its budget, forecast, and daily report utilizing a single online platform owing to this technology. The effort can be lessened and traditional records such as cash receipts, timecards, and invoices are no longer necessary owing to this software hence boosting revenue growth of the segment.
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Regional Insights:
North America accounted for the largest market share in 2022. Rising demand for cloud computing and the Internet of Things (IoT) since it enables governments to collect real-time data for better decision-making and improved service delivery is the key factor driving revenue growth of the market in this region. Also, United States is investing in the microgrid movement which is another factor contributing to revenue growth of the market in this region. For instance, Florida Senate passed a bill allowing companies such as Uber, Lyft, and General Motors to begin deploying self-driving vehicles hence boosting revenue growth of the market in this region.
Asia Pacific market is expected to register the fastest market CAGR growth rate over the forecast period. Rising demand for cloud technologies in countries such as India, China, and Japan is the key factor driving revenue growth of the market in this region. Large companies are choosing Asia Pacific as the location for their cloud data centres owing to the rising usage of smartphones and tablets among individuals. For instance, Singapore is widely regarded as one of the world's most innovative smart cities as it is implemented a wide range of technologies and programmes to improve the standard of living for its residents and make the city more sustainable, practical hence boosting revenue growth of the market in this region.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 28.24 Billion |
| CAGR (2023–2032) | 18.5% |
| Revenue forecast to 2032 | USD 153.37 Billion |
| Base year for estimation | 2022 |
| Historical data | 2020–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Solution, services, deployment, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | ABB, Avaya LLC., Capgemini, Entrust Corporation, Imex Systems Inc., Nokia, Oracle, OpenGov, Broadcom, Cisco Systems, Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global smart government market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective smart government services & solution. Some major players included in the global smart government market report are:
- ABB.
- Avaya LLC.
- Capgemini
- Entrust Corporation
- Imex Systems Inc.
- Nokia
- Oracle
- OpenGov
- Broadcom
- Cisco Systems, Inc.
Strategic Development
- On 9 November 2022, Virtana, a leading provider of AI-driven solutions for hybrid cloud administration and monitoring, announced the integration of VirtualWisdom, its flagship Infrastructure Performance administration (IPM) solution, into Virtana Platform. The Virtana Platform is a unified Software-as-a-Service (SaaS) Platform that combine multiple products into a single tool, assisting customers in overcoming tool sprawl issues. Virtana merged over a decade of on-premises monitoring knowledge into the simple-to-use, SaaS-based Virtana Multi-Cloud Insights Platform as part of its commitment to innovation and client passion.
- On 28 April 2020, OpenGov, Inc. announced the launch of OpenGov Financials, a new financial management solution that expands the company's cloud-based software products and introduced the industry's first fully integrated cloud ERP tailored particularly for local government. OpenGov Financials is a comprehensive financial system that enables governments to execute daily, mission-critical procedures, as well as report, predict, and budget, all from a single online platform. The programme eliminates the need for various tangible documents such as timesheets, invoices, and cash receipts, while also increasing efficiency by minimising manual processes and high workloads.
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For the purpose of this report, Emergen Research has segmented global smart government market on the basis of solution, services, deployment, and region:
- Solution Outlook (Revenue, USD Billion; 2019-2032)
- Analytics
- Location Analytics
- Streaming Analytics
- Social Media Analytics
- Edge Analytics
- Open data platform
- Government resource planning system
- Asset Lifecycle Management
- Financial Management
- Workforce Management
- Supply Chain Management
- Others
- Remote monitoring
- Network Management
- Security
- Risk and Compliance Management
- Identity and Access Management
- Security and Vulnerability Management
- Others
- Smart Transportation
- Others
- Analytics
- Service Size Outlook (Revenue, USD Billion; 2019-2032)
- Professional services
- Consulting Services
- System Integration and Deployment
- Support and Maintenance
- Managed services
- Professional services
- Deployment Outlook (Revenue, USD Billion; 2019-2032)
- Cloud-based
- On-premise
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- ASEAN Countries
- Oceania
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- Israel
- Turkey
- South Africa
- Rest of MEA
- North America
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