New York, US, March 08, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Government Market , By Solution, By Service By Deployment - Forecast Till 2030.” The market will touch USD 37 billion at 19% CAGR by 2030, as per the current Market Research Future report. Rising Investments in Smart Government Technologies to Boost Smart Government Market Growth
Drivers
Rising Investments in Smart Government Technologies to Boost Market Growth
The market for smart government will expand as a result of the rising investment in these technologies. In order to provide their citizens with trustworthy, efficient, and secure services, government institutions around the world are boosting their spending on cybersecurity, network management, and other smart government initiatives.
Smart Government Market Key Players -
Eminent players profiled in the smart government market report include:
- Capgemini SE (France),
- Entrust Datacard Corporation (U.S.),
- IBM Corporation (U.S.),
- Nokia Corporation (Finland),
- Symantec Corporation (U.S.),
- Amazon Web Services, Inc. (U.S.),
- Cisco Systems, Inc. (U.S.),
- Huawei Technologies Co., Ltd. (China),
- Imex Systems Inc. (Canada)
- Oracle Corporation (U.S.)
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Smart Government Market Opportunities
Technological Advances to offer Robust Opportunities
In order to improve the efficiency of government operations, technological innovations like the IoT are increasingly being blended into new systems and cloud solutions. IoT technology is being used widely now, which has improved citizen-government contact and made it easier to generate public benefits. IoT is employed in the smart city operations to create and deliver networked solutions for the welfare of a community.
Smart Government Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 37 Billion |
| CAGR during 2022-2030 | 19 % |
| Base Year | 2020 |
| Forecast | 2021-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | The State of Idaho in the United States got into a partnership with a solution provider enterprise cloud software is Open Gov, with a motive to utilize Open Gov’s Forms and Workflow software for admin of CARES act monitoring and distribution. |
Restraints and Challenges
Increase in Data Breaches to act as Market Restraint
The increase in data breaches coupled with high IT infrastructure cost may act as market restraints over the forecast period.
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Market Segmentation
The global smart government market is bifurcated based on solution, service, and deployment.
By solution, government resource planning system will lead the market over the forecast period. This is attributable to the government's increased use of digital technologies for resource planning, which is what drives the market's expansion.
By service, professional services will dominate the market over the forecast period because there has been a rise in the adoption of smart solutions, which calls for technological advising as well as continuing support and maintenance. The demand for professional services is rising as smarter solutions are being deployed, which necessitate ongoing maintenance, support, & technical advice.
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By deployment, cloud will spearhead the market over the forecast period. As a result of software configuration issues, hardware malfunctions, security breaches, and data loss, government offices experience interruptions that lower productivity. As a result, the cloud is a dependable substitute for keeping government data due to restricted funding and the cost of on-premise solutions rising with data volume. The data that governments save includes user information, public policy, and plans. To ensure that every service is available on demand, it is crucial that the government install a reliable and secure storage solution.
COVID-19 Analysis
Due to the rise in usage and adoption of online and the digitalized public sector operation among customers and government authorities globally, the COVID-19 pandemic has a favorable impact on the smart government business. As consumers become more familiar with the available digital tools, smart governments are expanding dramatically. Also, by working with the government & promoting smart governance, the IT sector may generate more money and open up a number of expansion chances for the market for smart governments. In turn, during the current global health crisis, this has turned into one of the main development causes for this industry.
Regional Analysis
North America to Head Smart Government Market
The market in North America has grown as a result of the expanding use of smart infrastructure, which was followed by smart city efforts in the region. Demand has been fuelled by sectors like grid automation monitoring. The IoT & cloud computing are becoming more widely used, which has boosted this region's market growth and given it significant traction in the smart government sector. The development of crucial companies that offer products and services for the smart government is also promoting market progress in this sector. Meanwhile, the US is making significant continuous investments in microgrid movements in California, where all electricity must come from emission-free sources by the year 2045.
In order to improve service delivery, update IT infrastructure, streamline digital operations, and expedite technology adoption, Canada announced its first ever digital-government strategy in the year 2021. The support of Canadian Digital Service improves public services by strengthening government transparency and trust, increasing government-wide capacity for human-centered service designs, the iterative development, & Statistics Canada, and granting the general public access to government data, statistics, and information on Canada's economy, society, and environment.
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APAC to Have Admirable Growth in Smart Government Market
Due to the burgeoning adoption of smartphones and connected devices, Asia-Pacific is anticipated to account for the biggest revenue share during the study period. Additionally, governments in the region view cloud services as a means of enhancing public services by reducing unemployment, enhancing responsiveness, and offering data and communication technology solutions at a reduced cost.
Because smartphones and tablets are becoming more and more popular, major firms are establishing their cloud data centers in the Asia-Pacific region. Cloud services are viewed as having the ability to increase the effectiveness of government service delivery and offer ICT services at a reduced price by the governments of Singapore and Australia.
The smart government market is fragmented and competitive as a result of the presence of numerous national and international industry players. In order to keep ahead of the competition and satisfy growing customer demand, these firms have used a number of cutting-edge strategies, including contracts, partnerships, collaborations, joint ventures, new product launches, global expansions, and more. They also support numerous research and development initiatives.
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