The high acceptance rate of cloud-based solutions is the factor that drives the growth of the smart government market.
PORTLAND, PORTLAND, OR, UNITED STATES, June 20, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, The smart government market share was valued at $21.9 billion in 2021, and is estimated to reach $124.7 billion by 2031, growing at a CAGR of 19.4% from 2022 to 2031.
The surge in adoption of technical innovations, rise in government investments in smart government technology, and the high acceptance rate of cloud-based solutions are the factors that drive the growth of the smart government market. In addition, increase in penetration of smartphones coupled with fast internet connectivity, upsurge in preference among consumers for smart governments, and massive adoptions of e-government features in developing countries accelerate the smart government market growth.
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COVID-19 Impact Analysis
COVID-19 pandemic has a positive impact on the smart government industry, owing to increase in usage and adoption of online & digitalized public sector operations among consumers and government authorities globally. Smart governments are experiencing massive growth as consumers are getting familiar with the digital technologies in the market. Moreover, improved revenue-generating prospects for the IT industry by collaborating with the government and aiding in smart governance provide various growth opportunities for the smart governments market’s growth. This, in turn, has become one of the major growth factors for the smart government industry during the global health crisis.
The report focuses on growth prospects, restraints, and trends of the smart government market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the smart government industry outlook.
By component, the solution segment acquired major share. Citizens are increasingly using smartphone applications to report public service complaints while also giving proof in the form of images or other media assets. These applications use the device’s GPS position to efficiently route necessary personnel and manage reported concerns in a single platform. Thus, these factors had promoted the growth of the segment in smart government market forecast.
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On the basis of type, the government resource planning system segment attained the highest growth during 2021. This is attributed to the increase in adoption of digital technologies by government for planning the use of resources in an effective way. Furthermore, the surge in reliance on statistical and analytical data generated by the GRP software is fueling the growth of the segment in smart government market.
Region wise, North America dominated the market in 2020. The smart government market has benefited from the increased use of digital technologies across several business verticals in North America, such as retail, finance, and telecommunications. The availability of well-established ICT infrastructure in the North American area has substantially aided the market for smart government in the region.
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KEY FINDINGS OF THE STUDY:
• By type, the government resource planning system segment led the highest smart government market share, in terms of revenue in 2021.
• On the basis of component, the service segment is expected to exhibit the fastest growth rate during the forecast period.
• Region wise, North-America generated the highest revenue in 2021 in smart government market size. The smart government market has benefited from the increased use of digital technologies across numerous business verticals in North America, such as retail, finance, and telecommunications.
The key players operating in the global smart government market include ABB Ltd., Amazon Web Services, Inc., Avaya Inc., Capgemini S.A., Cisco Systems, Inc., CitizenLab, Decidim, Huawei Technologies Co., Ltd., Imex Systems Inc., Nokia Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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