Smart Government Market Overview:
The ever-changing world and transforming societies along with demographics place new challenges for the public sector. This where smart government becomes an essential requirement for government organizations to deliver effective governance. Under smart government, innovative business model and development policies are fostered with the help of technology to address the environmental, financial and service issues present in public sector organizations. Today, the expectations of civilians have increased; they demand efficient, accountable and responsive services from government bodies. It is observed has the tolerance for bureaucratic discrepancies has gone down. Governments simply cannot afford to have poor communication between isolated departments or sluggish systems and processes. In order to bolster the public sector organizations, efforts are being made to implement smart policies. Factors as such are driving smart government deployments in various countries across the globe.
A recent study conducted by Market Research Future (MRFR) reveals that the global market for Smart Government Market will expand at a robust CAGR of 19% between 2017 and 2023 to reach a valuation of USD 37 Billion.
A large number of factors, ranging from civilian/government/administration interaction models, interoperability, heterogeneous communication network and security determine the smart government functionalities and capabilities that can be deployed. Increased digitalization and expansion of smart technologies are offering tremendous potentials to the market. Moreover, big data, cloud computing and mobile applications bring new opportunities to connect with more citizens and better understand their problems and requirements. Smart government is touted as the future of the public services, which will be about greater efficiency and innovation-driven governance.
Growing importance of data analytics and the opening of new alternatives to conventional ways of service delivery is expected to support the growth of the smart government market over the next couple of years. Nonetheless, risk of data theft and privacy concerns continues to undermine the potentials of the market. Over the years, incidences mass data leaks and cyber-attacks have increase at an alarming rate, making citizen more cautious about sharing their personal information on digital platforms.
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Global Market for Smart Government Competitive Analysis:
Some of the key players profiled in the MARF’s 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) and Oracle Corporation (U.S.).
Latest Industry Highlights:
- Entrust Datacard, a prominent provider of secure transaction technologies recently announced the that it has partnered with Cloud Security Alliance (CSA) to secure and improve cloud computing environment.
- The UAE government has recently flagged off an emerging technologies start-up competition, “GovHack Series” on a global scale. The competition will be held in eigth major cities across the globe. Reportedly, this will be the sixth edition of GovHack Series.
Global Market for Smart Government Segmental Analysis:
MRFR’s report offers a segmental analysis of the market based on service (managed services and professional services), by solution (security, remote monitoring, government resource planning system, and analytics) and deployment (on-premise and cloud).
The remote monitoring solutions segment is projected to witness a relatively higher growth rate over 2023. Development of advance and cost effective sensor technology is playing an imprint role in improving remote monitoring solutions.
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On the basis of region, the global market for smart government is segmented into Europe, North America, Asia Pacific and rest of the world (RoW). The market in North America is expected to remain highly lucrative throughout the assessment period. Presence of leading technology companies and increasing trends of digitization is reflecting favourably on the region’s market. Meanwhile, Asia Pacific is expected to exhibit the highest CAGR from 2017 to 2023.
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