The Business Research Company’s report on the Smart Government Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the smart government market’s growth in recent years?
The increased investment in smart government technologies will propel the growth of the smart government market. Government institutes across the globe are increasing spending on network management, cybersecurity, and other smart government, to deliver dependable, effective, and security services to their people. For instance, in August 2024, according to The Office for National Statistics (ONS), an executive agency of the UK Government, A total of $1.476 billion in public funding has been allocated for the period from 2020 to 2025 to facilitate the rollout of gigabit-capable broadband to 85% of the UK by 2025 and to achieve 100% coverage by 2030. Up to 2022, $534 million has already been utilized, with an additional $905 million earmarked for expenditure between 2023 and 2025. Therefore, the increased investment in smart government technologies is expected to boost demand for smart government platforms and solutions during the forecast period.
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How does the future projection of the smart government market size compare to its historical growth?
The smart government market size has grown rapidly in recent years. It will grow from $37.67 billion in 2024 to $43.8 billion in 2025 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to digital transformation initiatives, data analytics for informed decision-making, open data initiatives, smart infrastructure and urban planning, blockchain for security and transparency, emergency response and public safety.
The smart government market size is expected to see exponential growth in the next few years. It will grow to $95.24 billion in 2029 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to emergency response and resilience planning, digital identity solutions, greater emphasis on privacy and data protection, cloud computing for scalability, focus on smart city initiatives. Major trends in the forecast period include digital transformation acceleration, IoT integration for smart infrastructure, focus on cybersecurity and data protection, blockchain for transparency and security, smart city initiatives and urban planning, open data initiatives for transparency, renewable energy and sustainability programs.
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Which key players are shaping the future of the smart government market?
Major companies operating in the smart government market include ABB Ltd., Amaon Web Services Inc., Avaya Inc., Capgemini SE, Cisco Systems Inc., Entrust Datacard Corporation, Huawei Technologies Co. Ltd., International Business Machines Corporation, Imex Systems Inc., Nokia Corporation, OpenGov, Oracle Corporation, UTI Group, Decidium, CitizenLab, Hughes Identification Devices (HID) Global Corporation, Accenture PLC, Atos SE, CGI Inc., Cognizant Technology Solutions Corporation, DXC Technology, Fujitsu Ltd., HCL Technologies Limited, Hitachi Ltd., Infosys Limited, NEC Corporation, NTT DATA Corporation, SAP SE, Tata Consultancy Services, Tech Mahindra Limited
What trends will propel the growth and evolution of the smart government market?
Technological advancement is a new trend gaining popularity in the smart government market. Technological advancements such as the Internet of Things (IoT) are increasingly incorporated into new systems and cloud solutions to make government activities more efficient. The widespread use of IoT technology has strengthened the government-citizen interaction, providing a strong case for public benefit generation. IoT is used in smart city operations to build and provide interconnected solutions for a community’s well-being. In February 2022, Rogers Business, a Canadian-based technology, and media firm developed a suite of internet of things (IoT) smart cities and smart building solutions to fulfill the rising infrastructure demands of governments and organizations. The Rogers Business Smart Cities and Smart Buildings business will collaborate with various vendors to develop solutions from water leak detection sensors to AI-powered traffic signal capabilities.
Which regions are expected to become dominant players in the smart government market?
North America was the largest region in the smart government market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart government market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the emerging key segments in the smart government market, and how are they evolving?
The smart government market covered in this report is segmented –
1) By Type: Open Data Platform, Analytics, Government Resource Planning System, Security, Remote Monitoring, Network Management
2) By Deployment: On Premise, Cloud
3) By Component: Solution, Services
Subsegments:
1) By Open Data Platform: Data Portals, Data Visualization Tools, API Management Solutions
2) By Analytics: Predictive Analytics, Descriptive Analytics, Prescriptive Analytics, Geographic Information Systems (GIS)
3) By Government Resource Planning System: Financial Management Systems, Human Resource Management Systems, Asset Management Systems, Procurement Management Systems
4) By Security: Cybersecurity Solutions, Identity And Access Management, Physical Security Systems, Incident Response Tools
5) By Remote Monitoring: IoT Sensors And Devices, Environmental Monitoring Systems, Infrastructure Monitoring Solutions
6) By Network Management: Network Performance Monitoring, Network Security Solutions, Cloud Network Management, Traffic Management Systems
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How is the smart government market defined?
Smart government solutions are used to manage business activities connected to government and administration, in which interconnected devices and cyber-physical systems are used by intelligently networked governance and administration to accomplish public tasks efficiently and effectively.
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