PUBLISHER: The Business Research Company | PRODUCT CODE: 1392904
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392904
“Smart Government Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart government market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart government? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The smart government market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Smart government solutions play a crucial role in overseeing business activities related to government and administration. They involve the use of interconnected devices and cyber-physical systems by intelligently networked governance and administration to efficiently and effectively accomplish public tasks.
The primary types of smart government solutions encompass open data platforms, analytics, government resource planning systems, security, remote monitoring, and network management. An open data platform is a tool employed by government ministries/departments and their organizations to publish datasets, documents, services, tools, and applications for public use. The objective is to enhance government transparency and create opportunities for innovative applications of government data, offering new perspectives. These solutions and services are implemented both on-premise and in the cloud.
The smart government market research report is one of a series of new reports from The Business Research Company that provides smart government market statistics, including smart government industry global market size, regional shares, competitors with a smart government market share, detailed smart government market segments, market trends and opportunities, and any further data you may need to thrive in the smart government industry. This smart government market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The smart government market size has grown rapidly in recent years. It will grow from $32. 77 billion in 2023 to $38. 48 billion in 2024 at a compound annual growth rate (CAGR) of 17. 4%. The expansion observed in the historical period can be ascribed to digital transformation initiatives, the utilization of data analytics for informed decision-making, the implementation of open data initiatives, advancements in smart infrastructure and urban planning, the integration of blockchain for security and transparency, and improvements in emergency response and public safety measures.
The smart government market size is expected to see rapid growth in the next few years. It will grow to $77. 47 billion in 2028 at a compound annual growth rate (CAGR) of 19. 1%. The anticipated growth in the forecast period can be attributed to increased emphasis on emergency response and resilience planning, the adoption of digital identity solutions, a greater focus on privacy and data protection, the scalability provided by cloud computing, and a concentrated effort on smart city initiatives. Key trends expected in the forecast period involve the acceleration of digital transformation, the integration of IoT for smart infrastructure, a heightened focus on cybersecurity and data protection, the application of blockchain for transparency and security, continued emphasis on smart city initiatives and urban planning, and the promotion of open data initiatives for transparency. Additionally, there is a surge in renewable energy and sustainability programs.
The smart government market is set to experience growth, propelled by increased investments in smart government technologies. Governments worldwide are allocating more funds to network management, cybersecurity, and other smart government initiatives to ensure the delivery of reliable, effective, and secure services to their citizens. For example, in January 2021, the US government announced a $10. 2 billion investment in Federal information technology modernization to enhance cybersecurity defenses and address potential IT issues. This strategic move aims to bolster confidence in the US government's ability to provide secure and dependable services, driving the anticipated surge in demand for smart government platforms and solutions.
The smart government market is also witnessing growth due to the rising demand for digital transformation solutions. Digital transformation, the process of integrating digital technology into organizational processes, is crucial for smart government initiatives as it sets the foundation for utilizing digital technologies to enhance government services and operations. For instance, the Indonesian government has outlined a Digital Indonesia Roadmap for 2021-2024 to guide the nation's digital transformation. This roadmap includes 100 essential projects across ten priority sectors, fostering collaboration between ministries, authorities, corporate entities, and the public. Consequently, the increasing demand for digital transformation solutions is expected to drive the growth of the smart government market.
A notable trend in the smart government market is the integration of technological advancements. Innovations like the Internet of Things (IoT) are being increasingly embedded in new systems and cloud solutions to enhance the efficiency of government activities. IoT technology, in particular, is playing a significant role in strengthening government-citizen interactions, especially in the context of smart city operations. In February 2022, Rogers Business, a Canadian technology and media firm, introduced a suite of IoT smart cities and smart building solutions to address the growing infrastructure needs of governments and organizations. These solutions range from water leak detection sensors to AI-powered traffic signal capabilities.
Strategic partnerships are a focus for major companies in the smart government market. Such partnerships involve commercial collaborations where entities share resources to foster mutual success. For instance, in August 2022, the Smart Nation and Digital Government Group (SNDGG), a Singapore Ministerial Committee, partnered with Google Cloud, a US-based cloud computing company. This collaboration enables Singaporean government agencies to leverage Google Cloud's generative AI capabilities and partner ecosystem to accelerate the development of next-generation citizen-centric services.
In June 2021, Granicus, a US-based software company specializing in technologies for government agencies, acquired two gov-tech companies, Bang the Table and OpenCities, for an undisclosed amount. This acquisition positions Granicus to transform the interaction between citizens and governments. By adding Bang the Table, an Australia-based company providing an online citizen engagement platform, and OpenCities, an Australia-based digital customer journey platform for the public sector, Granicus strengthens its commitment to governments in Australia and New Zealand while expanding its presence in the US, Canada, and the UK.
Major companies operating in the in the smart government market report are 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
North America was the largest region in the smart government market in 2023. 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
The countries covered in the smart government market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The smart government market includes revenues earned by entities by providing better information and services, increasing government transparency to lessen corruption, boosting political accountability and credibility, and fostering democratic practices through the participation and consultation of the general public. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.