According to a new report published by Allied Market Research, titled, “Smart Government Market,” The smart government market 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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The increased acceptance of cloud computing by governments in a growing number of nations presents the industry with attractive growth potential. For example, the Idaho State Controller’s Office launched the Transparent Idaho program in June 2019 in collaboration with OpenGov, a cloud software supplier for government budgeting, communications, and performance. The infusion of data from a variety of sources allows governments to plan for digital transformation and the use of smart technology.
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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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.
The key players operating in the smart government market analysis 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.
The demand for smart government has increased considerably during the COVID-19 pandemic. This is attributed to increased digitalization among citizens and initiatives by governing bodies across the globe to curb the spread of virus by initiating various policies for public sectors. Moreover, smart government market is expected to grow despite economic downturn of various economies owing to increase in adoption of digital services. Thus, these factors promoted the growth of the smart government industry during the pandemic situation.
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