Market Size of Smart Government Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 19.24 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Government Market Analysis
The smart government market is expected to register a CAGR of 19.24% during the forecast period. The main factor driving the market is the ability of the citizen to interact with the government service in a new way due to the rising smart technologies by governments across various countries.
- The generation of government data is expanding due to several factors, including the growing census data (ever-increasing population), new policies and initiatives, partnerships with other regions, and an increase in GDP due to the mushrooming of new businesses. Physical hardware-based legacy systems may be more efficient but also run out of space. As a result, there is an increasing demand for smart governance.
- For instance, the city of Louisville in the United States offers junk pickup reminders to residents via GovDelivery, segmented by location, to better coordinate sanitation services. More than 12,000 households signed up to receive text message alerts one week and one day before garbage collection.
- Vendors are offering public, private, or hybrid cloud solutions for government data related to its administration, security, backup, or compliance, making the cloud for the government the newest big thing.
- On a global scale, the systematic openness of government data has increased rapidly. The cloud facilitates government data transparency, which promotes government accountability and reduces corruption. Furthermore, it contributes to citizen empowerment and resolving complex societal issues by utilizing a broader range of skills and information.
- However, smart governance has many advantages, the government faces numerous challenges. For example, the government requires significant resources and commitment to build digital infrastructure and connect everything online. Developing countries face financial difficulties due to various development initiatives, poor tax collection, significant foreign debt, trade deficits, and other social issues.
- In terms of supply, the COVID-19 pandemic has wreaked havoc on the economies of small, medium, and large-scale enterprises that manufacture the hardware tools required for global service deployment. Lockdowns imposed on individual nations by governments worldwide (to stop the virus from spreading) have made matters worse by damaging global supply chains and disrupting manufacturing activities.
