The Smart Governments Market is expected to reach USD 71.89 Billion by 2028, according to a new report by Reports and Data.
New and advanced cloud technology services allow thousands of customers to use related resources helping companies to decrease their expenses. Cloud enables technology to adjust quickly to the changing landscape and in matching the new needed changes. Cloud service providers assures that the applications can be effortlessly configured and build entire solutions in a brief time. These factors help the organization to focus on its core competency, which in turn, results in their overall growth.
The market in the Asia Pacific region is anticipated to witness the highest CAGR of 18.4% during the forecast period. Due to the growing adoption of technology upgrades and regulatory mandates by countries, such as Australia, Singapore, China, Japan, South Korea, and Hong Kong. Additionally, the enactment of the Internet of Things (IoT) due to political impact and the privatization in countries are the significant drivers for the market in this region. The booming IT sector in this region along with substantial investments from the private and public organizations is also expected to drive the growth further.
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The statement you provided highlights the concept of smart government and the growth of the smart government market. Smart governance involves the use of modern technologies and information and communication technologies (ICT) to establish a transparent, collaborative, and sustainable environment between citizens and the government. It aims to facilitate citizen participation and provide a platform for residents to express their opinions on government plans and systems.
According to the information you provided, North America accounted for the largest share (29.8%) of the smart government market in 2018. This can be attributed to the increasing adoption of Internet of Things (IoT) and cloud computing technologies in the region. The utilization of these technologies has contributed to the growth of the smart government market. Additionally, the presence of significant companies offering smart government solutions and services has further propelled the market growth in North America.
It’s important to note that market trends and dynamics can change over time, and the information you provided is based on data up to 2018. Therefore, it is advisable to refer to more recent market research and reports to obtain the most up-to-date information on the smart government market.
Top 10 Companies Operating in the Global Smart Governments Market:
Amazon Web Services, Inc., UTI Group, Cisco Systems, Inc., Abb Ltd., Avaya Inc., Capgemini S.A., Entrust Datacard Corporation, Huawei Technologies Co., Ltd., Imex Systems Inc., Oracle Corporation, International Business Machines (Ibm) Corporation, Nokia Corporation, and Symantec Corporation
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The global market is further segmented into type and application:
Deployment Outlook (Revenue, USD Billion ; 2018-2028)
- On-premises model
- Cloud-based model
Service Outlook (Revenue, USD Billion ; 2018-2028)
- Professional Services
- Managed Services
Solution Outlook (Revenue, USD Billion ; 2018-2028)
- Government Resource Planning System
- Remote Monitoring
- Network Management
- Open Data Platform
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further key findings from the report suggest
- The Smart Governments Market is estimated to reach USD 71.89 Billion by 2028, at a CAGR of 17.70% during the forecast period.
- The on-premise deployment model accounts for a larger share of 61.8% of the market in 2018.
- New and advanced cloud technology services allow thousands of customers to use innovative methods to reduce cost and time.
- Cloud enables technology to adjust quickly to the changing landscape and in matching the new needed changes.
- The professional service segment accounts for a larger share of 65.7% of the market in 2018.
- The remote monitoring solution is expected to witness the highest CAGR of 18.3% during the forecast period.
- The largest share is accounted by the North America with the share of 29.8% of the market in 2018. The region is obtaining significant traction in the smart government market, owing to the rising adoption of Internet of Things (IoT) and cloud computing, which in turn have increased the growth of the market in this region. Moreover, the presence of significant companies offering smart government’s solution and service are propelling the market growth in this region.
- Various players are developing strategies to mark their presence in the industry.
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