The growth of the market is governed by various factors such as the growing demand for cloud deployment
Market Size – USD 19.37 Billion in 2020, Market Growth – CAGR of 17.70%, Market Trends- Adoption of cloud technology and IoT
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.
The Key players in the Smart Governments Market include 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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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.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/smart-governments-market
For the purpose of this study, Reports and Data have segmented the market on the basis of Deployment, Service, Solution, and region:
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 Outlook (Revenue, USD Billion ; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Advantages of Smart Governments Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Smart Governments industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Smart Governments market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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