E-Governance Market is anticipated to flourish at a CAGR of 13.20% from USD 48.3 Billion
Market Overview
The
E-government market is anticipated to expand at a CAGR of 12% and is expected to
reach USD 45.76 billion by 2030.
The
market for e-government is growing rapidly. The market is expanding due to the
increasing demand for e-governance solutions to ensure associative viewpoints
across various governance and observation zones. Additionally, the market size
is supported by the growing adoption of e-governance in several commercials,
BFSI, government, and healthcare sectors.
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Key Players
- EMC Corporation (US)
- Oracle Corporation (US)
- SAP SE (Germany)
- Microsoft Corporation (US)
- Wolters Kluwer N.V (Netherlands)
- MetricStream Inc. (US)
- SAS Institute Inc. (US)
- IBM Corporation (US)
- Fidelity National Information Services Inc. (US)
- Thomson and Reuters Corporation (US)
E-governance
technologies are implemented and established by top management to ensure
compliance with business strategies, practices, and supervision. E-Governance
provides a unique perspective to handle challenges with concurrency, risk
management, and collaborative governance.
The
COVID-19 outbreak has had a favorable effect on the e-governance sector. The
global pandemic, which began at the tail end of 2019 and extended through 2020
and 2021, presented numerous challenges for governments all around the world.
These challenges included noncompliance with regulations for lockdown and
working from home. Numerous governments have discovered that their Integrated
Local Governance Management Systems (ILGMSs) are unable to meet future demands.
Governments
deployed e-governance systems to digitize and automate their procedures,
including finance and accounting modules to enable citizens to apply for
various events, such as birth, death, and marriage registrations, online
without physically visiting the corporation office.
Governments
were prompted to digitally transform all of their procedures by changes in the
IT and telecom sectors, and the slumping global economy sparked a market
upheaval. As a result, e-governance sales increased steadily throughout the
Coronavirus outbreak. To provide fresh, bespoke solutions and improve the ones
that already exist, solution providers continued to support R&D efforts.
Market Segmentation
●
By Components:
Services,
software, and other sub-segments make up the component segment. Sub-segments of
the solution include compliance, financial controls, policies, audits, and
more.
●
By Location:
There
are three subsegments for deployment types: cloud, on-premises, and others.
●
By End Users:
Energy
& utilities, mining, BFSI, telecom & IT, retail & consumer goods,
transportation & logistics, healthcare, government, and others make up the
end-user segment.
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Regional Classification
The
worldwide e-governance market is dominated by North America. The expansion of
the regional market is fueled by factors such as the increase in demand for
effective solutions brought on by shifting data regulatory standards and
compliances. This is in addition to technological advancements.
Additionally,
the region's strong e-governance solution provider presence has a favorable
effect on market revenues. Canada and the US dominate the e-government market
in this region with the highest cloud solution installation rates.
Additionally, market share is increased by the region's notable rise in IT
infrastructure and increasing adoption of corporate governance.
Industry News
The
Federal government of Nigeria announced on August 5, 2021, the signing of an
MoU for the e-governance program worth US$13 MN with the Korean Government. By
2026, FG hopes to have all of its processes digital, particularly those that
pertain to the civil service and other governmental organizations.
The
Korea International Cooperation Agency (KOICA) program will assist Nigeria in
laying the groundwork for digital government. Korea's digital governance services
are used as one of the models to support Nigeria's e-Governance Masterplan
because of Korea's significant achievement in this area.
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