IT industry has developed applications across the government's sector which are expected to gain momentum over the next couple of years. E-governance or electronic governance is likely to be adopted by the governments in order to support the digitization of their services. In Market Research Future (MRFR)’s assessment, it has been unraveled that the global e-governance market is set to strike 12.6% CAGR across the forecast period. Also, according to the report, the market is expected to earn revenues worth over USD 45 Bn by 2022 up from USD 20.82 Bn in 2016.
The technology facilitates in enhancing transparency, which is one of the primary drivers of the e-governance market. In addition, it helps in lessening the burden of keeping paper records. Easing out on the documentation process is expected to motivate the growth of the e-governance market in the foreseeable future.
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The developed nations have already adopted e-governance, and the developing nations such as India are poised to invest massively in the same over the years to come. It assures that the global e-governance market is likely to witness a lucrative growth trajectory in the forthcoming years. However, the deployment process is quite complex which is anticipated to impede market growth over the evaluation period.
by Component, the global e-governance market has been segmented into Software, and Services.
On the basis of solutions, the e-governance market has been segmented into audit management, compliance management, financial controls management, policy management, and others.
By deployment type, the segments of the e-governance market include cloud, on premises, and others.
Based on end users, the global e-governance market is segmented into commercial, BFSI, government, healthcare, telecom and IT, transportation and logistics, mining, retail and consumer goods, energy and utilities, and others.
The global e-governance market size covers the following key segments – North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW), which are further studied based on countries. North America is projected to witness remarkable growth owing to the exceptional potential of the key players that are based out of the region. Some of the key players in the region expected to boost the e-governance market are Oracle Corporation, Microsoft Corporation, etc. In addition, the thriving IT industry in the region is expected to support the digitization goals of the governments, thus, catalyzing the growth of the e-governance market.
Asia Pacific is expected to attract new players over the next couple of years. It is prognosticated to catapult the e-governance market on upward trajectory. In addition, the increasing investments by the developing nations are poised to provide impetus to market growth across the projection period. The growth of the IT industry is also likely to unleash developmental opportunities in the market.
EMC Corporation (US), SAP SE (Germany), Oracle Corporation (US), Microsoft Corporation (US), MetricStream Inc. (US), Wolters Kluwer N.V (Netherlands), SAS Institute Inc. (US), Fidelity National Information Services Inc. (US), IBM Corporation (US), and Thomson and Reuters Corporation (US) are few of the major vendors operating in the global e-governance market. These players, along with their key developments, are studied in this MRFR study for informative market insight. Technological innovations by these players are anticipated to attract investments and are likely to intensify competition in the e-governance market on the global front.
Latest Industry News:
In September 2019, in the India Enterprise Architecture (IndEA), the government has announced its commitment to its vision of a single window digitization solution for paperless, cashless and faceless services. Technologies such as blockchain technology, virtual reality, drones, Artificial Intelligence, cloud computing are some of the techniques that are expected to be leveraged by the Indian government in the upcoming years.
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