Press release
E-Governance Market is anticipated to flourish at a CAGR of 13.20% from USD 48.3 Billion
E-Governance Market
The E-government market is anticipated to expand at a CAGR of 12% and is expected to reach USD 45.76 billion by 2026.
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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