Global Online Voting System Market Growing at a CAGR of 9.8% | Analysis and Forecast 2022 to 2031

According to a new report published by Allied Market Research, titled, "Online Voting System Market," The online voting system market was valued at $292.67 million in 2021, and is estimated to reach $736.8 million by 2031, growing at a CAGR of 9.8% from 2022 to 2031.

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An online voting system is a platform that allows election authorities to conduct elections using the internet through various platforms. In addition, many secure voting platform providers offer vote management consulting services to assist companies with the design and implementation of voting procedures. These services assist firms in saving time, adhering to best practices, and meeting internal and external standards, such as third-party vote administration requirements.

Furthermore, high adoption rate of using mobile devices and enhanced voter experience with less infrastructure propels the growth of the global online voting system market. In addition, ease of counting and advantages provided to physically disabled people are boosting the online voting system market size. However, lack of understanding about voting software and an increase in security concerns of online voting is expected to impede the online voting system market growth. On the contrary, an increase in the adoption of technological advancements in the government sector, coupled with effective government policies is expected to offer remunerative opportunities for expansion during the online voting system market forecast.

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Covid-19 scenario:

• The online voting system market experienced stable growth during the COVID-19 pandemic, owing to the massive use of fraud detection solutions and online support.

• During the COVID-19 pandemic, a large number of countries encouraged online voting by making special arrangements for online voting to avoid physical contact and the spread of infection.

• A large number of countries have started adopting online voting due to a surge in the number of COVID-19 cases such as France and the UK.

Depending on deployment model, the online voting system share was dominated by the on-premise segment as it provides full control over privacy including own company data. However, the cloud segment is expected to witness growth at the highest rate during the forecast period as it provides the facility to easily scale capacities irrespective of maintenance load.

Based on the offering, the solution segment contributed to the highest market share in 2021, accounting for nearly two-thirds of the global online voting system market share. Reportedly, this segment is predicted to contribute majorly toward overall market share by 2031. The growth of the segment over the forecast period can be attributed to the ability of new solutions in helping businesses make important decisions by gathering the input of a group systematic and verifiable way. However, the service segment is predicted to register the fastest CAGR of nearly 10.7% from 2022 to 2031. The growth of the segment over the assessment period is due to the focus of the services on fulfilling client requirements such as reduced costs and enhanced software performance.

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In terms of the end-user, the enterprises segment contributed to the highest market share in 2021, accounting for more than two-thirds of the global online voting system industry share. Moreover, the same segment is set to make notable contributions toward the global market share during the forecast period. The growth of the segment over the forecast timeframe can be attributed to the ability of various enterprises in offering secured online voting services and helping voters to do online voting from home during the COVID-19 lockdown. However, the government segment is predicted to register the highest CAGR of 14.0% during the forecast period. The expansion of this segment over the forecast timeline is due to the government offering online voting services to disabled people in their households.

Region wise, the online voting system market was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to high cyber security standards providing secure online voting solution. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growth in awareness regarding online voting.

Major players operating in the online voting system market analysis include Avante International Technology, Inc., Australian Electoral Commission, benel Solutions, Clear Ballot Inc, Dominion Voting Systems Corporation, ElectionBuddy Inc, ezvote, Hart InterCivic Inc, Insightrix Research Inc, POLYAS, Skypunch Technology Inc, Smartmatic, nVotes, Votebox, Votem Corp, BallotReady, and Democracy Live Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the online voting system industry.

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