21-Jan-2022 | Facts and Factors
According to a Facts and Factors market research report, the global ICT investment in government market is expected to reach USD 695.32 billion by 2026 from USD 484.6 Billion in 2020, and grow at a CAGR of around 6.2% during the forecast period.
Government agencies are increasing their spending on system infrastructure maintenance while also investing in development, modernization, and enhancement projects. The investments have gained traction, prompting ICT suppliers to set aside funds for the development of the digital marketplace on an annual basis. Government entities are using linked platforms to streamline operations in order to provide high-quality services in challenging contexts.
Moreover, factors such as the expansion of digital services across government agencies, simpler access from remote endpoints, and the requirement for regulatory enforcement are promoting the growth of the market.
The key players in the ICT Investment In Government market are Huawei Technologies co., Ltd., Nokia Corporation, Airtel, Reliance, Cisco Systems, Inc., Amazon Web Services, Inc., Avaya Inc., ABB Ltd., Entrust Datacard Corporation, Capgemini S.A., Imex Systems Inc., Symantec Corporation, IBM Corporation, Oracle Corporation, and OpenGov Inc., among others.
Increased storage and computational power
For the sake of continuity and enforcement, federal agencies and other government bodies around the world realize the importance of controlling and monitoring cloud data. The Government cloud enables these institutions to manage and keep their data in a secure and effective manner. As a result, teams become stronger and more cohesive, allowing them to tackle larger tasks at a lower cost. Government organizations and other minor departments may benefit from cloud hosting services.
These facilities can be rented indefinitely to meet processing power and data storage requirements. This eliminates the need to procure one-time fees for servers and manage continuing costs for maintaining expensive data centers. Furthermore, the government cloud gives better computing capabilities since it allows government agencies to create specific backup settings, such as backup location, data and application kinds, and backup sequence while adopting disaster recovery solutions.
North America Region Dominates the Global ICT Investment In Government Market
Based on region, the market is divided into five major regions; North America, Europe, Latin America, Asia Pacific, and The Middle East and Africa.
North America dominated the ICT investment in government market. The main growth is owing to the presence of numerous technology players in the United States and Canada. Moreover, it has been observed that the region is the early adopter of any advanced technology. In between 2016 to 2017, the market for software declined to owe to cyber threat issues. Later, investment for solutions to address such concerns, the government invested for better IT asset management. As enterprises continue to retool their environments with mobility, cloud, IoT, and infrastructure solutions, the requirement for advanced products and services to solve information security gaps is becoming more prominent in the region.
Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period. The rise in globalization in this region and the growing need for the adoption of advanced technologies such as Cloud, IoT, and Big Data among others are boosting the market growth. Additionally, the rise in employment in India has increased the number of small and medium firms. Thereby, to manage work efficiently and to increase business outcomes, both the enterprise and the government sectors are leveraging software infrastructure. Moreover, initiatives for 5G and smart cities may propel the market in upcoming years. For instance, The Government of India's Smart Cities Mission is built on a long-term, inclusive development strategy.
The mission's purpose is to create a repeatable model that will inspire the development of similar Smart Cities across the country. These government investments and regulations are targeted at sprucing up various sectors of a country, such as energy, transportation, and public security, among others, in order to develop smart cities in various regions, boosting the smart cities market during the projection period. As a result, certain factors are benefiting the growth of the market.
Browse the full “ICT Investment in Government Market by Solution (Devices, Software, IT Services, Data Center Systems, and Communication Services), and By Technology (IoT, Big Data, Cloud Computing, Content management, and Security): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” report at https://www.fnfresearch.com/ict-investment-in-government-market
The Global ICT Investment In Government market is segmented as follows:
On the basis of Solution, the market is segmented into:
- Devices
- Software
- IT Services
- Data Center Systems
- Communication Services
On the basis of Technology, the market is segmented into:
- IoT
- Big data
- Cloud computing
- Content management
- Security
On the basis of Region, the market is segmented into:
- North America
- Europe
- The UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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