This is a compound Annual Growth Rate (CAGR) of 19.2 percent which is not to be sneezed at.
The major drivers of the market include growing data from multiple sources and increasing global demand for adoption of sophisticated and smart technologies.
Remote monitoring solutions segment is expected to grow at the highest CAGR during the forecast period owing to the declining cost of sensors which is boosting the deployment of smart solutions across government bodies.
The professional services segment is expected to have the largest market share during the forecast period owing to the need of technological consulting, and continuous support and maintenance activities for the deployment of smart technologies, the report said.
The cloud deployment segment is expected to grow during the forecast period owing to the increased adoption of cloud services by government agencies to achieve cost benefits, real-time access, and zero maintenance downtime.
North America is expected to witness a significant growth in the smart governments market during the forecast period due to increased penetration of smart technologies, such as big data, Internet of Things (IoT), analytics, and cloud computing. Moreover, there is an increased spending for the deployment of smart solutions across various government levels in the North American regions.