Beancounters at Research and Markets are predicting that the smart government market size will grow from $11.73 Billion in 2017 to $ 28.24 Billion by 2022.
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.
The Blockchain market size is expected to grow from $210.2 million in 2016 to $2,312.5 million by 2021, according to new research.
Beancounters at Research and Markets have penned the “Blockchain Market – Global Forecast to 2021” report and this shows that at a Compound Annual Growth Rate (CAGR) of 61.5 percent, the market is going to provide lots of new opportunities.
The major growth drivers of the Blockchain market are transparency & immutability, faster transactions, and reduced total cost of ownership, the report said.
The Blockchain market is segmented by provider, application, organization size, industry vertical, and region. The infrastructure and protocols provider segment is expected to dominate the Blockchain market during the forecast period, whereas the application and solution provider is projected to see the highest growth rate due to the increased demand for fast processing applications for payments and transactions.
Payments application holds the largest share of the Blockchain market in 2016. The need for banking and financial transactions has evolved from traditional payments systems to be integrated into new and always connected lifestyle which is fueling the growth of Blockchain-based payment products.
The digital identity market is expected to grow at the highest rate as the Blockchain would make digital identities more secure and efficient, resulting in seamless sign-ons and will reduce identity frauds.
The Banking, Financial Services, and Insurance (BFSI) sector is expected to dominate the market with the largest market share during the forecast period, whereas the media and entertainment vertical is expected to grow at the highest CAGR during the forecast period due to the increasing adoption of Blockchain across smart contracts, document management, and digital identities in the media industry.
SMEs and large enterprises are rapidly deploying the Blockchain solutions. The demand for Blockchain solutions is increasing due to the cost-effective and time-efficient features; its growth is specifically high in SMEs, where low cost solutions are needed, the report said.