LONDON, United Kingdom, Jan.25, 2022(GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “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, 2021 – 2026” in its research database.
“According to the latest research study, the demand of global ICT Investment in Government Market size & share 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 2021 to 2026.”
Report Overview:
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.
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Market Growth Dynamics
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.
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.
Competitive Players
Key questions answered in this report:
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Report Scope
| Report Attribute | Details |
| Market Size in 2020 | USD 484.6 Billion |
| Projected Market Size in 2026 | USD 695.32 Billion |
| CAGR Growth Rate | 6.2% CAGR |
| Base Year | 2020 |
| Forecast Years | 2021-2026 |
| Key Market Players | 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., and Others |
| Key Segment | By Solution, By Technology, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
Segmentation Analysis
Based on the solution, the market is bifurcated into software, devices, IT services, communication services, and data center systems. Based on technology, the market is bifurcated into security, IoT, cloud computing, big data, and content management.
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Regional Analysis
Based on region, the market is divided into five major regions; North America, Europe, Latin America, Asia Pacific, and The Middle East & Africa.
North America Region Dominates the Global ICT Investment in Government Market
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
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.
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This report segments the global ICT Investment in Government market as follows:
By Solution Segment Analysis
By Technology Segment Analysis
By Region Segment Analysis
Key Insights from Primary Research
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