United States GovTech for Admin and Finance Market Size By End-User (State Government & Local Government), By Component (IT Services, Hardware and Software) And Forecast
United States GovTech for Admin and Finance Market
United States GovTech for Admin and Finance Market Size By End-User (State Government & Local Government), By Component (IT Services, Hardware and Software) And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
United States GovTech for Admin & Finance Market Size And Forecast
United States GovTech for Admin & Finance Market size was valued at USD 11.57 Million in 2020 and is projected to reach USD 19.15 Million by 2028, growing at a CAGR of 8.67% from 2021 to 2028.
Increased investment in Admin and Finance Government technology, which is expected to be a major driver of the market, is due to technological advances leading to increased demand for digital mediums and smart technologies. The United States GovTech for Admin & Finance Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
United States GovTech for Admin & Finance Market Definition
GovTech is all about using technology to make government run better, meaning more efficient services, more transparency, and smoother interactions, whether it's with citizens or between countries. Think artificial intelligence, cloud computing, and even the IoT – that's the kind of stuff we're talking about. You'll find GovTech solutions popping up everywhere, from Admin & Finance to Health & Human Services, Public Safety & Justice, Public Works, Environment & Natural Resources, and even Transportation. And right now, it looks like Admin & Finance is really taking off, growing super fast for a bunch of reasons.
United States GovTech for Admin & Finance Market Overview
We're seeing a surge in investment in Admin and Finance Government technology, and a big reason why is the wave of new tech pushing us towards digital solutions and smart technologies. Even with worries about data privacy and security, especially in certain countries, the rising popularity of cloud computing is giving the market a real boost. Plus, the sheer amount of data being created is fueling the need for digital transformation and driving market growth. But let's be real, concerns about data privacy and data theft could definitely slow things down in the coming years.
Administrative Tech category includes firms that help manage human capital, track or create budgets more efficiently, involves solutions that aid in streamlining the admin processes of the government bodies. The Finance Tech Firms provide governments more digital access and real-time payment processing solutions, such as for Real estate and personal property tax payments, vehicle registration and driver’s license renewals, Turnpike and toll payments, Water, trash and other municipal utility payments, License and permits applications and renewals, etc.
United States GovTech for Admin & Finance MarketSegmentation Analysis
The United States GovTech for Admin & Finance Market is segmented on the basis of End-User, Component.
United States GovTech for Admin & Finance Market By End-User
• State Government• Local Government
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When we look at who's actually using these solutions (that's the end-user!), we see the market is really split between State Governments and Local Governments. Now, State Governments were the biggest users back in 2020, and we're expecting them to stay on top, growing at a pretty impressive rate of 9.87% each year going forward. Why the big push? Well, states are increasingly embracing complete, digital solutions to expand their reach, get better connected, and really engage with their citizens. This whole area of "GovTech" is really taking off – it's all about using tech to make public services better by pushing for more digitalization. These solutions offer some great features like mass notifications, help with data and record keeping, managing citizen requests, and other offerings that help the government run more efficiently and accurately. Plus, they allow state governments to send customized messages or emails based on things like demographics, location, and interests, all while keeping everything super secure.
United States GovTech for Admin & Finance Market By Component
• IT Services• Hardware• Software
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When we look at what makes up the US GovTech market for Admin & Finance, it basically breaks down into three main partsIT Services, Hardware, and Software. Right now, IT Services is the biggest piece of the pie, and we're expecting it to keep growing fast – maybe even the fastest, around 9.35% each year! Think about all the things GovTech companies offersecurity and keeping data safe, SaaS, keeping software running smoothly, Cloud Backup Services, managing IT for them, and making sure data is backed up and can be recovered. Plus, you know, all the other stuff. So, what's fueling this growth? Well, more money is going into smart cities, companies are outsourcing their data management more often, and the Internet of Things (IoT) is becoming a bigger deal. On top of that, GovTech is using more IT services to get better at what they do, cut down on waste, and boost profits overall.
Key Players
Want to get the inside scoop on the "United States GovTech for Admin & Finance Market?" Our study dives deep, highlighting the key players like Tyler Technologies, Civicplus, Accela, Inc., Granicus, Opengov Inc., Clariti Cloud Inc., Payit, Llc, Govpilot, Govqa, Govsense, Proudcity, Cityworks, and Others. We're not just naming names, either. We've dedicated a whole section to these major players, where our analysts break down their financial statements, benchmark their products, and conduct SWOT analyses. Plus, our competitive landscape section reveals their key development strategies, market share, and where they rank in the market.
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