The global E-governance market is estimated to garner USD 45.76 billion, grabbing a CAGR of 12.6% during the forecast period (2017-2023), Market Research Future unveils in a detailed analysis. E-governance is an enterprise solution that is used to cover the organizational approach across sectors including risk management, governance, and compliance. E-governance is an amalgamation of processes which are executed and established by the top management. Such solutions are incorporated in the form of compliance in order to adhere to the company’s policies, regulations, and procedures. It is an innovative and complex approach which deals with concerns associated with risk management, corporate governance, and compliance issues.
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Market Potential and Pitfalls
The E-governance market is estimated to expand at breakneck speed due to the surging demand for regulatory requirements, corporate governance, and compliance. The E-governance market is gradually emerging as a business imperative in the organization mainly owing to the rising use of data, increased business collaborations, compliance mandates, and government regulations. The services offered by E-governance including integration, support, and training, has availed the industries for the best practices, which has ensured a burgeoning market for E-governance. The extensive need for enterprise-wide risk management systems is encouraging transparency among the systems, which is further contributing to the market growth across the globe. Moreover, with the increasing demand for financial assessment coupled with the cost savings solutions, the E-governance market is considered to flourish.
On the contrary, the dearth of internet facilities in low income and rural areas, the huge cost involved in the implementation of facilities, and lack of operating skills are some of the top concerns considered to impair the E-governance market during the review period.
The E-governance market has been segmented on the basis of deployment type, solutions, component, and end users.
By mode of component, the global E-governance market has been segmented into services, software, and others.
The solutions segment comprises compliance management, audit management, policy management, financial controls management, and others.
The market has been segmented into cloud, on-premises, and others as per deployment type.
By mode of end-users, E governance Market has been segmented into transportation and logistics, telecom and IT, mining, BFSI, energy and utilities, retail and consumer goods, healthcare, government, and others. Among these, the BFSI and telecom & segments are predicted to acquire the largest market share.
The regions discussed here spans across North America, Asia Pacific, Europe and the Rest-of-the-World (RoW).
Considering the global scenario, the North American region will secure the top position in the global market. The region is leading the commercial use of E-governance owing to its early implementation in the major sectors. With Canada and the US extensively implementing E-governance solutions in their nations, the region is estimated to witness the highest market share.
The European region showcases a positive growth curve in the expansion of the E-governance market owing to the surging applications of E-governance devices in the commercial sector. Moreover, the Asia Pacific region has established itself as one of the major markets and is showing high adoption of E-governance due to the presence of developing economies like India, China, and Japan.
The prominent players operating in the global E-governance market comprises Oracle Corporation (US), EMC Corporation (US), Microsoft Corporation (US), SAP SE (Germany), MetricStream Inc. (US), Wolters Kluwer N.V (Netherlands), IBM Corporation (US), SAS Institute Inc. (US), Thomson and Reuters Corporation (US), and Fidelity National Information Services Inc. (US).
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