Voting System Market Overview
The introduction of smart devices and increasing presence of market players through distribution channels are projected to offer additional opportunities for the market growth of both the EVMs and online voting system market. Increasing internet penetration accompanied with the factors such as easy accessibility and growing smart device users and around the world is anticipated to boost the online voting system market subsequently. Additionally, increasing demand for online voting systems in end user industries, such as industrial organizations, government parties, educational universities and colleges, along with rapid urbanization across the globe are some of the factors anticipated to promote the growth of the global voting system market.
The global voting system market reached a value of USD 888.5 million in the year 2018 and is expected to garner a value of USD 1394.9 million by the end of 2027 by registering a CAGR of 5.14% across the globe over the forecast period, i.e. 2019-2027. Additionally, the market is anticipated to attain an absolute $ opportunity of USD 460.8 million during the forecast period, along with an incremental $ opportunity of USD 66.2 million in the year 20276 as compared to the previous year. On the other hand, the global voting system market is anticipated to grow by 1.5x during the forecast period.
Growth Highlights based on Region during 2018-2027
The global voting system market is segmented by regions into North Americas, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of Asia Pacific held the largest market share of 35.99% in the year 2018 and reached a market value of USD 319.8 million in the year 2018. Additionally, the market in the region is anticipated to cross a value of USD 519.6 million by the end of 2027 by registering a CAGR of 5.54% during the forecast period. The market which is primarily driven by nations such as India, Bhutan and Philippines, out of which, the market in India reached the largest value of USD 179.1 million in the year 2018. On the other hand, the voting system market in Asia Pacific is anticipated to grow by 1.54x during the forecast period, along with an absolute $ opportunity of USD 182 million during the forecast period.
Further, Brazil and Peru are the prominent countries that are driving the growth of the Latin America voting system market, where Brazil accounted for the largest market value of USD 140.7 million in the year 2018.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
The global voting system market has been segmented on the basis of component into control unit, balloting unit, software, services and others. The control unit with a value of USD 346.5 million in the year 2018, occupies the largest market share of 39% in the year 2018 in the market of voting systems across the globe. Additionally, the control unit segment is anticipated to cross a value of USD 557.2 million by the end of 2027 by registering a CAGR of 5.42% during the forecast period. Moreover, the segment is anticipated to hold an absolute $ opportunity of USD 191.9 million during the forecast period along with an incremental $ opportunity of USD 28.6 million in the year 2027 as compared to the previous year.
Market Drivers and Challenges
The high adoption rate of using mobile devices such as laptops, smartphone, tablets among the younger generations is anticipated to be one of the major drivers that is driving the growth of global voting system market. The penetration of smart and mobile devices among people has gradually increased over the past few years. Consumers across the globe are adopting advanced and smart innovative technologies to upgrade their lifestyle and to grow their productivity. Moreover, increasing penetration of the internet around the world, along with the numerous conveniences associated with the voting system, such as reduction in transport cost as well as time of voters and the benefits for voters with physical disabilities as they can easily vote without moving to the polling booth, are some of the factors anticipated to drive the growth of the global voting system market. Additionally, continuous evolution in the voting system technology, coupled with the rising number of industrial organizations and government parties worldwide that compete for different types of polls and the growing population, increasing globalization and awareness for voting system amongst consumers are some of the additional factors anticipated to drive the growth of the global voting system market.
Lack of proper infrastructure and knowledge for the use of different types of voting systems in several countries, along with the increasing cost for the deployment of voting systems are some of the factors anticipated to restrict the growth of the global voting system market.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the global voting system market are Unisyn Voting Solutions, Clear Ballot, MicroVote General Corporation, Avante International Technology, Inc., Election Systems & Software, LLC, OpaVote LLC, Hart InterCivic Inc., Simply Voting Inc., Dominion Voting Systems and Interactive Voting System B.V.