Voting System Market size is poised to reach USD 1.2 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of voting system was USD 495 Million. The reason behind this growth is impelled by the growth in mobile technology, as people in advanced economies are more likely to have mobiles and smartphones, to use social media and the internet than people in emerging economies. The development of such media technologies has created a new application that will make the voting process very proficient and straightforward. For instance, in October 2021, the Telangana State Election Commission (TSEC) announced that it had developed India's first smartphone-based e-voting solution in the face of the COVID-19 pandemic that had rushed the world into all-digital operations.
Furthermore, with the continuous development of online voting system technology and the increase in government parties along with industrial organizations globally, the demand for solutions in the voting system market is at a surge. The number of unrecognized registered political parties has increased twice between 2010 and 2018. From 1094 in 2010, the number has reached 2095 as per the latest order of the Election Commission of India (ECI). The number increased by over 17% between 2013 & 2014, and now between 2017 & 2018, it has already increased by over 11%.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~7% |
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Base Year Market Size (2023) |
~ USD 495 Million |
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Forecast Year Market Size (2036) |
~ USD 1.2 Billion |
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Regional Scope |
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Development Type (Cloud-based, On-premises)
The cloud-based segment in the voting system market is estimated to gain a robust revenue share of 64% during the forecast period. as it allows for data storage and processing on remote servers which enables more efficient and reliable management of voter data and data-driven decision-making. The cloud-based infrastructure also allows for easy access and scalability of voting systems that provide great flexibility along with high security. According to a recent survey, more than 1,000 new young and diverse people registered in time (depending on deadlines in each state) for them to participate before the US 2020 elections.
Component (Control Unit, Balloting Unit, Software, Services)
The control unit segment is set to garner a notable share shortly and is likely to remain the largest segment in the component of the voting system market as this provides a level of hardware-based security for the voting systems, helping to protect against outside interference and unauthorized access to voting data. This also speeds up the processing time of voting systems, allowing for a faster and more efficient counting of votes.
End-users (Government, Industrial Organizations, Educational Institutes, Enterprises)
The government segment is estimated to hold a noteworthy share as they can provide financial incentives to facilitate the adoption of voting systems, including reimbursement or grants. This can also support the development of new technologies and innovations in the voting system market using their regulatory frameworks that can enable or hinder the successful adoption of voting systems.
Our in-depth analysis of the global market includes the following segments:
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Development Type |
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Component |
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End-Users |
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APAC Market Forecast
The Asia Pacific voting system market is estimated to have the largest share of 36% in 2023, impelled by the rise in digital transition in several industries such as governance. This market was primarily driven by nations such as India, the Philippines, and Nepal, out of which India was the highest. This was to modernize the election procedures; the governments are also expected to use online voting systems. There is a high voter turnout in this region as over 9 in every 10 people turn out to vote in parliamentary elections in Papua New Guinea, Vietnam, and many more.
North American Market Statistics
The North America voting system market is estimated to the second largest, during the forecast period. led by the higher adoption rate of online voting in corporate, political, and academic sectors. According to the Congressional Research Service (CRS), the US Congress suggests altering House and Senate rules allowing floor votes to be cast remotely so that all members would be present virtually rather than physically.
Author Credits: Abhishek Verma, Hetal Singh
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