Segmentation By Component (Control Unit, Balloting Unit, Software, Services and Others); EVM System Type (DRE Voting System and Paper Based Electronic Voting) and End User (Government, Industrial Organizations, Educational Institutions) - Global Industry Demand Analysis and Opportunity Assessment 2018-2027
Buy NowGlobal Voting System Market
Part 1 Market Definition and Research Methodology
• Market Definition
• Research Objective
• Research Methodology
Part 2 Executive Summary
Part 3 Market Dynamics
• Drivers
• Challenges
• Trends
• Opportunities
Part 4 Industry Analysis
• Regulatory Landscape in Major Countries
Part 5 Global EVM Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o EVM System Type
o End-user
o Region
Part 6 North America EVM Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o EVM System Type
o End-user
o Countries
Part 7 Latin America EVM Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o EVM System Type
o End-user
o Countries
Part 8 Europe EVM Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o EVM System Type
o End-user
o Countries
Part 9 Asia Pacific EVM Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o EVM System Type
o End-user
o Countries
Part 10 Middle East and Africa EVM Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o EVM System Type
o End-user
o Countries
Part 11 Global Online Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o Online Voting Type
o Platform
o End-user
o Region
Part 12 North America Online Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o Online Voting Type
o Platform
o End-user
o Country
Part 13 Latin America Online Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o Online Voting Type
o Platform
o End-user
o Country
Part 14 Europe Online Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o Online Voting Type
o Platform
o End-user
o Country
Part 15 Asia Pacific Online Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o Online Voting Type
o Platform
o End-user
o Country
Part 16 Middle East and Africa Online Voting System Market
• Market Overview – Market Size (2018–2027)
• Market segmentation by:
o Component
o Online Voting Type
o Platform
o End-user
o Country
Part 17 Competitive Landscape
• Company Profiles of Key Players
By Component
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.
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).
Growth Indicators
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.
Barriers
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing population around the world and the increasing evolution in the voting system technology are some of the major factors that are driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of 5.14% over the forecast period, i.e. 2019-2027.
Ans: The market in Latin America is anticipated to display significant business opportunities in the future.
Ans: The major players 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.,
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is majorly segmented by component, EVM system type, end user and by region.
Ans: The control unit segment, which is a sub-segment of the component segment, held the largest market share of 39% in the year 2018 and is anticipated to display significant growth opportunity.
Ans: Growing concerns regarding the unavailability of proper infrastructure for utilizing voting systems is one of the major factors anticipated to act as a barrier towards the growth of the global voting system market.
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