Global Online Voting System Market Share Likely to Surpass At a CAGR of 7.5% By 2030

According to Custom Market Insights (CMI), The global Online Voting System market size was estimated at USD 267 million in 2021 and is anticipated to reach around USD 770 million by 2030, growing at a CAGR of roughly 7.5% between 2022 and 2030.

The global Online Voting System market research report offers an in-depth analysis of the global market size, which is further segmented into the regional and country-level market size, and segmentation market growth. Also, it provides the market share, sales analysis, and competitive landscape, the impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, product launches, and technological innovations.

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Online Voting System Market: Overview

An Online Voting System is a platform that providers the election authorities to conduct elections using the internet through various devices, such as kiosks and mobile phones. It’s a digital platform where votes are cast online without the use of ballots and papers. With the help of such systems, a voter can cast his/her from any location with the accessibility of the internet. This helps in saving costs concerning setting up physical infrastructure and staff used in a traditional voting system.

Growth Factors

Digitalization in Government Sector is anticipated to boost the Online Voting System market

The Online Voting System market is propelled by several significant supporting factors including more accessibility, time-saving, enhanced voter experience, as well as transportation costs. Moreover, Online Voting systems s offer flexibility to voters with medical difficulties or physical disabilities, increase participation and need less physical infrastructure. These benefits delivered by Online Voting Systems are fueling the market growth. The physical infrastructure needed in traditional voting, such as ballots, printing, physical staff, or ballots, is not needed in the online voting process, which reduces the overall financial expenditure.

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Segmental Overview

The Online Voting System market is categorized into type, platform, deployment, and End-User. The deployment, the Online Voting System market is bifurcated into on-premises and cloud.

The cloud segment is anticipated to witness a high CAGR. The growth is attributed to various factors, such as less initial capital requirement, and wide acceptance of clouds across the world. By platform, the market is classified into kiosks, mobile phones, and desktop/laptops.

Mobile phone is experiencing high growth attributed to rising internet and smartphone penetration. By End-User, the government segment is anticipated to hold the largest market share. The rising number of universities in the region is anticipated to support the market growth.

Regional Overview

Asia Pacific region to dominate the Online Voting System market

The Asia Pacific is estimated to be the fastest-growing region in the Online Voting System market. As per the studies conducted by the Center for Media, the estimated general election cost was over USD 7 billion in 2019. The high cost of these elections is expected to support the adoption of the Online Voting System in the coming years. Presently, the market is dominated by the North American region. Both the US and Canada are very early adopters of advanced technologies. In these countries, the demand for Online Voting system is experiencing growth from varied End-Users. Academic institutions are the fastest growing segment, by the End-User, in North America.