|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 301 million||USD 622 million||9.5%||2022|
Online Voting System Market
The global online voting system market size was worth around USD 301 million in 2022 and is predicted to grow to around USD 622 million by 2030 with a compound annual growth rate (CAGR) of roughly 9.5% between 2023 and 2030.
A coding platform called an online voting system is employed to securely conduct votes and elections. Elections are held on a digital platform without the need for paper or ballots. Additionally, a lot of safe choices platform providers provide helpful vote management consulting services that assist business models and choice implementation. The online voting system market growth is driven by various factors including technological advancements, increasing investments, rising government initiatives, and cost efficiency.
The high adoption rate of mobile devices drives market growth
The younger population has increasingly adopted mobile devices including computers, smartphones, and tablets at a high pace over the past several years, which has made it simpler to provide online solutions. To improve their quality of life and boost productivity, customers all over the world are embracing cutting-edge, new technology. Additionally, there are many advantages to voting online, including increased internet usage around the world, reduced travel time & costs for voters, and advantages for voters with disabilities who can easily vote online without having to go to the polls. For instance, the U.S. Election Assistance Commission (EAC) authorized an Engineering Change Order (ECO) in May 2022 to fix a voting machine problem that Unisyn Voting Solutions had submitted to the EAC. Additionally, as the number of commercial companies and political parties competing for different kinds of polls increases along with the global population continues to expand, there is an increase in globalization and consumer knowledge of voting methods. These are a few of the extra elements that are projected to fuel business expansion for online voting systems market worldwide.
Security and privacy concerns hinder market growth
The possibility of security breaches and cyberattacks is one of the main constraints for the online voting system industry. Hackers find online voting platforms to be appealing targets, and any security flaws could threaten the integrity of the election. Strong cybersecurity safeguards are essential, but they may be difficult and expensive to implement. Additionally, it is extremely important to preserve voters' privacy. Online voting platforms must ensure that votes are anonymous and cannot be linked to specific voters. Striking a compromise between ensuring the vote's legality and maintaining its secrecy is difficult. Thus, this is acting as a major challenge for the market growth over the forecast period.
Improved voting processes with less infrastructure offer a lucrative opportunity for market growth
The absence of the need for physical infrastructure, such as printing ballots, setting up polling places, and assigning workers, decreases both financial inputs and dependence on labor. New potential for online voting as well as new categories of alternative technologies are anticipated in the sector. In comparison to paper ballots, online voting methods also provide higher effectiveness, accuracy, and voter involvement. Additionally, the online voting system market is growing as a result of increased internet usage and global urbanization, as well as other aspects related to voting systems such as simple accessibility and the development of smart gadgets. Additionally, a lot of businesses are implementing technology to improve and simplify the voting process. For instance, in October 2021, IBM and the YMCA of Greater Los Angeles partnered to provide underserved areas with innovative tech solutions that would enlighten and empower voters. As a result, businesses are making it possible for online voting systems to operate with less physical infrastructure during the pandemic, which is driving the market for such systems to increase.
The high cost of implementation poses a major challenge to market growth
Online voting has the potential to decrease expenses over the long run, but the initial infrastructure setup and execution can be costly. Governments and organizations must set aside funds for personnel training, security, and technology procurement. Thus, posing a major challenge to the market growth over the projected period.
The global Online Voting System industry is segmented based on offering, deployment mode, end user, and region.
Based on the offering, the global market is bifurcated into solutions and services.
Based on the deployment mode, the global market is bifurcated into cloud and on-premises. The cloud segment of the online voting system industry is expected to grow at the highest CAGR over the forecast period. Scalability provided by cloud-based solutions enables suppliers of voting systems to change resources in response to demand during election times. Because of its scalability, the system may support several concurrent users without requiring a big infrastructure investment. Additionally, the capital costs involved with installing and maintaining physical infrastructure can be decreased by using cloud computing. It enables enterprises and governments to pay as they go for the resources they consume, lowering total expenditures. Thus, these benefits of deploying cloud platforms are expected to drive the market growth.
Based on the end user, the global online voting system industry is divided into government, universities & colleges, and enterprises. The government segment holds the largest market share over the forecast period. Increased general and local public acceptance of high-end technology and digitalization further fuel the segment's expansion. The government's market share in the worldwide market for online voting systems is growing as a result of the growing use of these systems in political elections.
|Report Attributes||Report Details|
|Report Name||Online Voting System Market|
|Market Size in 2022||USD 301 Million|
|Market Forecast in 2030||USD 622 Million|
|Growth Rate||CAGR of 9.5%|
|Number of Pages||215|
|Key Companies Covered||Votebox, Skypunch Technology Inc, nVotes, ezvote, ElectionBuddy Inc, BallotReady, Smartmatic, Democracy Live Inc, Hart InterCivic Inc, benel Solutions, Dominion Voting Systems Corporation, Clear Ballot Inc, Australian Electoral Commission, Avante International Technology Inc., Votem Corp, Insightrix Research Inc, POLYAS, and others.|
|Segments Covered||By Offering, By Deployment Mode, By End User, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Asia Pacific is expected to hold the largest market share over the forecast period
The Asia Pacific is expected to hold the largest online voting system market share over the forecast period. The Asia Pacific area is seeing a digital transition in many different industries, including governance. As part of their attempts to modernize and streamline election procedures, governments are looking into using online voting systems. For instance, as per the secondary analysis, it is found that over the years between 2014 and 2019, India's digital economy grew at a pace of 15.6%, which was 2.4 times the country's overall economic growth. Moreover, the growing public awareness is also a significant factor that propels the market growth during the forecast period. To educate the public about internet voting and its advantages, governments and organizations are launching public awareness campaigns. Gaining the public's trust requires educating them about the security mechanisms in place. Thus, this is expected to drive market growth in the region during the projected period.
On the other hand, North America is expected to hold a prominent market share over the forecast period owing to the rise in adoption of online voting in academic, political, and corporate sectors. Moreover, the utilization of blockchain technology is another important factor that boosts the market growth. Blockchain technology may be used by several North American jurisdictions to increase the reliability and security of online voting processes. Voting records might be kept on a tamper-proof ledger using blockchain technology.
The global Online Voting System market is dominated by players like:
By Deployment Mode
By End User
A coding platform called an online voting system is employed to securely conduct votes and elections. Elections are held on a digital platform without the need for paper or ballots. Additionally, a lot of safe choices platform providers provide helpful vote management consulting services that assist business models and choice implementation.
The online voting system market growth is driven by various factors including technological advancements, increasing investments, rising government initiatives, and cost efficiency.
According to the report, the global online voting system market size was worth around USD 301 million in 2022 and is predicted to grow to around USD 622 million by 2030.
The global Online Voting System market is expected to grow at a CAGR of 9.5% during the forecast period.
The global Online Voting System market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market due to the growing adoption of the online voting system by the government in elections.
The global Online Voting System market is dominated by players like Votebox, Skypunch Technology Inc, nVotes, ezvote, ElectionBuddy Inc, BallotReady, Smartmatic, Democracy Live Inc, Hart InterCivic Inc, benel Solutions, Dominion Voting Systems Corporation, Clear Ballot Inc, Australian Electoral Commission, Avante International Technology, Inc., Votem Corp, Insightrix Research Inc, POLYAS among others.
The Online Voting System market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTLE analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five forces analysis, and value chain analysis.