Global Electronic Voting System/Machine Industry Market (2024 – 2030)

Global Electronic Voting System was valued at USD 1.13 billion and is projected to reach a market size of USD 1.70 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6 %.

Industry Overview

Both the market for electronic voting machines and the market for online voting systems are estimated to develop as a result of the introduction of smart devices and the growing presence of industry players through distribution channels. The market for online voting systems is estimated to develop as a result of rising internet usage combined with factors including easy accessibility and an increase in smart device users globally. Other factors projected to support the growth of the global voting system market include the rising need for online voting systems in end-user industries including business organizations, political parties, educational universities, and colleges, coupled with fast urbanization worldwide.

Accessibility, voter satisfaction, voting time, and transportation costs are a few of the key determinants of the data's growth. Online voting methods also enhance participation, require less physical infrastructure, and enable flexibility for people with physical limitations or medical issues—all of which are factors in the market's expansion. Online voting reduces financial costs because it does not require the physical infrastructure needed for traditional voting, such as paper, printing, staff, or actual urns. This entire situation has increased the demand for voting software.

However, the lack of knowledge regarding the market for voting software and the security of votes could restrain market expansion. A common worry when thinking about online voting is vote security. The most common risks to online voting include spoofing votes and voters, denial of service attacks, hacking voting campaigns, redirecting or intercepting votes, and assaults on data centres. As a result, creating policies and security standards is crucial because doing otherwise risked stunting the market's expansion.

Impact of Covid-19 on the industry

The epidemic has had a significant influence on practically every country's economy as well as its way of life. Elections across the world have been delayed as a result of the COVID-19 (coronavirus disease) epidemic. Online voting has made voting for those who are socially isolated much simpler. Most nations have passed legislation to increase the accessibility of "distance voting," especially online. Voting by mail and online is now possible thanks to changes made to the nation's Basic Guarantee of Electoral Rights Law.

Additionally, the US has confirmed that, while several other states are considering allowing wider use for elections this fall, the government of a select few states will allow groups of eligible voters from those states to use online voting platforms for upcoming local elections and presidential primaries. Several states are exploring switching to internet voting in addition to countries. Because of the situation brought about by the COVID-19 outbreak's ongoing spread, the next elections in Bihar may be conducted entirely online using various forms of digital communication. Thus, the growing significance of social isolation and lockdown will undoubtedly alter voting practices, expanding the market potential for electronic voting systems in the years to come.

Market Drivers

Rising Adoption of technological advancement will drive the market growth

The market's potential is projected to increase with the adoption of technological innovations and the proliferation of laws supporting online voting in the public sector. Election commissioners in developing nations are researching several online voting-related sectors. A highly secure blockchain voting system is being established by the electoral commissions of several countries in collaboration with top essential service providers, which will assist address the issue of those who are unable to vote. Additionally, every major political party in the world uses online voting for internal elections. As a result of these alliances and regulations, the market for online voting systems is anticipated to be more lucrative in the future.

Improved accessibility and voters experience will propel the market growth

Accessibility, voter satisfaction, voting time, and transportation costs are a few of the key determinants of the data's growth. Online voting methods also enhance participation, require less physical infrastructure, and enable flexibility for people with physical limitations or medical issues—all of which are factors in the market's expansion. Online voting reduces financial costs because it does not require the physical infrastructure needed for traditional voting, such as paper, printing, staff, or actual urns. This entire situation has increased the demand for voting software.

Market Restraints

Concerns over security and transparency will challenge the market growth

The market's expansion may be hampered by a lack of knowledge about the voting software market and the security of votes. A common worry when thinking about online voting is vote security. The most common risks to online voting include spoofing votes and voters, denial of service attacks, hacking voting campaigns, redirecting or intercepting votes, and assaults on data centres. As a result, creating policies and security standards is crucial because doing otherwise risked stunting the market's expansion.

ELECTRONIC VOTING SYSTEM MARKET REPORT COVERAGE:

This research report on the global electronic voting system market has been segmented and sub-segmented based on components, application and Geography & region.

Global Electronic Voting System Market- By Components

• Control Unit
• Balloting Unit
• Software
• Services and Others

The global voting system market has been divided into control units, balloting units, software, services, and others based on components. The control unit, with a market value of USD 346.5 million in 2021, holds the biggest market share of 39% in the global voting system market in 2021. The control unit segment is also predicted to grow at a CAGR of 5.42% throughout the forecast period, surpassing a value of USD 557.2 million by the end of 2030. Additionally, the segment is predicted to have an absolute opportunity of USD 191.9 million during the projection period as well as an additional  opportunity of USD 28.6 million in the year 2030 compared to the prior year.

Global Electronic Voting System Market- By Application

• Government Sector
• Enterprise
• Education Industry

The key applications/end users, consumption (sales), market share, and growth rate for each application are examined in this study, based on end users/applications such as the government sector, enterprise, education industry, and others. The government sector is projected to dominate the market growth during the period of analysis.

Global Electronic Voting System Market- By Geography & Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

The global voting software market consists of North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa. With a market value of USD 319.8 million, Asia Pacific had the biggest market share among these regions in 2021 at 35.99 %. Additionally, the market in the area is anticipated to grow at a CAGR of 5.54 % to reach USD 519.6 million by the end of 2030. India's market reached the largest value of USD 179.1 million in 2021, with the Philippines, Bhutan, and India following closely behind. On the other hand, the Asia Pacific Voting Software Market is anticipated to grow 1.54 times during the forecast period, with a USD 182 million absolute dollar opportunity.

Global Electronic Voting System Market- By Companies

1. Avante International Technology
2. Higher Logic Inc.
3. Delib Ltd.
4. Australian Election Company Corp.
5. Clear Ballot Inc.
6. Benel Solutions Corp.
7. Association Technology Solutions
8. Hart Intercivic Inc.
9. Dominion Voting Systems Corp.
10. Votebox
11. Microvote General Corp.
12. 21c Consultancy Ltd
13. Insightrix Research Services
14. ElectionBuddy Inc.
15. NVOTES

NOTABLE HAPPENINGS IN THE GLOBAL ELECTRONIC VOTING SYSTEM MARKET IN THE RECENT PAST:

• Merger & Acquisition: - In 2021, The largest engagement platform in the market, Higher Logic, revealed that it has acquired Vanilla, a Canadian provider of cloud-based community software. With this transaction, the association and corporate markets' market-leading platforms will be combined to serve more consumers than any other community solution.
• Merger & Acquisition: - In 2021, Avante IT, a Sydney-based ICT service provider, has been purchased by CrossPoint Technology Solutions, a Singapore-based company, for an unknown value.