Investors gaining interest in GovTechs, new technologies, and modern methodologies are the changes seen in GovTechs for the past five years. However, GovTech got a long way to go when it comes to the venture capital world. GovTech faces a challenge when it comes to some venture capitalists, as they are very few.
Trends to help show the history of gov tech in the past five years.
Emerging technology
Innovation and creation of new tech products of market growth created new platforms for startups to offer services to governments. Improvement in consumer tech, smart gadgets data collection, processing, and analytics led to the creation of gadgets that were not in existence. For instance, the government works together with companies such as Wing and Airmap to come up with standardized ways for drone pilots to strategize communication and flights. It is because of the introduction of consumer drones that led to the demand for new policies. Government regulations and data management is increasing due to the increase of smartphones and consumer apps. Compliance instigated new services to assist authorities in navigating regulatory issues due to the popularization of VRBO and Airbnb.
Startups like Remix and Ride Report acquired data from mobile transport apps and local governments to help in urban planning.
Partnership
Interests of various gov tech firms rapidly overlapped as tech advanced ushering in new markets and software. Governments had to deal with new apps that’s had to interact together and produce one product. In exchange for data OpenGov’s information visualization, Superion, the provider of ERP software, merged up with OpenGov, a cloud software giant giving them access to new customers. Emergency responders acquired permission to have camera feeds after the joining of Genetic, a public safety firm, and CnetralSquare.
Corporate expansion
Competition among startups increased due to the proliferation of new markets and tech. For firms to satisfy their various customers and cope with the competition, they had to bring in new ideas and innovate. In 2016, Granicus allied with GovDelivery. However, it has developed a website design and citizens communications software portfolio. In 2018, Govetech initiated its competition among digital services firms such as NIC, PatIt, and Tyler Technologies after launching its GovService. In the past few years, Oracle invested in 12 cloud data centers globally, competing with Google, Microsoft, and Amazon. OpenGov, on the other hand, invested in software markets that would help in budget making, citizen engagement, and performance measurement.
However, for the next five years, it’s expected that Gov Tech companies will grow.
