{"id":20163,"date":"2017-09-11T13:50:58","date_gmt":"2017-09-11T12:50:58","guid":{"rendered":"http:\/\/digileaders.com\/?p=20163"},"modified":"2022-01-12T09:54:02","modified_gmt":"2022-01-12T09:54:02","slug":"uks-20bn-govtech-opportunity","status":"publish","type":"post","link":"https:\/\/digileaders.com\/uks-20bn-govtech-opportunity\/","title":{"rendered":"The UK\u2019s \u00a320bn GovTech Opportunity"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">In 2016, founder of the US GovTech Fund Ron Bouganim referred to GovTech as \u201ca market hiding in plain sight\u201d. A year on, there are signs that GovTech \u2013 the elephant in the trading room \u2013 may be growing too large to be ignored.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">On 30<\/span><span class=\"s2\"><sup>th<\/sup><\/span><span class=\"s1\"> June, investment firm <i>Public <\/i>published the \u2018<a href=\"http:\/\/www.public.io\/wp-content\/uploads\/2017\/07\/Public_GovTech_market.pdf\">State of the UK GovTech Market<\/a>\u2019, a major new report into the UK\u2019s GovTech opportunity. The study estimates the UK GovTech Market to be worth \u00a320bn by 2025, with the UK having the potential to become a world leader in the market. The research also highlights the current size and diversity of GovTech in Britain with the Public 100 \u2013 the most comprehensive list of GovTech companies in the UK compiled to date. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">GovTech \u2013 for those new to the term \u2013 refers to technology that solves public sector challenges. GovTech companies listed in the Public 100 provide services ranging from helping to manage flood protection, to using interactive profiles to help children learn languages. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In the past, the GovTech market has been dominated by large vendors. There is growing evidence, however, to suggest that small and medium-sized businesses are increasingly earning significant and lucrative government contracts. In the 2015 financial year, SMEs made up over 27% of the GovTech market share in the UK \u2013 an increase of over 20% from 2011. The \u2018State of the UK GovTech Market\u2019 estimates this growth to continue, with SMEs taking up a third of government spending on tech by 2020. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The developments of GovTech have drawn comparisons to fintech, a sector which grew sixfold between 2011 and 2015. \u2018State of the UK GovTech Market\u2019 highlights parallels between the two markets in their drivers for growth. Both GovTech and fintech benefit from large citizen demand, a permissive policy environment and ready access to tech skills &amp; financial capital.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The release of the report coincided with the launch of <i>Public<\/i>\u2019s <i>GovStart<\/i> programme, a six-month process aiming to help technology startups transform public services. Ten companies have joined GovStart including <i>Ask the Midwife<\/i>, an online healthcare platform that provides advice on prenatal issues, and <i>Pockit<\/i>, a bank focused exclusively on the unbanked and financially underserved. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Our CEO and Co-founder of <i>Public <\/i>Daniel Korski said of GovStart, \u201cwe are tremendously excited to launch the first cohort of our GovStart programme. These companies offer smarter, more efficient technology solutions to government, with the potential to deliver significant benefits for both citizens and the state.\u201d <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">With growth projected and opportunity for new business \u2013 as well as overtures from senior government figures, including a reference to \u201cthe deployment of new technology\u201d in the public sector in Phillip Hammond\u2019s Mansion House Speech &#8211; it is undoubtedly an exciting time for GovTech.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2016, founder of the US GovTech Fund Ron Bouganim referred to GovTech as \u201ca market hiding in plain sight\u201d. A year on, there are signs that GovTech \u2013 the elephant in the trading room \u2013 may be growing too large to be ignored. On [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":32910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"class_list":["post-20163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","topic-govtech","topic-government","topic-smes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The UK\u2019s \u00a320bn GovTech Opportunity | Digital Leaders<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/digileaders.com\/uks-20bn-govtech-opportunity\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The UK\u2019s \u00a320bn GovTech Opportunity\" \/>\n<meta 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