Efficiency, safety, functionality and compliance are among the factors driving growth rates for government contracting hotspots, according to an analysis by commerce intelligence company Onvia.
With limited resources and expanding needs, the federal government is always looking for cost-effective innovation to address issues like aging infrastructure and changes in demographics. This assures there are ample competitive opportunities for companies in the $2 trillion business-to-government market.
While there are 4,000 specific market segments, Onvia selected a small handful to profile based on their year-over-year growth rates, including providing clean water; serving those with disabilities; strengthening disaster services; upgrading to smart lighting; enabling government with IT; expanding connectivity; innovating education; and improving medical equipment.
Averaging growth of 10-21 percent over two years (based on current, future and historical bids and RFPs data), these areas hold much potential for the coming years, as well.
Onvia predicts several factors will continue to drive growth in government spending, including:
- President Trump’s proposed $1 trillion, 10-year infrastructure initiative.
- The call of government agencies for public services for all.
- The unpredictability of natural disasters.
- The energy-efficiency demands of government contracts.
- The continued transition to custom solutions and cross-functional capabilities for digital government.
- The demand for technology-savvy graduates to further advances and refinements in rapidly evolving agencies.
- The need for innovative procedures and facilities for the aging baby boom segment.
Details on each hot spot can