The term ‘public sector’ connotes that part of the economy comprising the production and allocation of services directly by the state in order to facilitate economic growth and overall welfare. This includes essential services such as health, education, transport, policies on the use of force, and public policies. The domain of the public sector is very much central to the present global development agenda, as the public sphere plays an inevitable role in the distribution of resources and economic growth.
The estimated market size of the global public sector in 2024 is approximately $35 trillion, which is of great importance as it compiles a huge part of the global GDP. However, the contribution of the public sector differs from one region to the other. The welfare and infrastructure investments in the public sector is relatively higher in the developed countries whereas developing ones try to reach at least the basic level of services.
Regions:
North America at: $7.2 trillion
European Union: $8.5 trillion
Asia Pacific: $12 trillion
LATIN AMERICA: $3.5 trillion
MIDDLE EAST & AFRICA: $3.8 trillion
The term ‘public sector’ connotes that part of the economy comprising the production and allocation of services directly by the state in order to facilitate economic growth and overall welfare. This includes essential services such as health, education, transport, policies on the use of force, and public policies. The domain of the public sector is very much central to the present global development agenda, as the public sphere plays an inevitable role in the distribution of resources and economic growth.
The estimated market size of the global public sector in 2024 is approximately $35 trillion, which is of great importance as it compiles a huge part of the global GDP. However, the contribution of the public sector differs from one region to the other. The welfare and infrastructure investments in the public sector is relatively higher in the developed countries whereas developing ones try to reach at least the basic level of services.
Regions:
North America at: $7.2 trillion
European Union: $8.5 trillion
Asia Pacific: $12 trillion
LATIN AMERICA: $3.5 trillion
MIDDLE EAST & AFRICA: $3.8 trillion
The institutions that are included in the public sector markets are the government departments and the publicly owned firms that support social economic services and suffice the corresponding economy. More so, this sector also institutes tax-system-based budget networks and rules of central administration and social politics.
1. Central government: national administration, protection and financial management, and civil and defense agencies.
2. State Government: The administration of health and education services together with regional economic development within each state.
3. Local Government: The city authorities are responsible for operating within the city, maintaining its facilities, and enforcing its laws.
4. Parastatals: Public corporations that engage in certain key economic activities, for instance, railways, postal services, etc.
1. The smart city sector: Inner city development policies focused on the implementation of smart and IoT-based solutions.
2. Digital Government Proliferates: Effective service delivery through public service models that adopt the use of technology.
3. Federalization: Redistribution of power and resources among lower-level governments.
4. Climate Change Adaptation: More emphasis is put on environmentally friendly projects and the usage of alternate sources of energy.
5. Data-Centric Policy Making: Governments employ data science for better policies.
Digital Upgrading: Many governments around the world have started exploring the use of AI, cloud, and even blockchain to make their systems more efficient and open the system for their citizens.
Go Green: The use of clean energy, green sustainable projects, and climate change adaptation has continued to increase.
Public-Private Partnerships (PPPs): Evolving scenario in which government facilitates more innovation and investment by working in partnership with the private sector.
Cyber Defenses First: As threats have grown, so have investments in data security and the secured digital infrastructure.
Aged Nation: States are modifying health care and pension systems in order to better adapt to the population changes.
1. Government and Public Finance: Developmental policies towards efficient taxation systems, including budgetary planning.
2. National Security & Public Safety: Safeguarding the nation against attacks, providing rescue services, and containing emergencies.
3. Health care & Social Protection: Provision of health services to all citizens and providing aid to the needy.
4. Economic Infrastructure: Development of all forms of transport systems.
5. Green Policies and Power Generation: Development of clean alternatives to polluting energy sources and targeting pollution.
United Nations “UN”: an”institution that is responsible for world leadership and policy making.
World Bank (WB): Finances the construction of public works projects around the globe.
IMF (International Monetary Fund): OffeThe National Health Service (NHS) in the UK is the largest public sector health service provider.
biggest public sector health service provider.
United States DoD (Department of Defense) : A government agency with one of the topmThe Department of Defense is a highly funded government agency.
ic coordination and consistent regulation of EU member states.