PUBLISHER: MarketLine | PRODUCT CODE: 1469767
PUBLISHER: MarketLine | PRODUCT CODE: 1469767
Global Government Spending industry profile provides top-line qualitative and quantitative summary information including: sector size (value 2019-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the sector.
Government spending refers to the money spent by the government of a country to provide goods and services to its citizens. It helps to drive economic growth, create employment opportunities, and improve the standard of living for its citizens.
The market is segmented into defense, education, social protection, healthcare, and others.
The defense segment includes all military and civil defense spending, research and development, and other defense-related expenditures.
The education segment includes all spending on pre-primary education, primary education, secondary education, tertiary education, research and development, and other education-related expenditures.
The social protection segment includes all spending on sickness and disability, old age, survivors, family and children, unemployment, housing, social exclusion, research and development, and other social protection expenditures.
The health segment includes all spending on medical products, and equipment, as well as outpatient, hospital, and public health services, research and development, and other health expenditures.
The others segment includes spending on general public services, public order and safety, economic affairs, environmental protection, housing and community amenities, recreation, culture and religion, and related government expenditures.
All market data and forecasts are adjusted for inflation and all currency conversions used in the creation of this report have been calculated using yearly annual average exchange rates.
The global government spending market recorded revenues of $29,421.3 billion in 2023, representing a compound annual growth rate (CAGR) of 5.1% between 2018 and 2023.
The social protection segment accounted for the market's largest proportion in 2023, with total revenues of $7,442 billion, equivalent to 25.3% of the market's overall value.
The US accounted for a 31.7% share of the total global market in 2023 followed by Europe and Asia-Pacific with 32.8% and 23.8%, respectively.