Navigating FY 2024: Top Federal Opportunities for Government Contractors
As FY 2023 is behind us, the government contracting market breathes a sigh of relief, marking the end of a busy period. As our attention turns to FY 2024, many companies do a “reset” refocusing on growth and strategically pursuing major procurements that lay the groundwork for future success.
At this crucial juncture, GovWin’s analyst team releases comprehensive reports and webinars spotlighting the top opportunities in the federal government for the upcoming fiscal year. This year’s insights cover the top 20 unrestricted opportunities, the top 10 set-aside opportunities, the top 10 professional services opportunities, and the top 10 architecture, engineering, and construction (AEC) opportunities. (GOVCONWIRE November 20, 2023)
What sets this year apart in terms of federal opportunities?
Despite overall growth in contracting, industry participation is consolidating, a trend noted last year influencing the top opportunities for FY 2023. The decline in the number of firms receiving federal awards, despite increased federal spending, is driven by factors such as agencies adopting IDIQ contracts and rising barriers to entry due to stringent compliance requirements. (ibid)
Another notable factor shaping this year’s top opportunities is the rapid and consistent growth in small business contracting, outpacing larger businesses since 2011. Small business contracting exhibits not only a 49% growth rate but also greater stability compared to ‘other than small’ businesses. (ibid)
A high-level overview of the top opportunities for FY 2024
- Unrestricted Federal Opportunities: These opportunities, available to all government contractors, offer access to complex but lucrative procurements. Top opportunities, like CCN NEXT GEN, SEWP VI, and ALLIANT 3, promise task order opportunities worth billions of dollars.
- Federal Set-Aside Opportunities: Reserved for small businesses, set-aside opportunities provide participation avenues for various socioeconomic categories.
- Architecture, Engineering, and Construction Opportunities: AEC opportunities span diverse projects, from advising on capital requirements to major construction undertakings.
- Professional Services Opportunities: Covering business operations, management consulting, personnel and HR services, marketing, legal, and accounting services, professional services opportunities abound. (ibid)
Guidance for proactive government contractors
Having identified these top opportunities, proactive government contractors gearing up for success should focus on strategic teaming initiatives, and increasing business development investments, to increase relevant opportunities and enhance their pipelines. (ibid)
If your company targets federal unrestricted, AEC, professional services, or set-aside opportunities and is gearing up to pursue these in FY 2024, arm yourself with critical information:
- Understand spending trends within your target markets.
- Anticipate procurement patterns for the coming year among agencies utilizing these contracts.
- Leverage detailed intelligence to fortify your pipeline. (ibid)
For a deeper dive into how these trends and opportunities may impact your business, give us a call.