The global public safety and security market size is expected to reach US$ 768.34 Mn by 2026 and growing at a CAGR of around 12.1% over the forecast period 2019 to 2026.
Public safety and security is offered by government to ensure that the individual, organizations, and infrastructure are kept safe and protected from threats. Cybersecurity, rapid application development, and accessibility as well as secure mobility are the several advantages offered by public safety and security system for theier customers.
The growth of the public safety and security market is primarily driven by growing number of criminal activities and terrorist attacks, stringent government regulations regarding public safety, increase in demand for IoT in public safety, rising smart city projects, and technological advancements in public safety and security. Furthermore, increase in government initiatives to reduce the response time and loss caused by man-made and natural disasters, is estimated to boost the market growth. According to Homeland Security of U.S., the government of US has been investing around USD 81 billion on public safety & security by 2021. Moreover, people and organization are facing threats from natural and manmade disasters, terrorism and cyber attacks, growing safety and security industry, AI in safety and security, technological advancement and increase in the number of applications are expected to create opportunities for the manufacturers in the global market over the forecast period. However, high installations and maintenance cost of public safety and lack of awareness are expected to hamper the growth of the global public safety and security market in the coming years.
By solutions, emergency and disaster management solution segment dominated the public safety and security market
The emergency and disaster management solution segment accounted for approximately 34% of the share in the global public safety and security market in 2018. Increase in number of natural disasters such as tsunami, cyclones, earthquakes, and any other emergency service and increase in government spending on emergency services, and advantages offered by emergency and disaster management solution such as surveillance systems, simulation systems, and geographic info systems is further expected to raise segment over the forecast period.
By vertical, homeland security segment dominated the public safety and security market
The homeland security segment accounted for approximately 32% of the share in the global public safety and security market in 2018. Growing number of terrorist attacks and growing investment by government on border security is further expected to raise segment over the forecast period. The homeland security helps in protection of government building, nuclear power plants, and defense due to terrorist focus on these areas for illegal movement of weapons, drugs, contrabands, and people. These factors further grow the demand for public safety and security in homeland security during the forecast period.
The market research study on “Public Safety and Security Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global public safety and security market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global public safety and security market, its solution, service, vertical, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global public safety and security market size and volume, and segment markets by solution, service, vertical, and geography along with the information on companies operating in the market. The public safety and security market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size for different segments has been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the public safety and security market and the region is also expected to maintain its dominance over the forecast period. The region is experiencing the maximum growth owing to the rapid consumption of public safety and security in various applications, presence of public safety and security companies, stable economy, and increased adoption in new technologies. High research and development in public safety and security, development and government initiatives towards improvement of public safety and security, and developed defense infrastructure in the North America region are one of the key factors driving the consumption of public safety and security in this region. Moreover, the presence of major manufacturers, regulatory bodies, research institutes in key countries such as the US and Canada is also propelling the growth of public safety and security in the North America region. Europe is followed by the North America region in the public safety and security market.
Asia-Pacific is expected to hold the highest CAGR in the global market during the forecast period. The growing demand to protect the business from attacks and industry increase in innovation and development in public safety and security, and growing implementation of public safety and security in all verticals, are expected to enhance the market growth in the global public safety and security market during the forecast.
The players profiled in the report include General Dynamics, Cisco Systems, Harris Corporation, Huawei Technologies Co., Ltd., and IBM, NEC Corporation, Hexagon, MotoRoLA Solutions, Ericsson, ESRI, NORTHROP GRUMMAN CORPORATION, Paessler AG among others. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
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