Global Public Safety and Security Market Analysis: Trends, Drivers, and Forecasts 2031
Increase in government regulations and policies about public safety have boosted the growth of the global public safety and security market.
PORTLAND, PORTLAND, OR, UNITED STATES, February 29, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Public Safety and Security Market,” The public safety and security market was valued at $405.7 billion in 2021, and is estimated to reach $832.1 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.
The public safety and security market is driven by factors such as rise in criminal activities, natural disasters, cross-border terrorism, need for stringent government policies & regulations for public safety, and an increase in attacks on critical infrastructures & public utilities. Furthermore, rising instances of terrorist activities & security breaches and surge in government regulations & policies regarding public safety drive the growth of public safety and security market.
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Moreover, the increasing number of security breaches in healthcare institutions and other organizations are boosting the public safety and security market size. However, high installation and maintenance cost and lack of advanced infrastructure in underdeveloped economies and lack of inter-operability of systems for public safety and security systems restrict the growth of public safety and security market. On the contrary, the emergence of big data analytics in public safety and security is expected to offer remunerative opportunities for expansion during the public safety and security market forecast.
Surge in instances of terrorist activities & security breaches and increase in government regulations and policies about public safety have boosted the growth of the global public safety and security market. However, lack of interoperability of systems and high installation cost hinder the market growth. On the contrary, advent of big data analytics in public safety and security would open new opportunities in the future.
Depending on industry vertical, the government & public sector segment holds the largest sensor data analytics market share owing to rise in adoption of IoT & connected devices across a wide range of operations such as traffic, identity management, and others. However, healthcare industry in public safety and security market is analyzed to witness the fastest growth due to rapid increase in medical treatment expenses, growth in demand for improvement in clinical outcomes, significant need for improved patient care, and surge in demand for public safety & security.
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Depending upon the application, the public safety and security industry was dominated by surveillance and security in 2021 and is expected to retain its position during the forecast period as it helps organizations address and manage any cyber-attack, security breach, or any other type of breaches across the organization. However, disaster management is expected to witness significant growth during the forecast period, owing to potential losses from hazards, assure prompt and appropriate assistance to the victims of a disaster, and achieve a rapid and effective recovery.
By offering, the service segment is estimated to register the highest CAGR of 8.3% during the forecast period. Public safety and security services provides professional services such as implementation, training & support, and consulting services. However, the solution segment dominated the market in terms of revenue, contributing to nearly two-thirds of the global public safety and security market in 2021, and is expected to continue its dominance throughout the forecast period. This is due to rise in demand of AI technology and IoT device among various governments across the globe to protect countries and citizens from various terrorist attack.
By application, the disaster management segment is expected to register the highest CAGR of 10.4% during the forecast period, as it is an essential service to provide direct updates on water levels and pond data to deal with disaster situations in cities. However, the surveillance and security segment dominated the market in terms revenue in 2021, accounting for more than three-fourths of the global public safety and security market, owing to increasing illegal events, terrorism, and fraudulent activities coupled with stringent government norms.
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By industry vertical, the government & public sector segment accounted for the largest share in 2021, holding more than one-fourth of the global public safety and security industry, due to rise in adoption of various technologies by the government & public sector for predicting and analyzing criminal activities across nations. However, the healthcare segment would manifest the highest CAGR of 9.2% during the forecast period, owing to rise in need for various incident and surveillance systems in the healthcare sector for monitoring critical conditions of patients.
Major market players:
• Ambee
• Atos SE
• Cisco Systems, Inc
• Carbyne
• Esri
• General Dynamics Corporation
• Hexagon AB
• Honeywell International Inc.
• Huawei Technologies Co., Ltd
• Idemia
• IBM Corporation
• L3Harris Technologies
• Motorola Solutions Inc.
• NEC Corporation
• Siemens AG
• Thales Group
The report analyzes these key players of the global public safety and security market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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