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.
PORTLAND, Ore., Aug. 15,
2022 /PRNewswire/ -- Allied Market Research
recently published a report, titled, "Public Safety and Security
Market by Offering (Solution, Service), by Enterprise Size (Large
Enterprises, SMEs), by Application (Emergency Communication and
Incident Management, Surveillance and Security, Disaster
Management), by Industry Vertical (Government & Public Sector,
Transportation, Healthcare, Retail, Education, Manufacturing,
Others): Global Opportunity Analysis and Industry Forecast,
2021-2031". As per the report, the global public safety and
security industry was pegged 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 report offers a detailed analysis of
changing market trends, top segments, key investment pockets, value
chain, regional landscape, and competitive scenario.
Drivers, restraints, and opportunities
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.
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Covid-19 scenario:
- During the pandemic, the demand for public safety and security
solution and services increased owing to rise in investment in
public safety solution to curb the spread of the virus.
- The crime rates and terrorist activities increased during the
pandemic, which positively affected to the market.
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security market:
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The service segment to manifest the highest CAGR through
2031
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.
The large enterprises segment held the largest share
By enterprise size, the large enterprises segment held the
largest share in 2021, contributing to more than two-thirds of the
global public safety and security market, and is anticipated to
maintain its leading position during the forecast period. This is
due to rise in adoption of AI-based solutions among the government
and large organizations across the globe to prevent and predict
crimes as well as to increase the security of organizations.
However, the SMEs segment is estimated to register the highest CAGR
of 8.6% during the forecast period, owing to increase in trend in
developing nations to install IoT-enabled smart security systems to
capture, store, and analyze continuous video streams.
The disaster management segment to showcase the highest CAGR
through 2031
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.
The government & public sector segment held the largest
share
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.
North America held the
lion's share
By region, the global public safety and security market across
North America held the largest
share in 2021, accounting for around two-fifths of the market, and
is projected to continue its dominance from 2022 to 2031, due to
growing need to protect critical infrastructure and sensitive data
government. However, the market across the Asia-Pacific region is projected to portray
the highest CAGR of 9.0% during the forecast period, due to
increasing economic advancement and various government
initiatives.
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analyst at:
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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 by every market player.
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