Shibuya-ku, Tokyo, Japan, Japan, Aug 27, 2022, 07:25 /Comserve / -- The report predicts the global Public Safety and Security Market to grow with a CAGR of 14.0% over the forecast period from 2022-2031.
“An increase in smart city initiatives and in criminal activities and terrorist attacks is expected to drive the public safety and security market”
The public safety and security market size is expected to grow from USD 277.02 billion in 2022 to USD 532.39 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period. The public safety and security market is driven by factors, such as increasing smart city initiatives, growing trend of IoT in public safety, and rapidly increasing criminal activities and terrorist attacks. However, high installation and maintenance cost may restrain the market growth. Furthermore, lack of efficient storage and management capacities of data is the biggest challenge for organizations.
“Emergency and disaster management segment is expected to grow at the highest CAGR during the forecast period”
The emergency and disaster management solution is expected to grow at the highest CAGR during the forecast period. The various emergency and disaster management solutions include geographic info systems, simulation systems, and surveillance systems. The demand for emergency and disaster management solution is expected to gain pace in the public safety and security market, due to high adoption by government and public safety agencies in case of natural disasters such as earthquakes, cyclones, and tsunami or any other emergency situations.
“Transportation systems vertical is expected to grow at the highest CAGR during the forecast period”
Transportation systems play an important role in public safety and security. There has been a strong adoption of advanced security solutions in the transportation vertical in the recent years. The transportation vertical public safety and security solutions are used for securing airports, marine ports, and railways. Therefore, the transportation vertical is projected to adopt public safety and security solutions and is expected to grow at the highest CAGR during the forecast period.
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“APAC is expected to record the highest growth rate during the forecast period”
Asia Pacific (APAC) includes major economies, such as India and China, which are rapidly deploying public safety and security solutions. This is mainly due to smart city projects and increasing criminal activities and terrorist attacks. APAC is expected to grow at the highest CAGR during the forecast period. Furthermore, North America is estimated to have the largest market size in 2017.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the public safety and security marketplace.
- By Company Type: Tier 1: 27%, Tier 2: 48%, and Tier 3: 25%
- By Designation: C-Level: 30%, Director Level: 25%, and Others: 45%
- By Region: North America: 57%, Europe: 16%, APAC: 15%, and RoW: 12%
The report includes the study of key players offering public safety and security solutions, such as Cisco (US), Ericsson (Sweden), General Dynamics (US), Harris Corporation (US), Hexagon (Sweden), Huawei (China), IBM (US), Motorola Solutions (US), NEC Corporation (Japan), and Esri (US). The report includes in-depth competitive analysis of these key players in the public safety and security market, with their company profiles, recent developments, and key market strategies.
The report covers the public safety and security solutions across segments. It aims at estimating the market size and the future growth potential of this market, across different segments, such as solutions, services, verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall public safety and security market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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