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Disaster management segment to experience significant growth, owing to growth in occurrence of unpredictable natural disasters due to the ever-changing climatic conditions across various countries.” - Allied
market Research
WILMINGTON, DE, UNITED STATES, October 24, 2023 /EINPresswire / -- According to a recent report published by Allied Market Research, titled,“IoT in Public Safety Market by Component, Type, and End User: Global Opportunity Analysis and industry Forecast, 2020–2027,”
The global IoT in public safety market size was valued at $11.87 billion in 2019, and is projected to reach $29.68 billion by 2027, growing at a CAGR of 12.4% from 2020 to 2027.
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IoT is playing an important role in revolutionizing the public safety by offering different types of secure and reliable communication services to the users. In addition, growing adoption of IoT technology in various cameras, communication network, and other systems across the globe enhances the growth of the market. The key factor driving the IoT in public safety market trends include surge in number of smart cities projects across the developing nations and rise in adoption of machine learning and AI-based public safety solutions boost the growth of the global IoT in public safety market.
In addition, increasing number of natural calamities and terrorist attacks across the globe positively impacts the growth of the market. However, high implementation cost and budget constraint for deploying smart devices are expected to hamper the IoT in public safety market growth. On the contrary, growing adoption of IoT technology among various industries is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
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Competitive Analysis:
The competitive environment of IoT in Public Safety Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, IoT in Public Safety Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Cisco Systems, Inc.
Huawei Technologies Co., Ltd.
Hitachi Vantara
Intel Corporation
IBM Corporation
Microsoft Corporation
NEC Corporation
Siemens AG
Sierra Wireless
West Corporation and Many More
Region-wise, the IoT in public safety market was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to surge in demand for digital transformation across numerous end users and increase in convergence of different technologies, such as IoT technology and artificial intelligence (AI), which have created an impact on the region and managed to increase its IT budget. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in adoption of various smart city projects in developing nations such as China and India.
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The adoption of IoT in public safety has increased over the years to boost the safety of citizens in a country during various emergency situations. In addition, IoT platform provides a central monitoring system for the organization, which helps in monitoring real-time data and reducing the impact of various critical situations. Furthermore, various companies across the globe are installing surveillance systems, such as cameras, monitors, and others, to analyze the data and provide this data to public safety agencies for preventing and responding in emergency situations. Rising smart cities projects in developing nations of the Asia-Pacific and LAMEA regions and growing need to minimize the impact of terrorist attacks, cyberattacks, & natural disasters on the economy are providing lucrative opportunity for the market.
Increase in economic strength of developing nations, such as China, India, Indonesia, and Thailand, is expected to provide lucrative opportunities for the market growth. North America is expected to dominate the market during the forecast period. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. The global players are focusing toward product development and increasing their geographical presence, owing to growing competition among local vendors in terms of features, quality, and price.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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