Public safety and security is a major concern for the governments across the globe in order to minimize the risk and secure the public and private sectors from terrorist attacks and natural calamities. Therefore, a high adoption of public safety and security is expected among various verticals worldwide. Public safety involves the coordination and administration of resources that provide safety and security for the community, which makes the governments rely heavily on the public safety and security solutions, such as surveillance systems, communication networks, screening and scanning system, and biometric and authentication system in order to safeguard the citizens.
Market overview
The global public safety and security market which was valued at USD 277.02 Billion in 2017 is projected to be worth USD 532.39 Billion by 2022, growing at a CAGR of 14.0% during the forecast period 2017-2022.
Based on solutions, the critical communication network solution segment is expected to hold the largest market share over the forecast period. However, the emergency and disaster management solution segment is expected to witness the highest CAGR, since it helps in the coordination of public safety organizations and government agencies with rescue missions and work efficiently, and also allows quick sharing of logistics and broadcasting of the information to citizens as well as to those outside the disaster zone.
Based on services, the professional services segment held the largest market share in 2017. However, the managed service segment is projected to witness a higher growth in the coming years, since the organizations are expanding their partnership networks to deploy the public safety and security solutions across the globe at a rapid pace.
Among verticals, the homeland security vertical accounted for the largest share of the market in 2017, whereas the transportation systems vertical is projected to witness the highest growth over the forecast period, owing to the high adoption of advanced security solutions in the transportation vertical in the past few years.
Which region is expected to be the leading market, and why?
Among regions, the market for public safety and security in North America is expected to hold the largest market share during the forecast period, followed by Europe, owing to the increasing number of smart city projects and rising criminal activities and terrorist attacks in this region. Moreover, specific budget allocations and mandated public safety and security policies are further expected to offer lucrative growth opportunities for the vendors in North America. However, the market in Asia Pacific is projected to grow at the highest CAGR in the coming years, mainly due to the rapid adoption and deployment of public safety and security solutions in major economies, such as India and China, upcoming smart city projects, and increasing criminal activities and terrorist attacks.
Ask for Sample Pages @ https://www.marketsandmarkets.com/requestsample.asp?id=1024
What is driving and restraining the market growth?
The major factors responsible for the growth of the global public safety and security market include:
- Increasing smart city initiatives
- Rising trend of IoT in public safety
- Increasing number of criminal activities and terrorist attacks
In addition, emergence of Big Data analytics, adoption of cloud computing technologies, and AI innovations in border and public safety are expected to further create an array of growth opportunities for this market.
On the downside, high installation and maintenance costs for public safety and security solutions is the major factor likely to hamper the growth of this market. Furthermore, lack of efficient storage and management capacities of data is the major challenge to be overcome by the market players.
Key players and strategies adopted for sustenance
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) are the major vendors that offer public safety and security solutions. These companies are adopting various organic and inorganic growth strategies, such as new service launches, partnerships and collaborations, and acquisitions in order to increase their market share as well as maintain their market position.
