Over the recent past, climate change has caused disastrous hurricanes, wildfires, blizzards, and other extreme weather conditions. The number of human-made calamities, such as chemical spills and nuclear contamination, is also increasing alarmingly. The growing number of public emergencies is creating a huge demand for advanced public safety and security infrastructures. This is one of the primary factors behind the paced growth across the global public safety and security market. During the forecast period, owing to the growing increase in cyberattacks, key market players are set to ramp up investments to build resilient cyber systems. In the coming years, these factors are collaboratively expected to create sound business possibilities across the public safety and security market.
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Fairfield Market Research notes that the global public safety and security market is poised to reach a total market valuation of US$713,459 Mn by 2026. This growth will occur at a healthy CAGR of 10.6%. Since the market was valued at US$361,234.0 Mn in 2019, the projected market value is a strong indicator of the promising growth opportunities residing in the public safety and security market.
Rising Volume of Cyberattacks to Give Way to High-Value Business Opportunities
In the past few years, both public and private organizations around the world have undergone extensive digital transformation. The amount of data being uploaded to the internet is increasing. Furthermore, individuals are sharing more and more information including personal details and financial information. The rapidly increasing connection between the physical and virtual world has attracted the interest of hackers and cybercriminals. Data breaches, blackouts, ransomware attacks, and identity theft have been showcasing a sharp increase. Against this backdrop, cybersecurity is being given paramount importance in virtually all the sectors of emerging and leading economies. As a result, over the projection period, governments, private organisations, and even consumers are poised to embrace sophisticated cybersecurity solutions. Such developments are anticipated to provide significant growth prospects to the global public safety and security market.
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North America to Sustain Market Dominance Amidst Soaring Cyberattacks and Natural Calamities
North America is predicted to dominate the public safety and security market owing to rising cyberattacks, data breaches, and identity frauds. The region is particularly susceptible to identity theft which accounted for a daunting USD 56 billion worth of financial losses in 2021. Other than cybersecurity, the region is also facing severe hurricanes and blizzards due to climate change. Government authorities are acknowledging such risks by increasing investments to curtail future losses and contain emergencies. Further, North America is home to some of the leading players in the public safety and security market. This has transformed it into a global hub of new innovations and M&A endeavours that occur in the public safety and security market. Consequently, in the coming years, all these growth drivers are expected to enable North America to sustain its lead in the public safety and security market.
Key Market Players
Some of the major market players operating in the global public safety and security market include Adobe, IBM, NEC Technologies India Private Limited, Honeywell International Inc., AGT Group GmbH, General Dynamics Corporation, Nokia, Cisco Systems, Motorola Solutions, Huawei Technologies Co., and Thales Group.
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According to a new market research report "Public Safety and Security Market by Solution (Critical Communication Network, Biometric & Authentication System, Surveillance System, Emergency & Disaster Management, Cyber Security), Service, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the Public Safety and Security Market expected to grow from USD 277.02 Billion in 2017 to USD 532.39 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period.Browse in-depth TOC on "Public Safety and Security Market" 94- Tables 41- Figures 160- PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1024The major forces driving the Public Safety and Security Market are smart city initiatives, growing trend of IoT, and rise in criminal activities and terrorist attacksMany local law enforcement and government agencies are adopting the advanced public safety and security solutions to minimize the risk and to secure the public and private sectors from terrorist attacks and natural calamities.
As the frequency of cross border terrorist attacks on enterprises is growing, the market is expected to gain traction over the next 5 years.Critical communication network solutions segment is estimated to hold the largest market share in the Public Safety and Security Market in 2017 Public and private organizations are adopting the critical communication network solutions for better mission-critical communications.
There has been a strong adoption of advanced security technologies in the government and law enforcement agencies in the recent years.
Countries in the region are rapidly digitizing and adopting smart solutions to make the business operations effective.
The threat landscape in APAC is expected to be increasing at an alarming rate, and so is the spending on public safety and security.Browse Full Report @ https://www.marketsandmarkets.com/Market-Reports/public-safety-security-market-1024.htmlMajor vendors in the Public Safety and Security Market include 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).About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
According to the new market "Public safety and security Market by Component, Solution (Critical Communication Network, Biometric & Authentication System, Surveillance System, Emergency & Disaster Management, Cyber Security), Service, Vertical, and Region - Global Forecast to 2025", is projected to grow from USD 365.0 billion in 2020 to USD 516.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.
The rising number of terror attacks and increasing investment in public safety measures for smart cities to drive the market growth.Browse 431 market data Tables and 88 Figures spread through 432 Pages and in-depth TOC on "Public safety and security Market - Global Forecast to 2025"Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1024By solution, the emergency and disaster management segment to register the highest growth rate during the forecast periodEmergency and disaster management solutions are used by government and private organizations to rescue the public from man-made or natural disasters, such as hurricanes, typhoons, earthquakes, cyclones, or tsunamis.
Therefore, detection service segment holds the highest growth rate during the forecast period.Based on vertical, the transportation system to grow at the highest CAGR during the forecast Period The transportation systems vertical includes airports, seaports, railways, and others (traffic management, parking management, and subways and tunnels management).
Concerns such as terrorist attacks, natural disasters, and accidents have increased the security challenges in terms of threat response and prevention.
The geographical presence, significant Research and Development (R) activities, partnerships, and acquisitions and mergers are the major factors for the deployment of Public safety and security and services.
The major vendors such as Cisco Systems, Esri, General Dynamics, Harris, Haystax Technology, IBM, Motorola Solutions, Rave Mobile Safety, and Verint Systems are headquartered in the US.Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1024Market PlayersMajor vendors offering Public safety and security software include AGT International (Switzerland), Alcatel-Lucent Enterprise (France), Atos (France), BAE Systems (UK), Cisco Systems (US), Elbit Systems (Israel), Ericsson (Sweden), Esri (US), General Dynamics (US), Harris (US), Haystax Technology (US), Hexagon (Sweden), Honeywell (France), Huawei (China), IBM (US), IDEMIA (France), Motorola Solutions (US), NEC (Japan), NICE (Israel), Rave Mobile Safety (US), Siemens (Germany), Teltronic (Spain), Thales Group (France), Tyco (Johnson Controls) (Ireland), and Verint Systems (US).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
According to a new market research report "Public Safety and Security Market by Solution (Critical Communication Network, Biometric & Authentication System, Surveillance System, Emergency & Disaster Management, Cyber Security), Service, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™ , the Public Safety and Security Market expected to grow from USD 277.02 billion in 2017 to USD 532.39 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period.
The major forces driving the public safety and security market are smart city initiatives, growing trend of IoT, and rise in criminal activities and terrorist attacksBrowse in-depth TOC on "Public Safety and Security Market” 94- Tables 41- Figures 160- PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1024Many local law enforcement and government agencies are adopting the advanced public safety and security solutions to minimize the risk and to secure the public and private sectors from terrorist attacks and natural calamities.
As the frequency of cross border terrorist attacks on enterprises is growing, the market is expected to gain traction over the next 5 years.Critical communication network solutions segment is estimated to hold the largest market share in the public safety and security market in 2017Public and private organizations are adopting the critical communication network solutions for better mission-critical communications.
Due to increasing criminal activities and terrorist attacks, law enforcement and government agencies are adopting advanced public safety and security technologies.
The transportation system vertical is expected to grow at the highest CAGR in the public safety and security market during the forecast period.Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1024APAC to grow at the highest CAGR in the market during the forecast periodThe primary forces driving the APAC market growth are increasing technology adoption, huge opportunities across critical Infrastructure sector, and increase in the number of startups in APAC countries, especially India.
The region has a large number of established SMEs, which are growing at an exponential rate to cater to their broad customer base.
