Rising instances of terrorist activities and security breaches and increase in government regulations and policies regarding public safety have driven the growth of the global public safety market.
PORTLAND, Oregon., August 15, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Public Safety and Security Market by Offering (Solution, Service), by Company Size (Large Enterprise, SMB), by Application (Communicating emergency and incident management, surveillance and security, disaster management), by vertical sector (government and public sector, transport, healthcare, retail, education, manufacturing, other): analysis of global opportunities and sector forecasts, 2021-2031”. According to the report, the global public safety and security industry was pegged to $405.7 billion in 2021, and should reach $832.1 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031. The report offers detailed analysis of changing market trends, major segments, major investment pockets, chain of value, the regional landscape and the competitive scenario.
Drivers, constraints and opportunities
Rising instances of terrorist activities and security breaches and increase in government regulations and policies regarding public safety have driven the growth of the global public safety market. However, lack of system interoperability and high installation costs are hampering the growth of the market. On the contrary, the advent of big data analytics in public security would open up new opportunities in the future.
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During the pandemic, the demand for public safety solutions and services has increased due to increased investment in public safety solutions to curb the spread of the virus.
Crime rates and terrorist activity have increased during the pandemic, which has had a positive effect on the market.
Get a detailed analysis of the impact of COVID-19 on the Public Safety Market:
Services Segment to Show Highest CAGR through 2031
By offer, the services segment is expected to register the highest CAGR of 8.3% during the forecast period. Public safety and security services provide professional services such as implementation, training, and support and consulting services. However, the solutions segment led the market in terms of revenue, contributing nearly two-thirds of the global public safety and security market in 2021, and is expected to maintain its dominance throughout the forecast period. This is due to the increase in demand for artificial intelligence technologies and IoT devices among various governments across the globe to protect countries and citizens from various terrorist attacks.
The large enterprise segment held the largest share
By enterprise size, the large enterprise segment held the largest share in 2021, contributing more than two-thirds of the global public safety and security market, and is expected to maintain its leading position during the growth period. forecast. This is due to the increase in the adoption of AI-based solutions by government and large organizations across the globe to prevent and predict crimes as well as increase organizational security. However, the SME segment is estimated to register the highest CAGR of 8.6% during the forecast period, owing to the increasing trend in developing countries to install compatible intelligent security systems. IoT to capture, store and analyze continuous video streams.
Disaster Management Segment to Show Highest CAGR Till 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 levels water and pond data to deal with disaster situations in cities. However, the surveillance and security segment led the market in terms of revenue in 2021, accounting for more than three-quarters of the global public safety and security market, owing to the increase in illegal events, terrorism and fraudulent activities associated with strict government standards.
The government and public sector segment held the largest share
By vertical, the government and public sector segment accounted for the largest share in 2021, holding more than a quarter of the global public safety and security industry, owing to the rise in adoption various technologies by government and the public sector to predict and analyze criminal activity across nations. However, the healthcare segment would show the highest CAGR of 9.2% during the forecast period, owing to the increase in the need for various incident and monitoring systems in the healthcare sector. healthcare to monitor critical patient conditions.
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 expected to maintain its dominance from 2022 to 2031, owing to the growing need to protect critical infrastructure and sensitive government data. However, the market across the Asia Pacific The region is expected to register the highest CAGR of 9.0% during the forecast period, due to the growing economic boom and various government initiatives.
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Main market players
Cisco Systems, Inc.
General Dynamics Society
Honeywell International Inc.
Huawei Technologies Co.,Ltd
Motorola Solutions Inc.
The report analyzes these key players in 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 of each market player.
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