Growth opportunities in the public safety and security market look promising over the next six years. This is mainly due to establishing the novel security-based solution by key players and increasing occurrences of natural calamities.
Public Safety and Security Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The growing instances of natural disasters, augmenting number of criminal activities, accelerating cyber-attacks in the finance, banking, and government corporations, coupled with the rising infrastructure and cross-border terrorism, are some of the drivers stimulating the global public safety and security market. Moreover, the escalating need for authentication and surveillance systems to the safety of public data with the surge in demand for predictive data-controlled security means, which include the execution of a communication infrastructure for public welfare, is strengthening the market size. In accordance with the report published by the Information Institute Organization, cyber-attacks gauged for 878 events which impacted 170 Million individuals in North America. These attacks are prompted by emails (phishing), texts (smishing) to provide personal information, and banking details. Further, in the United States, the average yearly value of cybercrime raised by 29% in 2018, which accounted for USD 27.4 Million. The stimulating banking sector is driving the market demand to curb the threat of cybercriminals.
Various prominent market players are indulged in developing new prominent security-based solutions through mergers, collaborations, partnerships, and acquisitions with the industry’s major tech players, which is expected to fuel the market growth. For example, Cisco, in January 2002, introduced broad public and private security architecture for industrial IoT that makes use of the IT solutions to offer advanced anomaly detection. However, the requirement of capital-intensive services and solutions, and high-skilled workforce, and excessive funds to safeguard public infrastructure may curb public safety and security the market share.
Regional Drivers
Based on the regional coverage, North America is projected to lead the market over the forecast period. This is primarily attributed to the expanding government strategies and allowances for public protection during a natural disaster such as coronavirus and hurricane with rapid usage of advanced technologies. According to the Home Treasury Government Organization in the United States, during the widespread outbreak of the COVID-19 pandemic, the American rescue plan offered USD 350 Billion as the emergency funding for territorial, state, local, and Tribal governments to retrieve this mismatch between increasing costs and decreasing revenues. These investments were made to extend the market by implementing E-Systems such as web-based disaster recovery solutions etc.
Public Safety and Security Market’s leading Manufacturers:
- Ericsson
- Huawei
- IBM
- Rave Mobile Safety
- Nec
- Atos
- Tyco
- Cisco Systems
- Siemens
- Nice
- Motorola Solutions
- AGT International
Public Safety and Security Market Segmentation:
Segmentation by Component
- Solution
- Cyber Security
- Emergency & Disaster Management
- Critical Communication Network
- Biometric & Authentication System
- Surveillance System
- Service
Segmentation by Application
- Emergency Services
- Natural Disaster Management
- Firefighting Services
- Medical services
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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