Public Safety and Security Market Worth 532.39 Billion USD by 2022
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 market size is 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.
Many 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 attacks and natural calamities. Thus, the adoption of public safety and security is expected to be high among various verticals across the globe. Security vendors provide various public safety and security solutions, such as critical communication network, C2/C4ISR system, biometric security and authentication system, surveillance system, scanning and screening system, emergency and disaster management, cyber security, public address and general alarm, and backup and recovery system.
Public and private organizations are adopting the critical communication network solutions for better mission-critical communications. The segment is estimated to hold the largest market share and dominate the Public Safety and Security Market from 2017 to 2022. Communication networks in the various sectors such as homeland security, transportation systems, and emergency systems are critical to the operation of the system and have strict requirements for consistency and safety.
The homeland security vertical is expected to hold to the largest market share in the Public Safety and Security Market. There has been a strong adoption of advanced security technologies in the government and law enforcement agencies in the recent years. 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.
North America is expected to hold the largest market share and dominate the Public Safety and Security Market from 2017 to 2022, due to the high number of early technology adopters in this region. Specific budget allocations and mandated public safety and security policies are expected to make North America the most lucrative region for vendors.
A major force driving the adoption of public safety and security in APAC is the increasing number of smart city projects. 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.
Major 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).
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