Global Public Safety & Security Market Forecast 2019-2027
The global public safety & security market is anticipated to grow with a CAGR of 13.21% to capture a revenue of $799.60 billion by the year 2027. The base year considered for the study is 2018 & the estimated period is between 2019 & 2027. Citizens and enterprises face continuous threats from cybercriminals, natural disasters, and terrorist attacks. This has increased the demand for public safety and security solutions across the world. Additionally, governments from across the globe have proactively boosted the use of public safety and security products and services.
Citizens & enterprises have been facing unceasing terrorizations from cybercriminals, natural disasters, & extremist attacks. This has augmented the need for public safety & security solutions across various countries where the unrest have been ongoing. Also, the increase in attack on critical infrastructures & public utilities is another significant factor resulting in the high-level adaptation of the products and services.
The market is primarily driven by government initiatives to prevent territorial & cross-border wars. The rising instances of terrorist attacks, wars between neighboring countries, domestic wars due to political unrest, communism, riots, & others have increased the growth rate. The threat of cyber-attacks on public safety & security systems and further complexities in data collection & management have been hindering the market growth.
Geographically the market is bifurcated into North America, Europe, Asia-Pacific, and the Rest of World (RoW) regional segment. North America was the highest revenue-generating region in 2018. The huge investments by the U.S. government to improve the security measures in the country also largely influence the growth of this market. It has been observed that the United States spend more on defense when compared to next seven countries & hence it can be expected in coming future that public safety & security market will grow in the United States. There has been a rise in the number of cases of violent related crimes in North America, especially in the US. This can be due to the easy availability of guns and rise in violence among street gang activity of the United States.
Qualcomm Incorporated, Hitachi, Ltd., Alcatel-Lucent Enterprise S.A., Northrop Grumman Corporation, NEC Corporation, AGT Group GmbH, General Dynamics Corporation, Environmental Systems Research Institute, Inc. (ESRI), Thales Group, Ferranti Technologies Ltd., International Business Machine (IBM) Corporation, Raytheon, CGI Group Inc., Siemens AG, Ericsson, Harris Corporation, Cisco Systems, Inc., Honeywell International Inc., Huawei Technologies, Hewlett Packard Enterprise Company, Kratos Defense & Security Solutions Inc., and Motorola Solutions, Inc. are some of the major players in public safety & security market. Most of the companies look for strategies such as merger & acquisition, partnership, contracts, agreements, & new product launch, to gain a competitive edge over other companies.
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