NEW YORK, July 20, 2022 /PRNewswire/ — According to the latest market research report published by P&S Intelligence, in 2021, the public safety and security market was worth around $411.0 billion, and it is predicted to hit a $1,115.3 billion value by 2030, progressing at an 11.7% CAGR from 2021 to 2030. This is because of the growing crime incidence, increasing implementation of new technologies in smart cities, surging number of catastrophic accidents, and rising count of terrorist attacks globally.
Developed countries are making several attempts to lessen the likelihood of terrorist strikes. For example, the U.S. government invests almost $100 billion annually in homeland security programs that cover federal, state, and local law enforcement services as well as emergency and disaster response.
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Key Points of Interest in Public Safety and Security Market Report
- Homeland security accounts for over 35% share of all applications. This is mostly because there are a large number of research projects underway and innovations being brought about in technologies for internal security departments.
- Globally, the North American public safety and security market is the largest, valuing around $160 billion. This is because there are several companies offering systems and software for the purpose and strong government focus on protecting citizens from external and internal, natural and human-made threats.
- Other factors influencing the market include the surge in smartphone usage, increase in internet penetration, and rapid expansion of the e-commerce industry. For example, in the U. S., there were approximately 300 million active internet users in 2021.
- Moreover, the APAC public safety and security market is predicted to advance at a 12.0% CAGR over the projected period. This is because of the rapid use of sophisticated surveillance equipment in several APAC nations.
- Additionally, the region’s large mobile internet user base contributes to the market’s expansion. According to specialists in the field, China accounts for around 64% of the 1.5 billion mobile internet connections worldwide, thus witnessing an increasing need for public safety and security services in the nation.
Furthermore, the Indian government is putting in place several policies regarding the use of video surveillance equipment, to enhance public safety and security, which is fueling a rapid enhancement in the public safety and security market growth potential. The government has concentrated on launching several programs, including the Swachh Bharat Mission, the Smart Cities Mission, and Power for All, in recent years to improve infrastructure.
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Players have recently engaged in mergers and acquisitions to gain a commanding position. These players are Hexagon AB, Huawei Technologies Co. Ltd., THALES, Siemens AG, NEC Corporation, IBM Corporation, Motorola Solutions Inc., Honeywell International Inc., and Cisco Systems Inc.
Public Safety and Security Market Report Coverage
- Emergency Services
- Homeland Security
- Critical Infrastructure Security
- Logistics & Transportation Systems
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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