(EMAILWIRE.COM, May 16, 2024 ) The global Public Safety and Security Market size is expected to grow from $433.6 billion in 2022 to $707.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.3% from 2022 to 2027, according to MarketsandMarkets.
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Factors such as Rising instances of terrorist activities and security, Need for security training and awareness, Increasing law enforcement requirements for public safety amid COVID-19 to boost the growth of Public Safety and Security Market across the globe during the forecast period. Moreover, Growing trend of IoT in public safety will also help the vendor to boost the Public Safety and Security Market.
The services segment to grow at a higher CAGR during the forecast period
The component segment of the Public Safety and Security Market includes the solutions and services required to safeguard the public and public infrastructure. Service providers offer these components to end users as a combined package of solutions and associated services or individually. The public safety services sector constantly looks for new and better ways to protect cities, infrastructure, businesses, and citizens. The Public Safety and Security Market has been segmented into managed services and professional services based on services. The managed services segment has been further segmented into Managed Security Services (MSS) and managed network services. The professional services segment has been segmented into design and consulting, installation and integration, support and maintenance, and training and education.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific countries are highly concerned about increasing security spending due to the ever-growing threat landscape. India, Japan, and Singapore have updated or launched new national cybersecurity policies to deal with the increasingly sophisticated threats. Organizations in the Asia Pacific region are expected to spend large amounts of money to deal with cybersecurity breaches. The growing terrorist attacks and cyberattacks in the region have caused huge damage, leading India, China, Australia, Japan, Malaysia, and Singapore to adopt the best-in-class public safety and security systems. The Australian Government has appointed the National Counterterrorism Coordinator to assist the Australian Prime Minister in setting up policies. China has made its security policies stricter and sets up surveillance and perimeter security systems and solutions in the Xinjiang Uyghur Autonomous Region. The Asia Pacific region is witnessing a surge in smart city projects, creating a greater demand for public safety and security technologies such as surveillance systems, scanning and screening systems, and critical communication networks. The Indian Government focuses on infrastructure development and enhancing the security systems at airports, ports, and refineries.
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Major vendors in the global Public Safety and Security Market include Cisco (US), Honeywell (US), Motorola Solutions (US), IBM (US), NEC (Japan), Siemens (Germany), Thales (France), Ericsson (Sweden), Huawei (China), Tyco (Johnson Control) (Irland), Aros (France), Hexagon AB (Sweden), Idemia (France), General Dynamics (US), ESRI (US), L3HRRIS Technology (US), Alcatel Lucent Enterprise (France), BAE systems (UK), Verint Systems (US), Haystacks (US), Elbit systems (Israel), Teltronic (Spain), AGT International (Germany), Rave Mobile Safety (US), NICE (Israel), Fotokite (Switzerland), Scadafence (US), TVIlight (Netherland), Briefcam (US), Openpath (US), SmartCone Technologies (Canada). 3XLogic (US), Cityshob (Israel), SavYU(Israel), Onsolve (US).
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