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 Public Safety and Security Market 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.
The major forces driving the public safety and security market are smart city initiatives, growing trend of IoT, and rise in criminal activities and terrorist attacks
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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 terrorist 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. As the frequency of cross border terrorist attacks on enterprises is growing, the market is expected to gain traction over the next 5 years.
Critical communication network solutions segment is estimated to hold the largest market share in the public safety and security market in 2017
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 transportation system vertical is expected to grow at the highest CAGR in the public safety and security market
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. Due to increasing criminal activities and terrorist attacks, 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.
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APAC to grow at the highest CAGR in the market during the forecast period
The primary forces driving the APAC market growth are increasing technology adoption, huge opportunities across critical Infrastructure sector, and increase in the number of startups in APAC countries, especially India. In recent years, the APAC region has witnessed tremendous economic growth, political transformations, and social changes. The region has a large number of established SMEs, which are growing at an exponential rate to cater to their broad customer base. Due to the increasing sophistication levels of threats, China, India, and Japan have all updated or introduced new public safety and security policies. Although initially the APAC region was outsourcing its network infrastructure security as it was not in a position to handle complex and multiple cyber threats, the scenario is changing gradually due to the emergence of a wide range of security players, high penetration of cloud-based services, and increased public safety offerings by vendors in the region.
The report details various growth strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share. Some of the major technology vendors in the public safety and security are SAP(Germany), Genetec (Canada), Hitachi Vantara (US), Atos (France), Bittium (Finland), 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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