Public Safety and Security Market Size, Share, Analysis 2031

Report Description

Public Safety and Security Market Outlook 2031:

The global public safety and security market size was valued at USD 433.60 Billion in 2022 and is projected to reach USD 1.04 Trillion by 2031, expanding at a CAGR of 10.3% during the forecast period 2023 - 2031. The growth of the market is attributed to the exponential rise in criminal activities and terrorist attacks across the globe.

Public safety and security is a service of the government by which it safeguards that its organizations, people, and institutions, are protected from threats and kept safe. Government bodies such as law enforcement, fire services, ambulance & emergency medical services, and police are playing major role in public safety and security.

Get Free Sample Report

Public safety and security is one of the crucial parameter that regulate the actual quality of life of the residents of a particular region and ensures their welfare and solace. The public safety and security solutions offers numerous benefits for their customers including secure mobility, cybersecurity, rapid application development, and accessibility.

The COVID-19 pandemic outbreak has brought a positive impact on the market. During pandemic the dependence on law enforcement agencies and homeland security has increased considerably. Emergency services, critical infrastructure security, and others are leveraging the public safety and security solutions to deliver essential facilities to consumers.

Public Safety and Security Market Trends, Drivers, Restraints, and Opportunities

• Increasing incidence of natural and man-made disasters including earthquake, hurricanes, and cyber-attacks is one of the key factor driving the market growth.
• Rising investments by governments for the upgrading of legacy systems to reduce associated costs and improve operational performance is projected to drive the market expansion during the forecast period.
• Escalating cost for upgrading of legacy systems acts as a major challenge that can restrict the market growth in the coming years.
• Lack of experienced and skilled workforce for handling and maintaining public safety and security system technologies can hamper the market growth during the projected timeline.
• Integrating big data analysis with safety and security systems for better data analyzing gathered from security system devices is projected to create significant growth opportunities for the market.

Scope of the Public Safety and Security Market Report

The report on the global public safety and security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Public Safety and Security Market Segment Insights

Rising government initiatives for safety and security drive the homeland security segment

Based on applications, the market is divided into logistics & transportation systems, homeland security, critical infrastructure security, emergency services, and others. The homeland security segment is expected to grow at a rapid pace during the forecast period attributed to rising number of government initiatives to increase safety and security.

However, the logistics & transportation systems segment is anticipated to expand at a substantial CAGR in the coming years due to implementation of intelligent transportation systems as part of smart city initiatives.

Furthermore, rising implementation of technologically advanced public security and safety solutions and transformation of the existing infrastructure to enhance the security of the transport system, which is projected to accelerate the segment growth further.

Get Free Sample Report

Professional segment is projected to expand at considerable CAGR

In terms of services, the global public safety and security market is bifurcated into managed and professional. The professional segment is projected to expand a considerable CAGR during the forecast period owing to rise in demand of design and deployment of new public safety and security system as part of digital transformation initiatives.

Additionally, growing adoption and implementation of public safety as a service model for smart cities is major driver of the segment.

Growing use of LTE in communication increases critical communication network segment market share

On the basis of solution, the market is segregated into critical communication network, surveillance system, emergency & disaster management, public address & general alarm, biometric security & authentication systems, C2/C4ISR SYSTEM, screening & scanning system, backup & recovery system, and cybersecurity.

The critical communication network segment is estimated to account for a significant market share during the forecast period due to rising demand for the deployment of broadband communication and high-speed wireless networks across the globe. Moreover, growing use of long-term evolution (LTE) in communication as LTE technology, with its wide-scale commercial deployment, offers a brilliant chance to meet public safety and security requirements, which presents a major factor driving the segment.

On the other hand, the emergency & disaster management segment is projected to expand a considerable CAGR during the forecast period attributed to the increasing focus of government bodies on managing natural calamities.

Get Free Sample Report

North America is anticipated to constitute a key market share

In terms of region, the global public safety and security market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to investment by government in the improvement of the security infrastructure and existing public safety systems to block illegal immigration and terrorism.

However, the Asia Pacific market is anticipated to grow at a rapid pace during the forecast period due to the rising terrorism, illegal immigration, and cyber-attacks leading to the rise in implementation of public safety and security systems.

Get Free Sample Report