The global Public Safety market size valued at USD 433 Billion in 2022 and is projected to reach USD 1046.33 Billion by 2031, expanding at a CAGR of 10.3% during the forecast period, 2023-2031. The growth of the market is attributed to the rising number of terrorist activities and increasing awareness regarding public safety measures.
Public security ensures the protection of citizens, organizations, institutions, and the nation against threats to ensure their well-being. In order to withstand the upcoming challenges in the security sector, the public institutions and various organizations are collaborating to address to the rising threats. Growing use of optimized internal structures and security synergies has increased the implementation of cost-efficient technologies and its benefits.
The safety organizations include emergency medical services and law enforcement services that are involved in public protection against hazardous events to avoid fatal accidents, injuries, deaths, and property damages. Therefore, the public security measures significantly contribute to the productivity and economy of the nation. Increasing sophisticated crimes and organized terrorist activities result into the serious requirement of stringent regulatory policies to ensure the public safety in advance.
The COVID-19 pandemic has affected almost every industry including the IT industry. The pandemic situation has increased the adoption of distance working. This lead to the rise in security concerns regarding the critical data of the organizations that is being accessed off-site during the pandemic situation. This results into high demand for security software and services; thereby boosting the public safety market growth.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing technological advancement and rising demand for smart devices to ensure public security are anticipated to fuel the growth of the market in the coming years.
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Generation of enormous amount of data on daily basis and high requirement for secure data management over the network are major factors that can spur the market growth during the forecast period.
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High demand for secure data transmission is estimated to propel the market expansion.
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High cost associated with maintenance of security services is one of the major challenges anticipated to hamper the market growth in the coming years.
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Increasing industrial investments in the field of big data analytics is expected to offer immense opportunities for the market players in the long run.
Scope of the Report
The report on the global public safety market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Public Safety Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Components (Software [Location Management, Record Management, Criminal Intelligence, Crime Analysis, Investigation Management, and Others] and Services), Development Types (Cloud and On-premise), End-users (Transportation, Law Enforcement, Firefighting, Medical, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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IBM Corporation; Cisco Systems Inc.; L3Harris Technologies Inc.; General Dynamics Corporation; Atos SE
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Public Safety Market Segment Insights
Software segment is anticipated to register at a substantial CAGR
Based on components, the public safety market is bifurcated into software and services. The software segment is further fragmented into location management, record management, criminal intelligence, crime analysis, investigation management, and others. The software segment is anticipated to register at a substantial CAGR during the projected period owing to growing demand for remote access and increasing adoption of visualization tools.
Moreover, the emerging number of new client devices over the network, evolution of security threats, and rising security concerns regarding off-premises data due to distance working are some of the factors that can fuel the growth of the market segment in the coming years. However, the services segment is expected to register at a rapid pace during the forecast period owing to increasing requirement for threat monitoring to avoid the confidential data leaks.
Cloud segment is projected to hold a significant market share
On the basis of development types, the market is fragmented into cloud and on-premise. The cloud segment is projected to hold a significant market share during the forecast period due to rising cybercrimes and increasing registration of cyber attack activities. Moreover, increasing government initiatives in cloud-computing delivery model to support the robust infrastructure security projects is anticipated to fuel the market segment in the coming years.
On the other hand, the on-premise segment is anticipated to expand at a considerable pace owing to increasing proprietary concerns to overcome data breaches and maintain the integrity of critical information with IT resources.
Law enforcement segment is expected to constitute a major market share
In terms of end-users, the public safety market is segregated into transportation, law enforcement, firefighting, medical, and others.
The law enforcement segment is expected to constitute a major market share during the forecast period due to the rising collaboration between the law enforcement agencies and the government bodies during COVID-19 pandemic for implementing nationwide lockdowns. However, the medical segment is projected to account for a key market share owing to increasing world-wide medical emergencies due to COVID-19 outbreak.
North America is anticipated to dominate the market
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to expand at a significant CAGR during the forecast period owing to the stringent regulatory policies by the government state bodies for industrial security.
Moreover, the region is expected to continue its dominance in the market due to increasing number of localities that requires security such as defense, emergency services, IT services, energy and power sector, chemical industry, banking sector, national monuments, and tourism industry.
On the other hand, the market on Asia Pacific is expected to grow at a significant rate during the forecast period due to increasing demand for the adaptation of advanced security technologies in the region. Furthermore, the growing digitalization and economical conditions of the region is expected to fuel the regional market growth.
Segments
The global public safety market has been segmented on the basis of
Components
- Software
- Location Management
- Record Management
- Criminal Intelligence
- Crime Analysis
- Investigation Management
- Others
- Services
Development Types
End-users
- Transportation
- Law Enforcement
- Firefighting
- Medical
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global public safety market are IBM Corporation; Cisco Systems Inc.; L3Harris Technologies Inc.; General Dynamics Corporation; Atos SE. Companies are focusing on business strategies and collaborating with other industry players for creating new security measures to expand their market share.
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