REDDING,
Calif., May 20, 2024 /PRNewswire/ -- According to
a new market research report titled, 'Public Safety and
Security Market by Offering (Safety Devices, Safety
Software, Safety Services), Technology (IoT, AI, Cloud Computing,
ML), Application (Data Gathering, Mapping, and 3D Imaging), End Use
(Warehouses & Depots, Workplaces, Shopping Malls & Retail
Stores) and Geography, the global public safety and security
market is expected to reach $514.1
billion by 2031 from an estimated $
234.2 billion in 2024, at a CAGR of 11.9% during the
forecast period (2024–2031).
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The growth of the public safety and security market is driven by
the growing utilization of AI, ML, and analytics technologies in
public safety and security applications, increasing awareness and
initiatives for public safety and security, and government focus on
managing the needs of the rising urban population. However, the
significant initial investments required to implement public safety
and security solutions restrain the growth of this market. The
integration of cloud computing and big data analytics in public
safety and security solutions and the rising incidence of terrorism
and security breaches are expected to generate market growth
opportunities. However, the complexities in implementing advanced
public safety and security systems and the rising cases of data
theft are major challenges for market stakeholders.
The global public safety and security market is segmented by
offering, technology, application, end use, and geography. The
study also evaluates industry competitors and analyses the country
and regional-level markets.
Based on offering, the global public safety and security
market is segmented into safety devices, safety software, and
safety services. In 2024, the safety services segment is expected
to account for the largest share of 50% of the public
safety and security market. The large market share of this segment
is attributed to the increasing demand for specialized safety
services to address specific safety and security challenges. Safety
services such as critical infrastructure security, emergency
medical, firefighting, and disaster management services are
critical in ensuring the safety and well-being of citizens and
critical assets.
Based on technology, the global public safety and
security market is segmented into the internet of things,
artificial intelligence, cloud computing, machine learning,
cybersecurity, and other technologies. In 2024, the internet of
things segment is expected to account for the largest share of the
global public safety and security market. The large share of the
segment is attributed to the rising demand for real-time data
insights and improved situational awareness.
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Based on application, the global public safety and
security market is segmented into data gathering, mapping and 3D
imaging, threat detection, security and incident management,
monitoring, fire and explosion examination, network security, and
other applications. In 2024, the security and incident management
segment is expected to account for the largest share of
18.5% of the public safety and security market. The
large market share of this segment is attributed to the need to
respond effectively to emergencies, the increasing adoption of
smart city technologies, and the integration of IoT devices.
Based on end use, the global public safety and security
market is segmented into warehouses & depots, workplaces,
shopping malls & retail stores, schools & universities,
hospitals & healthcare, residential, transportation, and other
end uses. In 2024, the transportation segment is expected to
account for the largest share of the global public safety and
security market. The segment is estimated to contribute a revenue
of USD 31.8 billion by 2024 in
public safety and security market. The large share of this segment
is attributed to the growing concern of terrorist threats and
passenger safety. Advances in contactless ticketing and facial
recognition for identity verification are driving the adoption of
modern transportation security solutions. Furthermore, the
implementation of AI-based video analytics for crowd monitoring
contributes to the growth of this segment.
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Based on geography, the public safety and security market
is segmented into North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
North America is expected to
account for the largest share of 40% of the public safety
and security market. The North
America public safety and security market is estimated to be
worth USD 95.4 billion in
2024. The large share of this region is attributed to the rising
adoption of digital technology and data due to the growing need for
improving decision-making, promoting digital inclusivity and
equity, creating a collaborative ecosystem, prioritizing citizen
safety and health, establishing trust and transparency, and
developing resilience and adaptability to manage change
effectively.
However, the Europe public
safety and security market is slated to register the highest CAGR
of the global public safety and security market during the forecast
period.
The key players operating in the global public safety and
security market are Hexagon AB (Sweden), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos
SE (France), Cisco Systems,
Inc. (U.S.) Saab AB (Sweden),
Airbus SE (Netherlands), Siemens
AG (Germany), Intel Corporation
(U.S.), Fotokite AG (Switzerland),
CityShob (Israel), 3xLOGIC (U.S.),
L3Harris Technologies, Inc. (U.S.), OnSolve (U.S.) and Haystax
(U.S.).
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Scope of the Report
Public Safety and Security Market, by Offering
- Safety Services
- Managed Services
- Disaster Management Services
- Critical Infrastructure Security Services
- Emergency Medical Services
- Firefighting Services
- Other Managed Services
- Professional Services
- Safety Devices
- Surveillance Cameras
- Sensors
- Radar
- LiDAR
- Geodetic Sensors
- Geotechnical and environmental sensors
- Other Sensors
- Biometric and Authentication Devices
- Safety Alarms
- Intruder Detection Devices
- Critical Communication Devices
- Other Safety Devices
- Safety Software
- Geographic Information Systems
- Access Control Software
- Building Management Software
- Vehicle Recognition Software
- Behavior Analytics software
- Other Safety Software
Public Safety and Security Market, by Technology
- Internet of Things
- Cybersecurity
- Cloud Computing
- Machine Learning
- Artificial Intelligence
- Other Technologies
Public Safety and Security Market, by Application
- Security and Incident Management
- Threat Detection
- Fire and Explosion Examination
- Network Security
- Monitoring
- Data Gathering
- Mapping and 3D Imaging
- Other Applications
Public Safety and Security Market, by End Use
- Transportation
- Roadways
- Railways
- Airways
- Waterways
- Workplaces
- Shopping malls & Retail stores
- Residential
- Hospitals & Healthcare
- Warehouses & Depots
- Schools & Universities
- Other End Uses
Public Safety and Security Market, by
Geography
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Latin America
- Middle East & Africa
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