Public Safety and Security Market Expected to Reach $832.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Public Safety and Security Market," The public safety and security market was valued at $405.7 billion in 2021, and is estimated to reach $832.1 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.

The public safety and security market is driven by factors such as rise in criminal activities, natural disaster, cross border terrorism, need for stringent government policies & regulations for public safety, and increase in attack on critical infrastructures & public utilities. Furthermore, rising instances of terrorist activities & security breaches and surge in government regulations & policies regarding public safety drive the growth of public safety and security market. Moreover, increasing number of security breaches in healthcare institutions and other organizations are boosting the public safety and security market size. However, high installation and maintenance cost and lack of advanced infrastructure in the underdeveloped economies and lack of inter-operability of systems for public safety and security systems restrict the growth of public safety and security market. On the contrary, emergence of big data analytics in public safety and security is expected to offer remunerative opportunities for expansion during the public safety and security market forecast.

Depending on industry vertical, the government & public sector segment holds the largest sensor data analytics market share owing to rise in adoption of IoT & connected devices across a wide range of operations such as traffic, identity management, and others. However, healthcare industry in public safety and security market is analyzed to witness the fastest growth due to rapid increase in medical treatment expenses, growth in demand for improvement in clinical outcomes, significant need for improved patient care, and surge in demand for public safety & security.

Depending upon application, the public safety and security industry was dominated by surveillance and security in 2021 and is expected to retain its position during the forecast period as it helps organizations address and manage any cyber-attack, security breach, or any other type of breaches across the organization. However, disaster management is expected to witness significant growth during the forecast period, owing to potential losses from hazards, assure prompt and appropriate assistance to the victims of a disaster, and achieve a rapid and effective recovery.

The COVID-19 pandemic is expected to positively impact the overall economy in public safety and security industry, owing to, the nature of military and homeland security requirements such as low intensity conflicts and terrorist activities is anticipated to increase the demand for technological solution that incorporate robotic, automation, big data analytics, artificial intelligence and information assurance and other security solutions is expected to increase the growth of government budget. For instance, in June 2022, WHO partnered with Germany government and increased its funding to WHO in 2020-2021. Overall contributions from Germany rose from US$ 359.2 million in 2018-2019 to more than US$ 1.26 billion in the 2020-2021 biennium, making Germany the largest donor to WHO for the period. Moreover, investments in technology are becoming popular day-by-day, owing to increase in attention toward data to help business to find out the future performance of the firm to take corrective measures at an early stage in case of any probable crisis in future, which, in turn, is contributing toward the growth of the market.

KEY FINDINGS OF THE STUDY

• By application, the surveillance and security segment accounted for the largest public safety and security market share in 2021.
• By region, North America generated highest revenue in 2021.
• By industry vertical, the government & public sector segment generated the highest revenue in 2021.

The key players that operate in the public safety and security market analysis  are Ambee, Atos SE, Cisco Systems, Inc, Carbyne, Esri, General Dynamics Corporation, Hexagon AB, HoneyWell International Inc, Huawei Technologies Co., Ltd, Idemia, IBM Corporation, L3Harris Technologies, Motorola Solutions Inc., NEC Corporation, Siemens AG, Thales Group, Telefonaktiebolaget LM Ericsson These players have adopted various strategies to increase their market penetration and strengthen their position in the public safety and security industry.