Acumen Research and Consulting, Recently Published Report titled “Public Safety and Security Market Size, Share, Growth, Trends and Forecast, 2019-2026”.
LOS ANGELES, Jan. 21, 2020 (GLOBE NEWSWIRE) — The global public safety and security market is expected to grow at a CAGR of around 12.1% during the forecast period 2019 to 2026 and reach the market value of around US$ 768.34 Mn by 2026.
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North America dominated the global public safety and security market in the year 2018. The region has experienced the potential growth owing to the presence of public safety and security companies such as Cisco Systems, Harris Corporation and General Dynamics among others. The government initiatives to enhance the public safety and security infrastructure due to terrorism and illegal immigration are additionally accelerating the regional market growth. Moreover, stringent government regulations regarding safety and security and growing research and development for technological advancement in public safety and security are expected to enhance the market growth in the global public safety and security market in future.The Europe region is expected to exhibit a second-largest share in the public safety and security market. R&D investments in safety and security and growing investment by defense sector, growing number of innovation and development centers in countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global public safety and security market during the forecast.
Asia-Pacific region is expected to exhibit highest CAGR in the public safety and security market. Rapid urbanization, growing cross border terrorism in developing countries, and rising threats from man made and natural disasters are the major driving factors for the region in the global market. Moreover, the growing investment to improve surveillance and communication systems and growing number of smart city projects in developing countries increases its dominance in the global public safety and security market in future.
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The main function of public safety and security is to keep citizens, communities, and public spaces safe with faster response, improved operational efficiency, and reduced costs. Growing demand for public safety and security in various applications, growing implementation of IoT in public safety and security across the globe and rising number of public security solution providers are the main drivers for the market growth of the global public safety and security market over the forecast period. Furthermore, supportive government investment in public safety and growing number of smart city projects further grows the demand for public safety and security over the forecast the period. Moreover, technological advancement and AI innovations in border and public safety, and availability of advanced security solutions in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, high installations and maintenance cost of public safety and lack of awareness are expected to hamper the growth of the global public safety and security market during the forecast period.
Emergency and disaster management solution segment have dominated the solution segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The solution segment is further classified into 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. Several guidelines and recommendations issued by regulatory authorities and escalating demand for emergency protection services further expected to drive the demand for the segment. The manufacturers such as NEC Corporation, Hexagon, Motorola Solutions, and Harris Corporation are mainly investing in the development of emergency and disaster management solution, which is expected to lead the market in the coming years.
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Some of the leading competitors are Ericsson, ESRI, NORTHROP GRUMMAN CORPORATION, Paessler AG, General Dynamics, Cisco Systems, Harris Corporation, Huawei Technologies Co., Ltd., and IBM, NEC Corporation, Hexagon, and Motorola Solutions.
Some of the key observations regarding public safety and security industry include:
- In March 2019, Motorola Solutions, Inc. launched analytics technology, critical communications, and security solutions for public safety and security applications at the BAPCO Annual Conference & Exhibition 2019.
- In February 2019, Cisco Systems signed strategic partnership agreement with Telenor Group. The partnership focuses on innovation and development in cyber security, cloud, and Critical Communication Network.
- In June 2018, Harris Corporation signed partnership agreement with U.S. Customs and Border Protection. Through this partnership the Harris Corporation supplied critical communications devices of worth USD 26 million to U.S. Customs and Border Protection.
- In March 2018, Motorola Solutions, Inc. (US) developed 3 new solutions namely Capture Mobile Camera App, LEX L11 Mission-Critical LTE Device, and APX 8500HP Mobile Radio. These solutions are developed for the enhancement of mission critical communications including an app for sharing the digital evidence. These solutions help in strengthening of public safety and security.
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