The public safety and security market size is estimated to grow from USD 234.57 Billion in 2016 to USD 537.20 Billion by 2024, growing at a CAGR of 10.91%. The Public safety and security market is estimated to grow during the forecast period of 2017-2024. Factors like the rise in criminal activities, natural disasters, cross-border terrorism, need for rigid government policies with regards to public safety regulations and policies are the limiting factors for the market growth. The lack of interoperability between advanced security and legacy can potentially limit the Public safety and security market growth.
The global Public safety and security market is segmented on the basis of geography, solution, verticals and services. The market by solution is classified on the basis of Critical communication network, C2/c4isr system, Biometric security and Authentication system, Surveillance system, Scanning, and screening system, Emergency and disaster management, Cybersecurity, Public address and general alarm and Backup and recovery system Market by service is segmented on the basis of Managed and Professional services while market by vertical is classified on the basis of manufacturing and emergency services.
The critical communication network is estimated to a large market size, CCN being the backbone for public safety infrastructure for mission critical communications. Emergency and Disaster Management service market are also projected to grow during the forecast period with adoption by the government during natural disasters like earthquakes, floods, cyclone, and tsunami. The rise in crimes and disasters is the key factor for the growth of Public safety and security market.
Asia-Pacific is estimated to grow at the highest CAGR during the forecast period of 2017-2024. The deployment of public safety and security for the protection of critical infrastructure projects in emerging economies of APAC is the driver for Public safety and security market. North America is predicted to be the largest market for the Public safety and security market.
Key players offering public safety and security solutions are Cisco Systems, Inc. (U.S.), NEC Corporation (Japan), Thales Corporation (France), IBM Corporation (U.S) among others.