Globally, rapid urbanization is creating the need for public safety & security. Factors like increased crime rates and cross-border terrorism, coupled with the emergence of smart security solutions, are mainly responsible for driving the growth in the global public safety and security market. As a result, the market is expected to progress with a CAGR of 13.14% between the forecast years of 2018-2026
The global public safety and security market is segmented according to the market verticals, services and solutions. The major market verticals include manufacturing, emergency service, homeland security and other verticals. The service segment of this market is classified into professional services and managed services. The solution segment of the market includes C2/C4ISR systems, critical communication network, biometric security and authentication system, scanning and screening system, surveillance system, emergency and disaster management, public address and general alarm backup and recovery system and cybersecurity.
Region-wise, the market is segmented into North America, Latin America, Asia-Pacific, Europe and rest of world markets. Revenue-wise, North America dominated the global market in 2017. The region is chiefly driven by several government initiatives directed towards increasing the awareness about public safety. The U.S is a prominent market in this region. The Asia-Pacific market, on the other hand, is slated to exhibit the highest CAGR during the forecast period. A rise in the occurrence of natural disasters and growing need for security in critical infrastructure and utilities are factors which are driving this regional market.
The prominent companies dealing in the public safety and security market include Alcatel-Lucent S.A, AGT International,CGI Group Inc, Ericsson, Cisco Systems Inc, ESRI, Ferranti, Harris Corporation, General Dynamics,Hewlett Packard (HP), Honeywell International Inc, Hitachi,Huawei Technologies, Kratos Defense & Security Solutions, International Business Machine (IBM) Corporation, Motorola Solutions, Northrop Grumman Corporation, NEC Corporation,Qualcomm, Siemens, Raytheon, and Thales Group.