The revenue generated by the Asia Pacific Public Safety & Security Market is expected to catapult from $44.85 billion in 2017 and reach around $199.12 billion by 2026. This phenomenal growth can be attributed to a CAGR of 18.71% for the forecast period of 2018-2026.
Asia Pacific is anticipated to be the fastest growing regional market. Opportunities like growing internet of things (IOT) applications, expanding cloud-based security solutions, and the development of security solutions based on predictive analytics could significantly drive the market growth over the forecasted years. The market is largely driven by nationwide smart city projects in countries like India and China. As one of the world’s important economies, China is undertaking numerous large-scale projects, including airports, sports stadiums, and metro systems that will entail the installation of extensive security systems. Japan, which is frequently hit by natural calamities, was the biggest market for public safety & security in 2017, in terms of the revenue generated. However, the overall APAC market growth can be restricted if issues like high costs of installation and threat of cyber-attacks are not addressed properly.
International Business Machine (IBM) Corporation, Siemens, Kratos Defense & Security Solutions, Thales Group, AGT International, Hewlett Packard (HP), Northrop Grumman Corporation, Harris Corporation, CGI Group Inc, Huawei Technologies, Motorola Solutions, Ericsson, ESRI, NEC Corporation and Hitachi are some of the prominent players in this market.