The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Increasing criminal activities and terrorist attacks and growing investments in Public safety and security technology to drive the overall growth of the Public safety and security market.
The Public safety and security market is projected to grow from USD 365.0 billion in 2020 to USD 516.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. The rising number of terror attacks and increasing investment in public safety measures for smart cities to drive the market growth.
By component, services segment to grow at a higher CAGR during the forecast period
The services include the support offered by security vendors to assist their customers in using and maintaining public safety and security efficiently. Vendors offer different services, such as professional and managed to the end users. The services segment has witnessed tremendous growth in recent years due to the increasing need for replacing legacy security infrastructure in the smart cities. Therefore, servicessegment registers the highest growth rate during the forecast period.
By service, the managed service segment to register the highest growth rate during the forecast period
Today’s demanding business environments require proficient handling of business processes by implementing tested solutions across organizations. Time consuming processes, lack of resources, and overhead costs involved in managing in-house services have forced organizations to outsource certain processes. Managed service providers ensure not only the security of critical business information but also the smooth functioning of business operations. Therefore, the managed service segment holds the highest growth rate during the forecast period.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global Public safety and security market during the forecast period. APAC constitutes major economies, such as China, Japan, Singapore, and Australia and New Zealand, which are expected to register high growth rates in the public safety and security market. In recent years, the APAC region has undergone tremendous economic growth, political transformations, and social changes. India, Japan, and Singapore have updated or launched new national security policies to deal with the increasingly sophisticated threats. China is the largest manufacturer and exporter of security components such as video surveillance cameras, biometric devices, disaster management solutions, and communication equipment. Companies operating in APAC would benefit from the flexible economic conditions, industrialization-motivated policies of the governments, as well as from the growing digitalization, which is expected to have a significant impact on the business community.
- By Company Type: Tier 1 – 40%, Tier 2 – 32%, and Tier 3 – 28%
- By Designation: C-level – 35%, D-level – 28%, and Others – 37%
- By Region: North America – 40%, Europe– 31%, Asia Pacific– 19%, MEA – 7%, Latin America- 3%
Major vendors offering Public safety and security solutions include AGT International (Switzerland), Alcatel-Lucent Enterprise (France), Atos (France), BAE Systems (UK), Cisco Systems (US), Elbit Systems (Israel), Ericsson (Sweden), Esri (US), General Dynamics (US), Harris (US), Haystax Technology (US), Hexagon (Sweden), Honeywell (France), Huawei (China), IBM (US), IDEMIA (France), Motorola Solutions (US), NEC (Japan), NICE (Israel), Rave Mobile Safety (US), Siemens (Germany), Teltronic (Spain), Thales Group (France), Tyco (Johnson Controls) (Ireland), and Verint Systems (US).
The market study covers the public safety and security market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by component, by solution, by service, by vertical, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall Public safety and security market and its sub segments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.