Public Safety and Security Market to Garner $832.1 Bn, Globally, by 2031 at 7.5% CAGR: Allied Market Research
Surge in instances of terrorist activities & security breaches and increase in government regulations and policies about public safety have boosted the growth of the global public safety and security market.
PORTLAND, Ore., Aug. 15, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Public Safety and Security Market by Offering (Solution, Service), by Enterprise Size (Large Enterprises, SMEs), by Application (Emergency Communication and Incident Management, Surveillance and Security, Disaster Management), by Industry Vertical (Government & Public Sector, Transportation, Healthcare, Retail, Education, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global public safety and security industry was pegged at $405.7 billion in 2021, and is estimated to reach $832.1 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers, restraints, and opportunities
Surge in instances of terrorist activities & security breaches and increase in government regulations and policies about public safety have boosted the growth of the global public safety and security market. However, lack of interoperability of systems and high installation cost hinder the market growth. On the contrary, advent of big data analytics in public safety and security would open new opportunities in the future.
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The service segment to manifest the highest CAGR through 2031
By offering, the service segment is estimated to register the highest CAGR of 8.3% during the forecast period. Public safety and security services provides professional services such as implementation, training & support, and consulting services. However, the solution segment dominated the market in terms of revenue, contributing to nearly two-thirds of the global public safety and security market in 2021, and is expected to continue its dominance throughout the forecast period. This is due to rise in demand of AI technology and IoT device among various governments across the globe to protect countries and citizens from various terrorist attack.
The large enterprises segment held the largest share
By enterprise size, the large enterprises segment held the largest share in 2021, contributing to more than two-thirds of the global public safety and security market, and is anticipated to maintain its leading position during the forecast period. This is due to rise in adoption of AI-based solutions among the govrnment and large organizations across the globe to prevent and predict crimes as well as to increase the security of organizations. However, the SMEs segment is estimated to register the highest CAGR of 8.6% during the forecast period, owing to increase in trend in developing nations to install IoT-enabled smart security systems to capture, store, and analyze continuous video streams.
The disaster management segment to showcase the highest CAGR through 2031
By application, the disaster management segment is expected to register the highest CAGR of 10.4% during the forecast period, as it is an essential service to provide direct updates on water levels and pond data to deal with disaster situations in cities. However, the surveillance and security segment dominated the market in terms revenue in 2021, accounting for more than three-fourths of the global public safety and security market, owing to increasing illegal events, terrorism, and fraudulent activities coupled with stringent government norms.
The government & public sector segment held the largest share
By industry vertical, the government & public sector segment accounted for the largest share in 2021, holding more than one-fourth of the global public safety and security industry, due to rise in adoption of various technologies by the government & public sector for predicting and analyzing criminal activities across nations. However, the healthcare segment would manifest the highest CAGR of 9.2% during the forecast period, owing to rise in need for various incident and surveillance systems in the healthcare sector for monitoring critical conditions of patients.
North America held the lion's share
By region, the global public safety and security market across North America held the largest share in 2021, accounting for around two-fifths of the market, and is projected to continue its dominance from 2022 to 2031, due to growing need to protect critical infrastructure and sensitive data government. However, the market across the Asia-Pacific region is projected to portray the highest CAGR of 9.0% during the forecast period, due to increasing economic advancement and various government initiatives.
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Major market players
The report analyzes these key players of the global public safety and security market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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