The new report by Expert Market Research titled, ‘Global Public Safety Market Size, Share, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global public safety market, assessing the market based on its segments like component, deployment mode and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): USD 14.6 billion
Forecast CAGR (2023-2028): 9%
Forecast Market Size (2026): USD 64 billion
Because of the dynamic and advanced acquisition of cutting-edge technology, the Asia Pacific area has seen tremendous growth, and it is predicted to have one of the highest compound annual growth rates in the global public safety market in the next years. Important populations and economies in this region include India, Japan, China, Australia, Singapore, and New Zealand, all of which are expected to have rapid growth in the public safety industry.
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Furthermore, multinational corporations’ geographical expansion of business operations in the region, particularly in emerging economies such as China, Indonesia, India, and the Philippines, is expected to drive economic growth and financial markets in the region, making them potential targets for cybercrime and terrorism, boosting the public safety industry’s growth.
Public Safety Industry Definition and Major Segments
Public Safety is the protection of the public, essential infrastructure, and private and public sector properties. Special agencies from various departments, such as EMS, police, and other civic organisations, are usually in charge of it.
The increasing incidence of cybercrime and security risks is driving up demand for public safety technologies.
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The public safety market, on the basis of component, can be segmented into:
The software segment is further segmented into investigation management, record management, criminal intelligence ,location management, and crime analysis, among other softwares.
On the basis of deployment mode, the market can be categorised into:
- On Cloud
On the basis of applications, the market can be segmented into:
- Law Enforcement
The regional markets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Public Safety Market Trends
The public safety market is likely to be driven by governments and security agencies developing intelligence mitigation plans to reduce reaction time and damage caused by natural and man-made catastrophes to protect their citizens from cyber threats and terrorism.
Furthermore, emergency events such as cybercrime and terrorist attacks have resulted in enormous public and private property losses, which is expected to increase demand for public safety solutions even further.
This is also motivating law enforcement and government organisations to adopt regulatory regulations with the primary goal of protecting the people and mitigating the effects of disasters. As corporations and taxpayers continuously experience natural and man-made disasters, cyber-attacks, and terrorism, the market for public safety is anticipated to witness significant growth.
Furthermore, in the rapidly expanding global security environment, governments are emphasising innovative solutions to upgrade and strengthen security systems and current information technology infrastructure, which is likely to strengthen the global public safety industry.
Key Market Players
The major players in the market are Cisco Systems, Inc., Honeywell International Inc., Motorola Solutions, Inc., IBM Corporation, Telefonaktiebolaget LM Ericsson, and others.
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