DELRAY BEACH, Fla., Sept. 18, 2024 /PRNewswire/ -- The global Public Safety and Security Market is projected to grow from USD 520.8 billion in 2024 to USD 878.2 billion by 2029 at a compound annual growth rate (CAGR) of 11.0%, according to new research report by MarketsandMarkets.
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2029 |
Base year considered | 2023 |
Forecast period | 2024-2029 |
Forecast units | Value (USD Million/USD Billion) |
Segments covered | By Offering, Solution, Services, Deployment Mode, Application, and Region |
Geographies covered | North America, Europe, Asia Pacific, Middle East Africa, and Latin America |
Major companies covered | Major vendors in the global public safety and security market include Cisco (US), Honeywell (US), Motorola Solutions (US), IBM (US), SIEMENS (Germany), NEC (Japan), Thales (France), Hexagon (Sweden), Ericsson (Sweden), and Huawei (China). |
Public safety and security markets are effective in protecting people, societies, and the infrastructure that is established within a country from various threats, including crime, terrorism, natural disasters, and pandemics. The market for services and technology offered includes video surveillance, emergency management, cybersecurity, and biometric security. Due to the growing accommodation with terrorism and other crimes, the government is pressed to take safety measures of an advanced level. In addition, it would be evident that to the present day, the ever-evolving technological developments, from IoT and AI to Big Data, would back up more changes in strategies related to public safety. COVID-19 redefined public safety, with a lot of investment going into health-related security measures. This would be contrasted with the increasing rate of urbanization and infrastructure development, which, in turn, increases the demand for a holistic security solution, which amounts to smart city initiatives that enhance the quality of urban services and life.
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By Offering, the services segment will grow at the highest CAGR during the forecast period.
The service segment is expected to be growing at the highest CAGR in the public safety and security market during the forecast period, mainly due to managed services. This segment is expected to witness substantial growth in demand with the increasing adoption of cloud-based delivery models, such as SaaS, which allows agencies to reduce upfront costs. This, in turn, demands specialized services in supporting programs for digital transformation and laying innovative cross-domain security solutions that embed detection capacities of artificial intelligence (AI), the Internet of Things (IoT), and big data analytics There is an increasing demand for constant monitoring, maintenance, and management of any public safety systems, as more and more agencies turn their attention and strategic priorities to their respective mission-critical applications. That double-digit growth rate of the service segment overall, and especially in managed services, highlights this major player in allowing the penetration of advanced public safety technologies.
By Services, the Professional Services segment will grow at the highest market size during the forecast period.
The multiple services are offered through the professionals, specialists, and experts in supporting businesses. The professional services encompass design and consulting, training and education, support and maintenance, and installation and integration. Experts utilize advanced expertise, overall approach, and experience for meeting the organization's needs for security. The vendors of services provide individual implementation, risk assessments, and deployment of public safety and security solutions by following industry proven best practices. IBM, Huawei, and Honeywell Technologies are just a few of the leading vendors in the public safety and security market offering professional services.
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By region, Asia Pacific will grow at the highest CAGR during the forecast period.
Security spending in the Asia Pacific region is rising, with the growing intensity of various threats. For example, India, Japan, and Singapore have, each in their turn, established new national cyber-security policies against sophisticated threats. Increasing terrorist and cyberattacks have driven countries like India, China, Australia, Malaysia, and Singapore towards the adoption of advanced public safety and security systems. Extensive surveillance and heightened perimeter systems are the options China can turn to in the pursuit of security in Xinjiang Uyghur Autonomous Region. Due to the rapid urbanization in this region, the primary technologies that will be in demand are sophisticated surveillance, crowd management, and emergency response technologies. Besides, rising crime rates and economic growth help boost law enforcement and security infrastructure spending.
In addition, disasters are quite common in the APAC region, so the compulsion toward disaster preparedness solutions is increasing. The ongoing massive infrastructure projects open opportunities for further security improvements in protecting airports, ports, and critical infrastructure. Governments are investing a lot in public safety and advanced technology and training, but the challenge now is to balance it with data privacy concerns. Smart city initiatives with complex security systems and traffic management are on the evolutionary path, with a thrust on cybersecurity due to growing digital dependencies. Improved border security and revamped emergency response services raise concerns regarding mitigating security threats of varied dimensions in this region.
Top Key Companies in Public Safety and Security Market:
Cisco (US), Honeywell (US), Motorola Solutions (US), IBM(US), Siemens(Germany), NEC(Japan), Thales(France), Hexagon(Sweden), Ericsson(Sweden), Huawei (China), Atos (France), Idemia(France), General Dynamics(US), ESRI(US), L3harris Technologies (US), Alcatel-Lucent Enterprise(France), Bae Systems(UK), Verint Systems(US), SAAB AB(Sweden), Nice(Isreal), Teltronic(Spain), Secure Passage(Kansas), Fotokite(Switzerland), Onsolve(US), Barrier1 Systems(US), IOTAS(India), Veoci(US), Cityshob(Israel) are some of the key players operating in the global Public Safety and Security market.
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