The "Public Safety and Security Market by Component, Solution (Critical Communication Network, Biometric & Authentication System, Surveillance System, Emergency & Disaster Management, Cyber Security), Service, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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.
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 rising number of terror attacks and increasing investment in public safety measures for smart cities to drive 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 smart cities. Therefore, the services segment 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.
Market Dynamics
Drivers
- Law Enforcement Requirements During COVID-19 Pandemic
- Rising Number of Terror Attacks
- Need for Security Training and Awareness
- Increasing Investment in Public Safety Measures for Smart Cities
- Growing Trend of IoT in Public Safety
- Increasing Criminal Activities
Restraints
- High Installation and Maintenance Costs for Public Safety and Security Systems
- Violation of Privacy
Opportunities
- Emergence of Big Data Analytics in Public Safety and Security
- Adoption of Cloud Computing Technologies in the Public Safety Industry
- Ai Innovations in Border and Public Safety
Challenges
- Lack of Efficient Storage and Data Management Capacities
- Integration of Logical and Physical Components of Security Systems
- Device Vulnerability and Chances of Systems Being Hacked
- Need for High Bandwidth to Transfer Data
COVID-19-Driven Market Dynamics
- Drivers and Opportunities
- Restraints and Challenges
- Cumulative Growth Analysis
Industry Trends
Value Chain Analysis
Ecosystem
- Average Selling Price Trend
- Biometric Security and Authentication System
- Surveillance System Asp Trend
Technology Analysis
- Artificial Intelligence and Deep Learning
- Mobile-Based Access Control
- Big Data and Video Analytics
- IoT Security
- Wireless Security Systems
- Ip-Based Cameras
- Drones
Use Cases
- Cisco Helped the City of San Luis Potosi to Improve the Physical Security of Citizens
- Honeywell Intelligently Secured and Transformed Pristina International Airport
- Secom Eliminated the Need for Manned Guarding at Speedy Hire
- Symantec Assisted Rockwell Automation in Streamlining Business Operations
- G4S Helped Palo Alto to Reduce the Cost of Human Monitoring Systems
Patent Analysis
Companies Mentioned
- 3Xlogic
- Agt International
- Alcatel-Lucent Enterprise
- Atos
- Bae Systems
- Briefcam
- Cisco
- Cityshob
- Elbit Systems
- Ericcson
- Esri
- Fotokite
- General Dynamics
- Harris Corporation
- Haystax Technology
- Hexagon Ab
- Honeywell
- Huawei
- IBM
- Idemia
- Kria
- Motorola Solutions
- NEC
- Nice
- Onsolve
- Openpath
- Optotraffic
- Rave Mobile Safety
- Sayvu
- Scadafence
- Siemens
- Smartcone Technology
- Teltronic
- Thales Group
- Tvilight
- Tyco (Johnsons Control)
- Verint Systems
For more information about this report visit https://www.researchandmarkets.com/r/u36xr7
View source version on businesswire.com: https://www.businesswire.com/news/home/20201014005577/en/
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