Overview and Scope
Public safety and security refer to providing safety, security, and welfare to citizens, communities, and organizations against cyber threats, terrorism, frauds, criminal activities, natural calamities, national and international terrorism, and other emergency disaster situations.
Sizing and Forecast
The public safety and security market size has grown rapidly in recent years. It will grow from $557.69 billion in 2023 to $628.89 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to natural disasters impact, terrorism and threats evolution, public safety investments, community policing initiatives, shifts in crime patterns.
The public safety and security market size is expected to see rapid growth in the next few years. It will grow to $1039.86 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to resilience planning, integrated command centers, remote monitoring solutions, data privacy solutions, ai-powered analytics. Major trends in the forecast period include ai and machine learning integration, internet of things (iot) adoption, biometric authentication, cybersecurity measures, smart surveillance systems..
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Segmentation & Regional Insights
The public safety and security market covered in this report is segmented –
1) By Component: Services, Solutions
2) By Vertical: Homeland Security, Emergency Services, Critical Infrastructure Security, Transportation Systems, Other Verticals
Subsegment: Critical Communication Network, Biometric and Authentication System, Surveillance System, Emergency and Disaster Management, Cyber Security, C2/C4ISR Networks, Scanning and Screening System, Public Address and General Alarm, Backup and Recovery Systems, Professional Services, Managed Services
North America was the largest region in the public safety and security market in 2023. The regions covered in the public safety and security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising instances of transnational and regional instability are expected to propel the public safety and security market. Transnational and regional instability refers to the political instability in neighboring countries. Public safety and security protect citizens and infrastructure from threats and danger nationally and internationally. For instance, according to the Global Peace Index from the Institute for Economics & Peace (IEP), a Sydney-based organization dedicated to studying peace, in 2020, political instability increased, with twice as many countries deteriorating than improving. The economic impact of violence increased in 2021 to $15.1 trillion due to an increase in global military expenditure, which rose by 0.9% over the previous year. Hence, the increasingly transnational and regional instability is expected to drive the public safety and security market.
Key Industry Players
Major companies operating in the public safety and security market are focused on developing technological innovations, such as public safety suites, to gain a competitive edge in the market. A public safety suite is a comprehensive software solution designed to help public safety agencies manage their operations and improve their ability to protect the public. For instance, in November 2022, Oracle Corporation, a US-based computer technology company, launched Oracle Public Safety Services. It is designed to help law enforcement, and first responders make more informed decisions and improve situational awareness. The suite includes a unified hardware and software platform that removes data silos, eliminates manual busy work, and provides real-time information. The Oracle Public Safety Services suite is built on the performance and scalability of Oracle Cloud Infrastructure (OCI) and is CJIS1 compliant to meet the security and privacy requirements of law enforcement agencies.
The public safety and security market report table of contents includes:
1. Executive Summary
2. Public Safety And Security Market Characteristics
3. Public Safety And Security Market Trends And Strategies
4. Public Safety And Security Market – Macro Economic Scenario
5. Global Public Safety And Security Market Size and Growth
…..
31. Global Public Safety And Security Market Competitive Benchmarking
32. Global Public Safety And Security Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Public Safety And Security Market
34. Public Safety And Security Market Future Outlook and Potential Analysis
35. Appendix
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