NEW YORK, July 20, 2022 /PRNewswire/ — According to the latest market research report released by P&S Intelligence, in 2021, the public safety and security market was worth about $411.0 billionand it is expected to reach a $1,115.3 billion by 2030, growing at a CAGR of 11.7% from 2021 to 2030. This is due to increasing incidence of crime, increasing implementation of new technologies in smart cities, increasing number of catastrophic accidents and the growing number of terrorist attacks around the world.
Developed countries are making several attempts to reduce the likelihood of terrorist attacks. For example, the US government invests almost $100 billion annually in Homeland Security programs that span federal, state, and local law enforcement as well as emergency and disaster response.
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Key Points of Interest in the Public Safety and Security Market Report
- Homeland security accounts for more than 35% of all applications. This is mainly because there are a large number of ongoing research projects and innovations in technologies for internal security services.
- Globally, the North American public safety and security market is the largest, valuing approximately $160 billion. Indeed, several companies offer systems and software for the purpose and the government has a strong focus on protecting citizens from external and internal, natural and man-made threats.
- Other factors influencing the market include increasing usage of smartphones, rising internet penetration, and rapid expansion of the e-commerce industry. For example, in the United States, there were around 300 million active internet users in 2021.
- Additionally, the APAC public safety market is expected to grow at a CAGR of 12.0% over the projected period. This is due to the rapid use of sophisticated surveillance equipment in several APAC countries.
- Additionally, the region’s large mobile internet user base is contributing to the expansion of the market. According to experts in the field, China accounts for approximately 64% of the 1.5 billion mobile internet connections worldwide, indicating a growing need for public safety services in the country.
In addition, the Indian government is putting in place several policies regarding the use of CCTV equipment, to enhance public safety and security, which is fueling rapid improvement in the growth potential of the public safety and security market . The government has focused on launching several programs including Swachh Bharat Mission, Smart Cities Mission and Power for All in recent years to improve infrastructure.
Browse the detailed report on Public Safety Market Size, Share, Growth and Demand and Forecast Report 2030
Players have recently engaged in mergers and acquisitions to gain a dominant position. These players are Hexagon AB, Huawei Technologies Co. Ltd., THALES, Siemens AG, NEC Corporation, IBM Corporation, Motorola Solutions Inc., Honeywell International Inc. and Cisco Systems Inc.
Public Safety and Security Market Report Coverage
- Emergency services
- homeland security
- Critical infrastructure security
- Logistics and transport systems
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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