Public Safety Market Research Report With Opportunities And Strategies To Boost Growth- COVID-19 Impact And Recovery | cagr 29%

The public safety market was valued at USD 8.58 billion in 2018, and it is expected to reach USD 38.98 billion by 2024, registering a CAGR of 29.9.%, during the forecast period of (2019-2024). Increasing awareness about the importance of security, replacement of obsolete architecture, rise in hazardous industrial explorations, among other factors is expected to drive the demand for public safety software.

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The prominent players in the Public Safety Market are:

Cisco Systems Inc., General Dynamics Corporation, IBM Corporation, Ericsson Inc., Harris Corporation, NEC Corporation, Atos SE, Motorola Solutions Inc., Aptean Corporation(Vista Equity Partners), Hexagon AB, Esri Inc., Sun Ridge Systems Inc., Telstra Corporation Limited

Scope Of The Market-

Public safety refers to the welfare and protection of the general public, usually expressed as a government responsibility. Most states have departments for public safety. The primary goal of the department is the prevention of the public from dangers affecting safety, such as crimes or disasters. This is achieved by collaboration with private organizations for technology and other support services. The collaboration will help the government organizations to achieve public safety.

Market Overview-

- Governments are increasingly trying to develop intelligent mitigation plans to minimize the response time and damage caused by both natural and man-made disasters, which is expected to drive the market.
- Factors, such as high installation cost and lack of interoperability between legacy and advanced security systems are hindering the market growth. In addition, data security concerns due to the evident threat of cyber-attacks on public safety and security systems also persist. The concerns over privacy and surveillance have also been recognized as major challenges for public safety companies to adopt software solutions.
- Governments across regions are investing in enhancing their surveillance and communication systems. For instance, in 2018, the Boston Police Department (BPD) invested in the full spectrum of public safety which accounts to almost 3.8% or USD 14.6 million increase over the previous fiscal year

Key Industry Trends-

Cloud Deployment has Largest Growth in the Market for the Forecast Period.

- Considering the lean budgets, public service organizations have been increasingly opting for cloud-based applications rather than on-premises. Also, as cloud deployment would eliminate the need for agencies to acquire infrastructure and also reduce the expense of software infrastructure, such as SQL licenses, the cloud-based deployments are being preferred.
- Vendors in the market offering new software delivery models, such as Public Safety as a Service, PSaaS, are providing the public safety organizations with hosted and cloud deployment options, which allows agencies to focus on keeping people and property safe and not on managing complex hardware and software infrastructure.
- Public safety organizations also find that these deployment options streamline the maintenance and upgrade process, which happen to be significant factors for agencies with on-premises software.
- Moreover, factors, such as advancement of cloud security and cost benefits of utilizing SaaS model, are expected to benefit not only the law enforcement agencies but also other end users of the market (firefighting, medical, and transportation), thus enabling them to serve and protect the public in an efficient way.

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United States presently has the Largest Share in the Market

- The stringent governmental regulations for industrial safety is one of the factors driving the demand for public safety in the United States. The Patriot Act of 2001 identified a number of locations and areas that require security, such as agriculture and food, emergency services, defense, IT, energy and power, transportation and shipping, banking, chemical and hazardous manufacturing industry, and national monuments, among others.
- The National Infrastructure Protection Plan (NIPP) has been revised to identify 16 critical sectors susceptible to attacks. Implementation of this plan has increased the demand for public safety solutions in those 16 sectors.
- Moreover, the crime rate in the United States is a more serious issue, which the government is trying to address through public safety. Traditionally, the crime rate decreased drastically since 1992, when the government first introduced digital initiatives in law and order. However, there has been a slight increase in the crimes committed in recent years, since 2014.

Competitive Landscape

- March 2019 - General Dynamics Information Technology announced to support the Defense Threat Reduction Agency through its new information technology support services contract vehicle. The award will allow GDIT to compete on individual task orders in support of DTRAs mission and technology domains. The multiple-award, indefinite delivery, indefinite quantity (IDIQ) contract holds a total estimated value of USD 535 million. It includes a five-year base period with one five-year option.
- March 2019 - Harris Corp. in Rochester delivered 9,000 state-of-the-art public safety radios to the United States Department of Homeland Securitys (DHS) Customs and Border Protection (CBP) the first order of a USD 25.7 million contract Harris received to produce 17,000 radios for CBP. Specifically, CBPs order is for Harris Corp.s XL-200P radio that was designed in cooperation with public safety experts to best suit their operational needs.

Major points covered in this research are:-
Public Safety Market Overview, Segment by Type (Product Category), by Application, by Region (2019-2024), Competition by Manufacturers
Global Market Size (Value) of Public Safety (2019-2024)
Global Public Safety Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region (2019-2015)
Global Public Safety Production, Revenue (Value), Price Trend by Type
Global Public Safety Market Analysis by Application
Global Public Safety Manufacturers Profiles/Analysis
Public Safety Manufacturing Cost Analysis
Industrial Chain, Sourcing Strategy and Downstream Buyers
Marketing Strategy Analysis, Distributors/Traders
Market Effect Factors Analysis
Global Public Safety Market Forecast (2019-2024)
Competitive Landscape
Research Findings and Conclusion

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Finally, this Public Safety report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Public Safety product development and gives an outline of the potential Global market.

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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

This release was published on openPR.